Fund Review: Aurora Fortitude Absolute Return Fund February 2015

30 Mar 2015 - Australian Fund Monitors

Latest fund review now available for the Aurora Fortitude Absolute Return Fund, which has one of the most risk averse Key Performance Statistics of any fund in AFM's database. CPD Points available.

Auscap Long Short Australian Equities Fund

30 Mar 2015 - Australian Fund Monitors

Auscap Long Short Australian Equities Fund recorded a return of 4.90% in February with the annual return of 37.91% per annum and a volatility of 10.17%.

30 Mar 2015 - Auscap Long Short Australian Equities Fund

By: Australian Fund Monitors

Report Date	27 March 2015
Manager	Auscap Asset Management
Fund Name	Auscap Long Short Australian Equities Fund
Strategy	Equity Long/Short
Latest Return Date	February 2015
Latest Return	4.90%
Latest 6 Months	8.86%
Latest 12 Months	25.50%
Latest 24 Months	99.42%
Annualised Since Inception	37.91%
Inception Date	01 December 2012
FUM (millions)	AU$45.6
Fund Overview	The Auscap Long Short Australian Equities Fund aims to generate strong absolute returns in excess of the RBA Cash Rate, with low correlation to equity markets. The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short.
Manager Comments	Auscap Long Short Australian Equities Fund recorded a return of 4.90% in February with the annual return since inception of 37.91% per annum and a volatility of 10.17%. In comparison the ASX200 Accumulation Index returned per annum 17.86% with a volatility of 11.51% The Fund has a strong Sharpe and Sortino ratio of 3.00 (Index) and 9.19 (Index 2.16) respectively. Average gross capital employed by the Fund was 108.0% long and 30.7% short. Average net exposure over the month was +77.3%. At the end of the month the Fund had 30 long positions and 9 short positions. The Fund's biggest stock exposures at month end were spread across the financials, consumer discretionary, healthcare, consumer staples and energy sectors. February Fund Manager's Report now available on the AFM site.
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Fund Review: Optimal Australia Absolute Trust February 2015

27 Mar 2015 - Australian Fund Monitors

Latest Fund Review shows Optimal Australian Absolute Trust Fund had low annual volatility of 3.67% compared to the ASX200 Accumulation Index's 14.59%.

Aurora Fortitude Absolute Return Fund

26 Mar 2015 - Australian Fund Monitors

Aurora Fortitude Absolute Return Fund rose 0.75% in February to bring annual performance since inception 7.33%.

26 Mar 2015 - Aurora Fortitude Absolute Return Fund

By: Australian Fund Monitors

Report Date	23 March 2015
Manager	Aurora Funds Management
Fund Name	Aurora Fortitude Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	February 2015
Latest Return	0.75%
Latest 6 Months	-0.02%
Latest 12 Months	0.48%
Latest 24 Months	8.45%
Annualised Since Inception	7.33%
Inception Date	15 March 2005
FUM (millions)	AU$119
Fund Overview	Aurora Fortitude Absolute Return Fund is a multi-strategy market neutral fund specialising in ASX listed equities and derivatives. The core philosophy is the management of risk through a long volatility overlay incorporating listed equity and index derivatives. The multi-strategy approach includes M&A, Yield, Convergence and Long/Short strategies. The portfolio managers adopt an aggressive approach to managing downside risk whilst positioning the portfolio to benefit from positive alpha. The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies.
Manager Comments	Aurora Fortitude Absolute Return Fund rose 0.75% in February to bring the Fund's annual performance since inception to 7.33%. In comparison the ASX 200 Accumulation return since inception was 8.23% pa. The fund has achieved this with very low volatility of 2.69% (ASX 200 Accumulation 13.93%). The Fund also had a notable Sortino ratio of 2.09 and 85% positive months. All portfolio strategies were positive with the exception of Long/Short at -0.14%. The Option Strategy (0.76%) was the most significant contributor for the month. Woolworths Limited (WOW.ASX) was the stand out due to concerns regarding profit announcement. Woodside Petroleum was a solid put option. The Fund Manager anticipate further large moves within the resources sector. The Fund sees potential for offshore corporations to buy Australian companies, given the significant fall in Australian dollar and subsequently increased opportunities within the Mergers and Acquisitions Strategy. The other strategies such as Convergence Trading (0.02%) and Yield Strategy (0.01%) were flat for the month.
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Fund Review: Bennelong Kardinia Absolute Return Fund February 2015

