Fund Review: Bennelong Kardinia Absolute Return Fund March 2015

27 Apr 2015 - Australian Fund Monitors

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

Insync Global Titans Fund

27 Apr 2015 - Australian Fund Monitors

Insync Global Titans Fund decreased 0.50% in March bringing the Fund's prior 12 month performance to 18.55%.

27 Apr 2015 - Insync Global Titans Fund

By: Australian Fund Monitors

Report Date	23 April 2015
Manager	Insync Fund Managers
Fund Name	Insync Global Titans Fund
Strategy	Equity Long
Latest Return Date	March 2015
Latest Return	-0.50%
Latest 6 Months	13.89%
Latest 12 Months	18.55%
Latest 24 Months	41.14%
Annualised Since Inception	11.81%
Inception Date	07 October 2009
FUM (millions)	AU$17
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management. Insync's aim is to invest in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Titans Fund is a concentrated portfolio of large cap global companies with downside protection. Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio.
Manager Comments	Insync Global Titans Fund decreased 0.50% in March bringing the Fund's prior 12 month performance to 18.55%. More than half of the Fund's geographic composition was in North America at 62.10%. The key industry compositions consisted of Health Care at 28.0%, Consumer Discretionary at 20.20%, Consumer Staples at 16.90% and IT at 15.60%. The performance was driven by positive contributions from our holdings in Roche, Sanofi, Medtronic and Disney. The main negative contributors were Experian, BAT, Microsoft and Discover Financial Services. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Read Fund Manager's complete report on the AFM site.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Bennelong Long Short Equity Fund March 2015

24 Apr 2015 - Australian Fund Monitors

Fund review available for Bennelong Long Short Fund which has over twelve year track record and annualised returns of 17.45%.

Avenir Value Fund

24 Apr 2015 - Australian Fund Monitors

Avenir Value Fund rose 0.78% in March in a down Equities Market (-0.09%).

24 Apr 2015 - Avenir Value Fund

By: Australian Fund Monitors

Report Date	22 April 2015
Manager	Avenir Capital Pty Ltd
Fund Name	Avenir Value Fund
Strategy	Equity Long
Latest Return Date	March 2015
Latest Return	0.78%
Latest 6 Months	1.37%
Latest 12 Months	3.66%
Latest 24 Months	50.77%
Annualised Since Inception	16.83%
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 0.78% in March in the down Equity Market (-0.09%). The Fund's performance since inception was 16.83% compared to the ASX200 Accumulation Index of 13.33%. The Fund's cumulative performance since inception was 76.90% compared to the MSCI All Cap All Country Accumulation Index's 40.10%. The Fund's Sharpe and Sortino ratios are 1.17 and 2.05 respectively since inception in August 2011. Also notable are the Up and Down capture ratios at 0.42 and -0.26 respectively. At month-end, the Fund's geographical disposition was 47% US, 12% Asia, 13% Western Europe, 1% Australia, 11% other and 15% cash. The top 10 holdings were 58% of NAV. Review the latest Fund Report on the AFM website.
More Information	Fund Profile Manager's Report

Pengana Absolute Return Asia Pacific Fund

23 Apr 2015 - Australian Fund Monitors

Pengana Absolute Return Asia Pacific Fund returned 0.42% in March, bringing the annualised return since inception to 10.93%.

23 Apr 2015 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	22 April 2015
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Equity Long/Short
Latest Return Date	March 2015
Latest Return	0.42%
Latest 6 Months	3.93%
Latest 12 Months	7.26%
Latest 24 Months	17.20%
Annualised Since Inception	10.93%
Inception Date	01 September 2010
FUM (millions)	AU$81
Fund Overview	The Pengana Absolute Return Asia Pacific 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. Event driven strategies involve investing in opportunities created by significant transactional events, such as mergers and acquisitions, earnings surprises, capital management initiatives, capital structure arbitrage and index changes, among others. The Fund believes that significant corporate events can often create inefficiency in a company's share price which the Fund then seeks to exploit. 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%. The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%.
Manager Comments	Pengana Absolute Return Asia Pacific Fund returned 0.42% in March, bringing the annualised return since inception to 10.93%. The Fund has achieved this performance with lower annual volatility of 5.70% (Asia Pacific Index 11.89%) , to bring the Sharpe and Sortino ratio to 1.25 and 3.13 respectively. In comparison the HFR Event Driven Index closed +0.40%, the Asia Pacific markets were flat, whilst Asia Pacific markets ex Japan, posted a small detraction of -0.5%. The Fund maintained average net and gross exposure of 14.3% and 246% respectively. The relaxation on cross border shopping for H shares saw a considerable re-risk on deeply discounted H shares, driving significant intra-month volatility in Hong Kong. Over 46% of the Fund's monthly gross exposure by strategy was in M&A followed by Capital management at 25.1%. Whereas the country exposure as percentage (%) of NAV was most in Hong Kong/China with gross of 86.1% and Australia with gross of 34.5%. Read the latest Fund Manager's Commentary on the AFM website.
More Information	Fund Profile Manager's Report

