Fund Review: Bennelong Kardinia Absolute Return Fund August 2014

3 Oct 2014 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose
0.56% in August. Net equity market exposure (including derivatives) averaged around 55% during the month, but was reduced to 36% at month end. CPD Points are now available

Fund Review: Insync Global Titans Fund August 2014

2 Oct 2014 - Australian Fund Monitors

The Fund's unit price increased by 0.8% in August. Key positive contributors for the month came from our holdings in Express Scripts, Sanofi, Gilead Sciences, Nestle and Disney. CPD points available.

Morphic Global Opportunities Fund

2 Oct 2014 - Australian Fund Monitors

Morphic Global Opportunities Fund recorded a return of 1.28% during August and 14.57% over the previous 12 months with a volatility of 8.23%.

Allard Investment Fund

1 Oct 2014 - Australian Fund Monitors

Allard Investment Fund (Asian equity) returned 0.40% during August and 9.35% over the preceding year with a volatility of 5.46%.

1 Oct 2014 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	30 September 2014
Manager	Allard Partners Australia Pty Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	August 2014
Latest Return	0.40%
Latest 6 Months	7.13%
Latest 12 Months	9.35%
Latest 24 Months	27.50%
Annualised Since Inception	8.91%
Inception Date	01 July 2003
FUM (millions)	AU$118
Fund Overview	Allard Partners is an absolute return, long only security investor with a single mission to provide its clients with a net compound rate of return on their capital of 15% per annum over the long term. With offices in Hong Kong, India and Australia, Allard invests in quoted companies in the Asia Pacific region. Allard's investment approach has remained consistent throughout their history. That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. As long only investors, a critical factor in their performance has been their preparedness to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	Allard Investment Fund returned 0.40% during August and 9.35% over the preceding year with a volatility of 5.46%. Since inception in July 2003 the Fund has delivered a return of 8.8% pa as compared to teh MSCI Asia Pacific (ex Japan) Index of 10.6% with around 60% of the Index volatility with Fund volatility of 7.9% as compared to 13.5%. The Fund geographical exposure was HK/China 42.9%, Singapore 12.6%, Korea 8.1% and Cash and Fixed Income holdings of 22.5%. In terms of industry breakdown the three largest sectors were Financial Services 19.3%, Conglomerates 12.6% and Telcos 8.8%.
More Information	» View detailed profile of this fund

Fund Review: Alpha Beta Asian Fund AFM Fund Review August 2014

29 Sep 2014 - Australian Fund Monitors

Alpha Beta Asian Fund returned 10.62% over the prior 12 months with a volatility of 4.18%. CPD Points available for reading the review.

29 Sep 2014 - Fund Review: Alpha Beta Asian Fund AFM Fund Review August 2014

By: Australian Fund Monitors

ALPHA BETA ASIAN FUND

AFM has updated the Fund Review on the Alpha Beta Asian Fund.

CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.

Key points include:

The Fund The Alpha Beta Asian Fund invests in Asian listed equity markets with a focus on liquid companies in Australia, Japan, Hong Kong, Indonesia, Philippines and Thailand. The Fund uses a systematic approach to evaluate macroeconomic, company fundamental and price data, all of which are evaluated through a series of quantitative models.
Sydney based Alpha Beta Capital was established by Andrew Barry and Ken Lewis in May 2012. Both Barry and Lewis have significant qualifications and international experience in funds management, including working together at Coronation International, a global multi-strategy hedge fund group in London.
The Strategy relies on a number of core beliefs: Firstly that a well designed systematic investment process, operating within a multi-strategy framework will be able to extract consistent returns, on average, with low volatility. Secondly, by utilising holding periods substantially shorter than the industry-norm, profit opportunities consistently arise. Finally, a strategy that holds a large number of small positions versus a small number of concentrated positions, will remove much of the emotional angst of trading, and the investment process becomes repeatable.
In keeping with the Manager's overall systematic approach the Risk Management includes real time monitoring of positions and market exposure, and is combined into a proprietary and automated system called PARMS (Portfolio and Risk Management System). PARMS is a centralised and integrated system which provides full functionality including stress testing.

For further details on the Fund, please do not hesitate to contact us.

Sean Webster
Research Manager

ATTACHED FILES

Alpha Beta Asian Fund August 2014 (pdf format)

Fund Review: Optimal Australia Absolute Trust August 2014

26 Sep 2014 - Australian Fund Monitors

AFM's updated Fund Review for August shows Optimal has a very low annual volatility of 1.71%. CPD Points available.

Totus Alpha Fund

26 Sep 2014 - Australian Fund Monitors

During August the Totus Alpha Fund delivered 2.02% bringing the 12 month performance to 37.96% with a volatility of 15.63%.