26 Mar 2015 - Australian Fund Monitors

February Fund Review now available for Bennelong Kardinia Absolute Return Fund, which has over eight years of positive track record.

Avenir Value Fund

25 Mar 2015 - Australian Fund Monitors

Avenir Value Fund rose 7.8% in February to bring Fund's Annual Return per annum, since inception to 17.00%

25 Mar 2015 - Avenir Value Fund

By: Australian Fund Monitors

Report Date	22 March 2015
Manager	Avenir Capital Pty Ltd
Fund Name	Avenir Value Fund
Strategy	Equity Long
Latest Return Date	February 2015
Latest Return	7.80%
Latest 6 Months	0.78%
Latest 12 Months	5.43%
Latest 24 Months	53.13%
Annualised Since Inception	17.00%
Inception Date	01 August 2011
FUM (millions)	AU$13
Fund Overview	The Fund runs a relatively concentrated portfolio which allows our best ideas to drive performance. The Fund also invests with a longer term time horizon than many in the investment management industry as we believe that, given time, the underlying value of a well chosen business will always prevail over short-term mis-pricing that may occur in a company's securities. The Fund will invest in securities where Avenir believes the company is simply mis-priced and deeply undervalued and offers significant potential for revaluation. The Fund will also invest in companies that are subject to specific corporate events such as mergers, acquisitions, restructurings, recapitalisations, spin-offs, demergers, management change, distressed situations, and other sharply delineated corporate events. The Fund will also selectively invest in short positions in companies where Avenir believes the company is significantly overvalued or where the company's business model is broken or structurally challenged.
Manager Comments	Avenir Value Fund rose 7.8% in February to bring a Fund's Annual Return per annum to 17.00%. The Fund's cumulative performance since inception was 75.6% compared to the MSCI All Cap All Country Accumulation Index's 41.9%. The Fund's Sharpe and Sortino ratios are 1.17 and 2.04 respectively since inception in August 2011. Also notable are the Up and Down capture ratios at 0.42 and -0.24 respectively. At month-end the Fund's geographical disposition was 45% US, 14% Asia, 11% Western Europe with 1% Australia, 15% other and 15% cash. The top 10 holdings were 58% of NAV.
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Fund Review: Morphic Global Opportunities Fund February 2015

25 Mar 2015 - Australian Fund Monitors

Read the latest Fund Review for Morphic Global Opportunities Fund, which rose 3.08% in February & get CPD points.

Pengana Absolute Return Asia Pacific Fund

24 Mar 2015 - Australian Fund Monitors

Pengana Absolute Return Asia Pacific Fund returned 0.70% in February, bringing the annualised return since inception to 11.01%.

24 Mar 2015 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	19 March 2015
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Event Driven
Latest Return Date	February 2015
Latest Return	0.70%
Latest 6 Months	4.14%
Latest 12 Months	5.42%
Latest 24 Months	17.41%
Annualised Since Inception	11.01%
Inception Date	01 September 2010
FUM (millions)	AU$77.8
Fund Overview	The Pengana Asia Special Events (Onshore) Fund employs an event-driven investment strategy that seeks to exploit the mispricing of securities of companies involved in corporate transactions within the Asian (including Japan, Australia and New Zealand) region. The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian stock markets and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10%
Manager Comments	Pengana Absolute Return Asia Pacific Fund returned 0.70% in February, bringing the annualised return since inception to 11.01%. The Fund has achieved this with an annual volatility of 5.73%. The Sharpe and Sortino ratio for the Fund were 1.26 and 3.53 respectively. In comparison the Asia Pacific Index rose 4.11% in February and has an annualised performance since inception of 5.53% In comparison the HFR Event Driven Index which closed +2.7%. Fund gross exposure averaged 243% reflecting the Fund's increased optimism over event-driven opportunities across Asia, while net averaged 16%. Outbound M&A by Japanese companies is the trending theme in Asia event space and the Fund continues to expect Japanese companies displaying appetite for acquisitions which are ROE accretive due to cheap financing. Over 48% of the Fund's monthly gross exposure by strategy was in M&A followed by Capital management at 21.3%.
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Bennelong Long Short Equity Fund