Aurora Fortitude Absolute Return Fund

23 Apr 2015 - Australian Fund Monitors

Aurora Fortitude Absolute Return Fund rose 0.55% in March to bring annual performance since inception to 7.32%.

23 Apr 2015 - Aurora Fortitude Absolute Return Fund

By: Australian Fund Monitors

Report Date	22 April 2015
Manager	Aurora Funds Management
Fund Name	Aurora Fortitude Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	March 2015
Latest Return	0.55%
Latest 6 Months	0.60%
Latest 12 Months	0.79%
Latest 24 Months	8.59%
Annualised Since Inception	7.32%
Inception Date	15 March 2005
FUM (millions)	AU$105
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 0.55% in March to bring annual performance since inception to 7.32%. The fund has achieved this performance with very low volatility of 2.68% (ASX 200 Accumulation 13.87%), to bring the Fund's Sharpe and Sortino ratio to 1.06 (Index 0.32) and 2.11 (Index 0.34) respectively. All portfolio strategies were positive with the Option Strategy (0.42%) as the biggest contributor for the month. The impact of lower iron ore prices saw a significant fall in Fortescue Metals (FMG.ASX) and this was a major contributor. Conversely, the rallies in Macquarie Group (MQG.ASX) and all the major commercial banks (ANZ.ASX, CBA.ASX, NAB.ASX & WBC.ASX) also saw positive contributions. The Fund Manager anticipate further large moves within the resources sector. The other strategies provided small positive contributions for towards the month's performance. Read the latest Fund Manager Report on the AFM website.
More Information	Fund Profile Manager's Report AFM Research Reports

Totus Alpha Fund

22 Apr 2015 - Australian Fund Monitors

Totus Alpha Fund had a strong performance in March of 5.50% compared to the ASX200 Accumulation Index of -0.09%.

22 Apr 2015 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	21 April 2015
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	March 2015
Latest Return	5.50%
Latest 6 Months	15.20%
Latest 12 Months	21.50%
Latest 24 Months	88.62%
Annualised Since Inception	27.45%
Inception Date	01 April 2012
FUM (millions)	AU$15.3
Fund Overview	The Totus Alpha Fund aims to maximise returns for investors through fundamental industry and company research and active portfolio management. The investment strategy is based on identifying medium to long term structural investment themes and seek absolute returns by investing in securities that have concentrated exposure to those themes. The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%.
Manager Comments	Totus Alpha Fund had a strong performance in March with 5.50% compared to the ASX200 Accumulation Index of -0.09%. Since inception, the Fund's Annual Return per annum was 27.45% compared to the ASX200 Accumulation Index of 15.79%. The Sharpe and Sortino ratio were 1.72 (Index 1.12) and 5.06 (Index 1.74) respectively. The performance has been delivered with low (usually negative) beta (-0.06) and correlation (-0.049) to equity markets. At the end of March, the fund had a net exposure of 21.70% and a gross exposure of 279.90%. The fund is diversified across a number investment themes and geographies with 123 positions (55 long and 68 short) at the end of March. The average market cap of stocks in the portfolio is $20.15 billion. Top contributors were the long positions in 1-Page +1.9% (Online) and Altium +0.61% (Online). The short position in G8 Education added +0.83% (Promoter). Biggest detractors were the short positions in Ardent -0.25% (Earnings Risk) and in long position in Greencross -0.26% (Scarce Growth). Read the latest Fund Manager's Report now available on the AFM website.
More Information	Fund Profile Manager's Report AFM Research Reports

