Microequities Deep Value Microcap Fund

9 Sep 2014 - Australian Fund Monitors

Microequities Deep Value Microcap Fund fell 1.13% during August with twelve month performance coming is at 25.92% with a volatility of 7.19%.

9 Sep 2014 - Microequities Deep Value Microcap Fund

By: Australian Fund Monitors

Report Date	08 September 2014
Manager	Microequities
Fund Name	Microequities Deep Value Microcap Fund
Strategy	Equity Long
Latest Return Date	August 2014
Latest Return	-1.13%
Latest 6 Months	8.37%
Latest 12 Months	25.92%
Latest 24 Months	72.31%
Annualised Since Inception	29.70%
Inception Date	06 March 2009
FUM (millions)	AU$51.7
Fund Overview	The Microequities Deep Value Microcap Fund, launched in March 2009, is an open-ended unregistered Managed Investment Scheme designed for the Australian wholesale market. The objective of the Fund is to identify undervalued Microcap companies, invest in them and, through a medium to long term commitment, attempt to deliver superior investment returns. The Fund invests primarily in ASX listed Microcap companies, which at the time of initial investment are generally below a market capitalisation of A$250 million. The Fund may also invest in companies with a higher market capitalisation, but these will be limited to no more than 20% of the assets of the Fund. At times the Fund may invest in pre-IPO securities that are due to be listed on the ASX within 3-6 months, and have lodged a prospectus with ASIC. These investments will also be limited to no more than 10% of the assets of the Fund. The Fund will be limited to investing no more than 20% of the Fund's assets in any one security or company. The Fund will make investments with a medium to long term time horizon of between 3-5+ years. The Fund will not speculate in derivatives. It will be permitted to hold other securities that are directly associated with a particular investment such as options granted with a specific company issue etc. The Fund will not engage in short selling or stock lending. The Fund will not hold financial debt of any kind.
Manager Comments	Microequities Deep Value Microcap Fund fell 1.13% during August with twelve month performance coming is at 25.92% with a volatility of 7.19%. The has recorded very high Sharpe and Sortino ratios of 2.93 (Index 1.40) and 13.88 (Index 2.79) respectively. The Up and Down Capture ratios are 0.83 and -1.20 with the Fund recording up months in all 3 months the market was negative over the preceding 12 months to August. Whilst the peak of the capex cycle in the resource sector is a structural change in the economy, the slowdown in retail activity is but a temporary one. Household consumption is in fact facing the preconditions for almost booming conditions; household debt has been growing at a very slow 2% rate per annum since the GFC. However thanks to a booming property market and a stronger equity market driving growth in household assets, Australian households' net debt position has been solidified.
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Monash Absolute Investment Fund

8 Sep 2014 - Australian Fund Monitors

Monash Absolute Investment Fund returned 2.30% during August, above the Index return of 0.6%, with an annual return of 21.14% (Index 14.40%).

8 Sep 2014 - Monash Absolute Investment Fund

By: Australian Fund Monitors

Report Date	05 September 2014
Manager	Monash Investors Pty Limited
Fund Name	Monash Absolute Investment Fund
Strategy	Equity Long/Short
Latest Return Date	August 2014
Latest Return	2.30%
Latest 6 Months	7.35%
Latest 12 Months	21.14%
Latest 24 Months	53.28%
Annualised Since Inception	21.95%
Inception Date	30 May 2012
FUM (millions)	AU$48
Fund Overview	The Monash Absolute Investment Fund is a long/short equity fund, with a home bias to investing in Australia. It invests in shares as a source of specific opportunity, not to go up and down with the market. The fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk. The Manager's experience across value, growth and discounted cash flow styles allows them to use a comprehensive approach to investment decisions that applies all three. They also have the patience to seek out only compelling opportunities, rather than settling for relative value. The portfolio is somewhat concentrated, looking to diversify across industries and themes, rather than by trying to stay near an index. The portfolio may at times have a large amount of cash or other protection. However once investments are made turnover may be relatively high in order to lock in gains and avoid losses.
Manager Comments	Monash Absolute Investment Fund returned 2.30% during August, above the Index return of 0.6%, with an annual return of 21.14% (Index 14.40%) with a volatility of 8.62%. The Sharpe and Sortino ratio since inception is 2.00 and 7.37 over the last 12 months. Fund exposures were net 88% and gross 99% at month-end. The Fund returned 2.3% after fees. August is a reporting month for the Australian market, so it is always interesting. We had a good reporting season and suffered no negative surprises. The portfolio also benefited from exposure to a placement and two IPOs.
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Supervised High Yield Fund

5 Sep 2014 - Australian Fund Monitors

Supervised High Yield Fund returned 0.77% during July and 7.17% over the previous 12 months with a very low volatility of 0.72.

Nanuk Global Alpha Fund

4 Sep 2014 - Australian Fund Monitors

Nanuk Global Alpha Fund returned -1.26% in July and 17.01% for the prior 12 months with a volatility of 8.95%.

