Bennelong Alpha 200 Fund

11 Aug 2014 - Australian Fund Monitors

Bennelong Alpha 200 Fund returned 0.17% during July and 5.72% since inception in December 2013.

11 Aug 2014 - Bennelong Alpha 200 Fund

By: Australian Fund Monitors

Report Date	08 August 2014
Manager	Bennelong Long Short Equity Management, a Bennelong Funds Management boutique
Fund Name	Bennelong Alpha 200 Fund
Strategy	Equity Market Neutral
Latest Return Date	July 2014
Latest Return	0.17%
Latest 6 Months	3.72%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	5.72%
Inception Date	02 December 2013
FUM (millions)	AU$11
Fund Overview	The Fund aims to achieve consistent absolute returns regardless of market conditions by applying fundamental research to identify pairs of securities that are over and undervalued. The investment strategy seeks to limit the portfolio exposure to market risk by utilising a dollar neutral long/short strategy with the tactical capability to take long or short net exposure up to 20% of gross assets. Excess returns are generated by 'bottom up' fundamental company research. The core investment strategy of the Fund consists of the active selection of a series of paired long/short investments in Australian listed equities based upon the Investment Manager's fundamental research. The strategy seeks to capture stock Alpha whilst limiting portfolio exposure to market risk by adopting a dollar neutral portfolio market exposure position with the tactical capability to take net exposure of up to +/- 20% of gross assets. Stock selection is based on fundamental analysis to derive a view of a pair of individual stocks. The Investment Manager is style neutral in determining the stock's positioning. This primary 'pairs' strategy may be enhanced by other complementary strategies, including event driven, security and takeover arbitrage, thematic and momentum trading. The paired stock positions comprise long and short correlated securities that are in most cases simultaneously opened. A portfolio of approximately 30-100 stocks will be selected and actively managed in 15-50 pairs to comprise the core minimum (60%) of the Gross Asset Value. Up to a maximum of 40% of the portfolio's Gross Asset Value may be invested in uncorrelated securities and/or uncovered (long and/or short) positions. These 'satellite' positions are intended to enhance returns and to balance overall portfolio risk. In this regard, the Investment Manager recognises that it is not always possible to achieve a suitable paired proﬁle within the S&P/ASX 200, and that a high conviction long or short stock idea might not always have a suitable pair.
Manager Comments	Bennelong Alpha 200 Fund returned 0.17% during July and 5.72% since inception in December 2013. The Fund's best pairs the shorts, as well as the longs, all contributed positively to performance during the month, which is pleasing given the strength of the market. Unfortunately, with the exception of Breville, all the stocks in the bottom spreads contributed negatively �" with the result being marginally positive fund performance for the month. Looking slightly further ahead, the prospect of higher US interest rates as growth recovers further will tend to dominate investor positioning.
More Information	» View detailed profile of this fund

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

11 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.

11 Aug 2014 - Fund Review: Alpha Beta Asian Fund AFM Fund Review June 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 June 2014 (pdf format)

Fund Review: Insync Global Titans Fund June 2014

8 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.

Monash Absolute Investment Fund

7 Aug 2014 - Australian Fund Monitors

Monash Absolute Investment Fund returned 3.20% during July and 20.24% over the prior year with a volatility of 8.62% in line with the Index.

7 Aug 2014 - Monash Absolute Investment Fund

By: Australian Fund Monitors

Report Date	06 August 2014
Manager	Monash Investors Pty Limited
Fund Name	Monash Absolute Investment Fund
Strategy	Equity Long/Short
Latest Return Date	July 2014
Latest Return	3.20%
Latest 6 Months	7.84%
Latest 12 Months	20.24%
Latest 24 Months	48.31%
Annualised Since Inception	21.67%
Inception Date	30 May 2012
FUM (millions)	AU$45
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 3.20% during July and 20.24% over the prior year with a volatility of 8.62% in line with the Index. The Sortino ratio was 7.04 and the Up and Down Capture ratios 0.90 and 0.14 respectively. The Manager's month-end exposure was net 81% and gross 82% and the VAR 1.1%. The Month-End Note discusses Fund holdings and is available on the AFM website.
More Information	» View detailed profile of this fund

Fund Review: Aurora Fortitude Absolute Return Fund June 2014

6 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.

Microequities Deep Value Microcap Fund

5 Aug 2014 - Australian Fund Monitors

Microequities Deep Value Microcap Fund recorded a notable monthly out-performance with a return of 5.94% during July and 34.46% for the previous twelve months.