Morphic Global Opportunities Fund

22 Apr 2015 - Australian Fund Monitors

Morphic Global Opportunities Fund rose 1.61% in March as its benchmark (MSCI AC World Total Return in AUD) rose 0.87%, resulting in out-performance of 0.74%

22 Apr 2015 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	20 April 2015
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	March 2015
Latest Return	1.61%
Latest 6 Months	19.44%
Latest 12 Months	31.13%
Latest 24 Months	67.35%
Annualised Since Inception	28.76%
Inception Date	02 August 2012
FUM (millions)	AU$105
Fund Overview	The Fund will primarily consist of Global listed shares, and will generally have at least 50% of its net assets invested in these. It may also have short positions in shares that the Manager believes are over-valued, and likely to fall in price, as well as long and short positions in index futures and other derivatives, fixed interest instruments, commodities, credit instruments and currencies.
Manager Comments	Morphic Global Opportunities Fund rose 1.61% in March as its benchmark (MSCI AC World Total Return in AUD) rose 0.87%, resulting in out-performance of 0.74%. Since inception the Fund's annualised return per annum was 28.76%, compared to the Global Equity Index of 28.94%. The strong absolute Fund returns in March owed mostly to the weakness of the Australian dollar, with global markets down 1.5% in US dollar terms. Among global markets, China did best, with Japan and Germany among the few others to post gains on a constant currency basis. The Fund's overweight to these countries, and its underweight to most other emerging markets, as well as Australia and North America, accounted for most of its geographical outperformance. The main detractors were Canara (one of our Indian Banks), and Japanese electrical engineering firm Kyudenko. Both positions have been cut. Active macro-hedges in rates and currencies also made modest contributions and helped limit volatility. The Fund closed the month fully invested, with the main features being overweight positions in China and India, Japan and Europe. The Fund has a small short position in the Australian dollar and initiated a long position in New Zealand short term rates to protect against interest rate and macroeconomic risks Read the latest Fund Manager's Report on the AFM website.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Monash Absolute Investment Fund March 2015

21 Apr 2015 - Australian Fund Monitors

Read the latest Fund Review with statistics since inception on Monash Absolute Investment Fund. CPD Points also available.

Bennelong Kardinia Absolute Return Fund

21 Apr 2015 - Australian Fund Monitors

In March, Bennelong Kardinia Absolute Return Fund returned 1.24% bringing the Fund's annual performance since inception to 13.29% compared to the ASX200 Accumulation benchmark's 5.87%.

21 Apr 2015 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	16 April 2015
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	March 2015
Latest Return	1.24%
Latest 6 Months	8.76%
Latest 12 Months	9.17%
Latest 24 Months	19.73%
Annualised Since Inception	13.29%
Inception Date	01 May 2006
FUM (millions)	AU$185.67
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk.
Manager Comments	In March, Bennelong Kardinia Absolute Return Fund returned 1.24% bringing the Fund's annual performance since inception to 13.29% compared to the ASX200 Accumulation benchmark's 5.87%. The Fund's volatility of 7.35% is half that of the ASX200 Accumulation volatility 14.23%. Since inception of May 2006, the Fund's Sharpe and Sortino ratio were 1.16 (Index 0.17) and 2.24 (Index 0.13) respectively. The net equity market exposure of the Fund (including derivatives) was increased during the month to 57.70% (87.60% long and 29.80% short). Long positions in Resmed, TPG Telecom and Aristocrat were the largest positive contributors to performance and long positions in Bank of Queensland and Lend Lease were the largest detractors. Click below to read the latest Fund Manager's Report.
More Information	Fund Profile Manager's Report AFM Research Reports

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27 Apr 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund March 2015

27 Apr 2015 - Insync Global Titans Fund

24 Apr 2015 - Fund Review: Bennelong Long Short Equity Fund March 2015

24 Apr 2015 - Avenir Value Fund

23 Apr 2015 - Pengana Absolute Return Asia Pacific Fund

23 Apr 2015 - Aurora Fortitude Absolute Return Fund

22 Apr 2015 - Totus Alpha Fund

22 Apr 2015 - Morphic Global Opportunities Fund

21 Apr 2015 - Fund Review: Monash Absolute Investment Fund March 2015

21 Apr 2015 - Bennelong Kardinia Absolute Return Fund

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