4 Sep 2014 - Nanuk Global Alpha Fund

By: Australian Fund Monitors

Report Date	03 September 2014
Manager	Nanuk Asset Management Pty Ltd
Fund Name	Nanuk Global Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	July 2014
Latest Return	-1.26%
Latest 6 Months	-4.67%
Latest 12 Months	17.01%
Latest 24 Months	30.03%
Annualised Since Inception	4.90%
Inception Date	01 June 2011
FUM (millions)	US$41
Fund Overview	Nanuk's strategy is based on increased economic development, the limitations of conventional energy sources and proliferating energy security issues that are leading to long-term structural shifts in the way energy is generated, managed and consumed. Similar pressures are causing changing landscapes for food, water and environmental management. These developments present a range of innovative and compelling investment opportunities. In 2013 Nanuk started to expand the focus of the fund away from just energy and include other industries related to the overarching theme of environmental sustainability, specifically water, waste, recycling, pollution control and agriculture. Nanuk is now investing across a universe in excess of 600 stocks and an aggregate market capitalisation over US$2 trillion. This was a logical move because, while the industries themselves are different, their characteristics and long term drivers are very similar. Nanuk has identified a large, diverse global universe of companies positively exposed to these shifts. Nanuk combines deep fundamental research into these companies with detailed analysis of technological development, policy direction and related economics within each of the relevant sectors to identify profitable trends and opportunities suitable for inclusion in the Fund. Nanuk's principal strategy is to invest, long and short, in securities that are mis-priced on an absolute or relative basis. The Fund aims to achieve long term capital appreciation while reducing volatility of returns and risk of capital loss through appropriate hedging and risk management strategies.
Manager Comments	Nanuk Global Alpha Fund returned -1.26% in July and 17.01% for the prior 12 months with a volatility of 8.95%. At month-end the Fund was 54% long, 52% short for a gross exposure of 104% and net exposure of 2%. The Fund finished the month down 1.3%. Positive contributions from short positions in a number of expensive European and US stocks and long positions in fuel cell and solar inverter manufacturers were offset by losses on some of the Fund's LED solid state lighting and solar positions which continue to show high levels of volatility. Thus far 2014 has been a challenging year for the Fund, with a number of our key ideas failing to deliver positive returns despite our continued conviction in the underlying investment theses and evidence supporting them.
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Fund Review: Aurora Fortitude Absolute Return Fund July 2014

3 Sep 2014 - Australian Fund Monitors

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.

Avenir Value Fund

2 Sep 2014 - Australian Fund Monitors

Avenir Value Fund returned -1.12% during July and 24.47% for the year ended July 2014 with a volatility of 7.16%.

Auscap Long Short Australian Equities Fund

2 Sep 2014 - Australian Fund Monitors

Auscap Long Short Australian Equities Fund returned 2.95% during July and 43.54% for the prior twelve months with a volatility of 6.30%

2 Sep 2014 - Auscap Long Short Australian Equities Fund

By: Australian Fund Monitors

Report Date	01 September 2014
Manager	Auscap Asset Management
Fund Name	Auscap Long Short Australian Equities Fund
Strategy	Equity Long/Short
Latest Return Date	July 2014
Latest Return	2.95%
Latest 6 Months	15.37%
Latest 12 Months	43.54%
Latest 24 Months
Annualised Since Inception	42.24%
Inception Date	01 December 2012
FUM (millions)	AU$20
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 2.95% (ASX 200 Accum 4.40%) during July and 43.54% (Index 16.54%) for the prior twelve months with a volatility of 6.30% (Index 8.23%). The had a Sharpe ratio of 5.46 (Index 1.61) and 100% positive months (Index 75%) over the last year with Up and Down Capture ratios of 1.51 and -1.00 over the same time. Average gross capital employed by the Fund was 149.8% long and 26.1% short. Average net exposure over the month was +123.7%. At the end of the month the Fund had 36 long positions and 5 short positions. The Manager's August Newsletter is entitled 'Is now a good time to buy equities?' and is available on the AFM website.
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Fund Review: Alpha Beta Asian Fund AFM Fund Review July 2014

1 Sep 2014 - Australian Fund Monitors

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.

1 Sep 2014 - Fund Review: Alpha Beta Asian Fund AFM Fund Review July 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 July 2014 (pdf format)

Pengana Absolute Return Asia Pacific Australian Fund

1 Sep 2014 - Australian Fund Monitors

Pengana Absolute Return Asia Pacific Australian Fund recorded 1.18% during July and 8.03% for the prior twelve months with a volatility of 2.88%.

1 Sep 2014 - Pengana Absolute Return Asia Pacific Australian Fund

By: Australian Fund Monitors

Report Date	29 August 2014
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Australian Fund
Strategy	Event Driven
Latest Return Date	July 2014
Latest Return	1.18%
Latest 6 Months	1.11%
Latest 12 Months	8.03%
Latest 24 Months	20.30%
Annualised Since Inception	11.29%
Inception Date	01 September 2010
FUM (millions)	AU$65
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 Australian Fund recorded 1.18% during July and 8.03% for the prior twelve months with a volatility of 2.88%. While M&A activity slowed during July, the Fund focused on other emerging themes in the Asian event space. State owned enterprise (SOE) reforms out of China are driving asset injections and recapitalizations which will present unique trading opportunities ahead. The recently concluded reverse takeover of Citic Pacific is an example of how such reforms are being pursued by Chinese authorities. Another key emerging theme is increased focus on the JPX 400 index which benchmarks Japanese companies on operating metrics like ROE. This is incentivising and driving corporate activity in Japanese companies who wish to improve governance standards and hence valuations.
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Fund Review: Bennelong Long Short Fund AFM Fund Review July 2014

30 Aug 2014 - Australian Fund Monitors

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.

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9 Sep 2014 - Microequities Deep Value Microcap Fund

8 Sep 2014 - Monash Absolute Investment Fund

5 Sep 2014 - Supervised High Yield Fund

4 Sep 2014 - Nanuk Global Alpha Fund

3 Sep 2014 - Fund Review: Aurora Fortitude Absolute Return Fund July 2014

2 Sep 2014 - Avenir Value Fund

2 Sep 2014 - Auscap Long Short Australian Equities Fund

1 Sep 2014 - Fund Review: Alpha Beta Asian Fund AFM Fund Review July 2014

1 Sep 2014 - Pengana Absolute Return Asia Pacific Australian Fund

30 Aug 2014 - Fund Review: Bennelong Long Short Fund AFM Fund Review July 2014

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