26 Sep 2014 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	19 September 2014
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	August 2014
Latest Return	2.02%
Latest 6 Months	5.90%
Latest 12 Months	37.96%
Latest 24 Months	70.75%
Annualised Since Inception	26.92%
Inception Date	01 April 2012
FUM (millions)	AU$12406500
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	During August the Totus Alpha Fund delivered 2.02% bringing the 12 month performance to 37.96% with a volatility of 15.63% and a Sharpe ratio of 2.0. The Up and Down Capture ratios are notable at 1.6 and -0.50 respectively. The current market setup is potentially favourable for a nimble long short manager. We have the possibility of QE ending in the USA next month, volatility is so low at present that the risk from here is more than likely to the upside and corporate activity (such as IPO's, placements) is still very strong. with events such as the IPO of Medibank (due to list before xmas) capable of moving the performance needle for a small fund like ours. Top contributors to performance in August were our long positions in McMillan Shakespeare +1.13% & Intueri Education +0.94% (scarce growth). Index Futures positions also contributed +1.00%. Biggest detractors from performance were our long positions in Fortescue Metals -0.76% (deleveraging), Mint Wireless -0.69% (cashless society) & Henderson Group -0.34% (financial services).
More Information	» View detailed profile of this fund

Fund Review: Microequities Deep Value Microcap Fund August 2014

25 Sep 2014 - Australian Fund Monitors

Latest Fund Review now online, shows 12 month performance result of 25.92% . CPD Points available.

Pengana Absolute Return Asia Pacific Fund

25 Sep 2014 - Australian Fund Monitors

Pengana Absolute Return Asia Pacific Fund returned 0.60% in August and 7.57% for the year with a volatility of 2.85% and a Sharpe ratio of 1.72.

25 Sep 2014 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	18 September 2014
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Event Driven
Latest Return Date	August 2014
Latest Return	0.60%
Latest 6 Months	1.23%
Latest 12 Months	7.57%
Latest 24 Months	20.57%
Annualised Since Inception	11.23%
Inception Date	01 September 2010
FUM (millions)	AU$69
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 0.60% in August and 7.57% for the year with a volatility of 2.85% and a Sharpe ratio of 1.72. The Fund finished up 0.6% for the month, while Asian markets (FTSE Asia Pacific Index) fell -0.6%. Investor focus shifted to the impending China 'Through Train' as we observed significant movements in some dual listed structures. The Fund maintained average gross and net exposure of 215.7% and 10.2% respectively during the month. With focus on the 'Through Train', the Fund analysed the movements in the Hong Kong listed holding companies and noted that a contraction of the discounts was very much in swing since early in July. Prior to the Through Train announcement in April, we observed Hong Kong holding companies trading at ~ 35% discounts, which had contracted to ~ 25% by the end of August. The connectivity of the China and Hong Kong exchanges is very much a liquidity event which will present unique trading opportunities.
More Information	» View detailed profile of this fund

Auscap Long Short Australian Equities Fund

24 Sep 2014 - Australian Fund Monitors

Auscap Long Short Australian Equities Fund returned 5.24% during August, a strong out-performance of the equity market return of 0.62%, with a 12 month performance of 44.87% and a volatility of 6.55%.

24 Sep 2014 - Auscap Long Short Australian Equities Fund

By: Australian Fund Monitors

Report Date	18 September 2014
Manager	Auscap Asset Management
Fund Name	Auscap Long Short Australian Equities Fund
Strategy	Equity Long/Short
Latest Return Date	August 2014
Latest Return	5.24%
Latest 6 Months	15.28%
Latest 12 Months	44.87%
Latest 24 Months
Annualised Since Inception	44.02%
Inception Date	01 December 2012
FUM (millions)	AU$25
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 returned 5.24% during August, a strong out-performance of the equity market return of 0.62%, with a 12 month performance of 44.87% and a volatility of 6.55%. Over the last 12 months the Fund has recorded a Sharpe ratio of 5.40, 100% positive months with Up and Down Capture ratios of 1.73 and -1.00 with the Sharpe ratio since inception (Dec 2012) is 3.39. Average gross capital employed by the Fund was 144.8% long and 22.5% short and average net exposure over the month was +122.3%. At the end of the month the Fund had 37 long positions and 5 short positions. Over the course of the last financial year, the Fund had a large exposure to the consumer discretionary, diversified financials, healthcare, industrials, real estate and telecommunications sectors. These sectors contributed most of the Fund's FY14 returns. The Fund had very little exposure to the two largest sectors in the market, Banks and Materials.
More Information	» View detailed profile of this fund

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3 Oct 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2014

2 Oct 2014 - Fund Review: Insync Global Titans Fund August 2014

2 Oct 2014 - Morphic Global Opportunities Fund

1 Oct 2014 - Allard Investment Fund

29 Sep 2014 - Fund Review: Alpha Beta Asian Fund AFM Fund Review August 2014

26 Sep 2014 - Fund Review: Optimal Australia Absolute Trust August 2014

OPTIMAL AUSTRALIA ABSOLUTE TRUST

AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.

26 Sep 2014 - Totus Alpha Fund

25 Sep 2014 - Fund Review: Microequities Deep Value Microcap Fund August 2014

MICROEQUITIES DEEP VALUE FUND

25 Sep 2014 - Pengana Absolute Return Asia Pacific Fund

24 Sep 2014 - Auscap Long Short Australian Equities Fund

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