23 Mar 2015 - Australian Fund Monitors

The Bennelong Long Short Equity Fund performance in February was flat (0.05%) following a 3-month gain of 8.85%.

23 Mar 2015 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	18 March 2015
Manager	Bennelong Long Short Equity Management, a Bennelong Funds Management boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	February 2015
Latest Return	0.05%
Latest 6 Months	0.46%
Latest 12 Months	-4.21%
Latest 24 Months	17.23%
Annualised Since Inception	17.25%
Inception Date	01 January 2003
FUM (millions)	AU$383.3
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years.
Manager Comments	The Bennelong Long Short Equity Fund performance in February was flat (0.05%) following a 3-month gain of 8.85%. Long term performance remains sound with since inception (Jan 2003) returns at 17.25% pa (Index 8.82%) and a volatility of 11.84% (Index 12.92%). The Fund's February performance was due sound pair positioning, with strong positive contributions from long QBE Insurance / short Suncorp Group, long Ramsay Healthcare / short Primary Healthcare and a long position in Whitehaven Coal. However offsetting these gains was the Fund's long Brambles/short Toll Holdings position, which detracted -2.1% of return. The Fund long exposure was 51.8% and short exposure 48.2%.
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Cor Capital Fund

20 Mar 2015 - Australian Fund Monitors

The Cor Capital Fund returned 0.56% during February, above the Index return of 0.19%, with an annual return since inception of 6.36% (Index 2.71%).

20 Mar 2015 - Cor Capital Fund

By: Australian Fund Monitors

Report Date	16 March 2015
Manager	Cor Capital Pty Ltd
Fund Name	Cor Capital Fund
Strategy	Multi Strategy
Latest Return Date	February 2015
Latest Return	0.56%
Latest 6 Months	5.87%
Latest 12 Months	6.68%
Latest 24 Months	9.63%
Annualised Since Inception	6.36%
Inception Date	08 August 2012
FUM (millions)	AU$23
Fund Overview	The Manager seeks to generate stable absolute returns over the medium term, regardless of prevailing economic or financial market conditions. The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling.
Manager Comments	The Cor Capital Fund returned 0.56% in February, above the Index return of 0.19%, and with return since inception of 6.36% (Index 2.71%). The Fund's rebalancing away from gold and into equities at the end of January proved timely with the precious metal subsequently falling in price by 5 percent and equities surging nearly 7 percent. The Manager continued to capitalise on this increased volatility in February when asset class limits were again breached but in the opposite direction to January. The Fund's equities position was trimmed by 6% at the end of February and the proceeds were largely moved back to gold.
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30 Mar 2015 - Fund Review: Aurora Fortitude Absolute Return Fund February 2015

30 Mar 2015 - Auscap Long Short Australian Equities Fund

27 Mar 2015 - Fund Review: Optimal Australia Absolute Trust February 2015

OPTIMAL AUSTRALIA ABSOLUTE TRUST

26 Mar 2015 - Aurora Fortitude Absolute Return Fund

26 Mar 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund February 2015

25 Mar 2015 - Avenir Value Fund

25 Mar 2015 - Fund Review: Morphic Global Opportunities Fund February 2015

24 Mar 2015 - Pengana Absolute Return Asia Pacific Fund

23 Mar 2015 - Bennelong Long Short Equity Fund

20 Mar 2015 - Cor Capital Fund

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