5 Aug 2014 - Microequities Deep Value Microcap Fund

By: Australian Fund Monitors

Report Date	04 August 2014
Manager	Microequities
Fund Name	Microequities Deep Value Microcap Fund
Strategy	Equity Long
Latest Return Date	July 2014
Latest Return	5.94%
Latest 6 Months	12.64%
Latest 12 Months	34.46%
Latest 24 Months	83.57%
Annualised Since Inception	30.50%
Inception Date	06 March 2009
FUM (millions)	AU$45.7
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 recorded a notable monthly out-performance with a return of 5.94% during July and 34.46% (ASX 200 Accum 16.54%) for the previous twelve months. Two months ago we alluded to the particular anomalies that have contributed to the US negative GDP number for the 1st quarter of 2014. We expected the second quarter number to be much more representative of the underlying strength of the US economic resurgence. That prognosis was affirmed earlier during the week when the US reported second quarter GDP growth of 4%, with firmer labor market conditions and solid consumer spending underpinning the growth rate. The outlook for the second half remains positive as the drivers for consumer confidence should contribute to a more appeasing environment for the US consumer to spend.
More Information	» View detailed profile of this fund

Fund Review: Optimal Australia Absolute Trust June 2014

4 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.

Fund Review: Microequities Deep Value Microcap Fund May 2014

1 Aug 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Microequities Deep Value Microcap Fund for May 2014. The Fund is characterised by strong returns (29.82% pa since inception) albeit with higher volatility (15.09%) than the ASX 200 Accum Index.

Pengana Absolute Return Asia Pacific Australian Fund

1 Aug 2014 - Australian Fund Monitors

Pengana Absolute Return Asia Pacific Australian Fund returned 1.04% during June and 7.93% for the prior 12 months with a low volatility of 2.86%.

1 Aug 2014 - Pengana Absolute Return Asia Pacific Australian Fund

By: Australian Fund Monitors

Report Date	31 July 2014
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Australian Fund
Strategy	Event Driven
Latest Return Date	June 2014
Latest Return	1.04%
Latest 6 Months	1.93%
Latest 12 Months	7.93%
Latest 24 Months	19.43%
Annualised Since Inception	11.23%
Inception Date	01 September 2010
FUM (millions)	AU$64
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 returned 1.04% during June and 7.93% for the prior 12 months with a low volatility of 2.86%. Since inception in October 2008 the Fund has out-performed the ASX 200 Accumulation Index with a return of 11.23% pa as compared to 7.49%. The Fund's volatility was below that of the Index at 6.04% (Index 14.11%) while the Sharpe and Sortino ratios are 1.21 and 3.00 respectively with the Fund recording 80% positive months. The Fund's gross exposures by strategy (at month-end) were M&A 46%, Capital Management 23.3%, Stubs 14.3% and Index Futures 7.1%.
More Information	» View detailed profile of this fund

Forager Australian Shares Fund

31 Jul 2014 - Australian Fund Monitors

Forager Australian Shares Fund returned -0.15% during June and 17.72% over the year-ended June 2014 with a volatility of 11.48%.

31 Jul 2014 - Forager Australian Shares Fund

By: Australian Fund Monitors

Report Date	30 July 2014
Manager	Forager Funds Management
Fund Name	Forager Australian Shares Fund
Strategy	Equity Long
Latest Return Date	June 2014
Latest Return	-0.15%
Latest 6 Months	-2.12%
Latest 12 Months	17.72%
Latest 24 Months	61.15%
Annualised Since Inception	12.67%
Inception Date	17 October 2009
FUM (millions)	AU$53
Fund Overview	Forager Funds Management places no emphasis on predicting short-term price movements or the direction of markets. The focus is on valuing securities and attempting to buy them for substantially less than their underlying value. The Forager approach is to be patient, selective and only invest in opportunities where the gap between its estimate of value and the current security price is significant enough to compensate for the large degree of uncertainty inherent in valuing any security.
Manager Comments	Forager Australian Shares Fund returned -0.15% (ASX 200 Accum Index -1.50%) during June and 17.72% (Index 17.43%) over the year-ended June 2014 with a volatility of 11.48% (Index 8.56%). The economic outlook in Australia, however, remains a concern. The boom in new mining investment has now clearly come to an end but, as the chart below shows, the impact on the economy has been cushioned so far by the completion of old projects. The contribution of business investment to gross domestic product (GDP), currently at record highs, is set to fall heavily. Investment from the last decade ensures Australia will export record tonnes of ore, but unlike investment and construction, the additional benefits to the wider economy are limited. So what does this mean for the portfolio? Luckily value investors do not have to play fair (the idea is pretty much to play as unfairly as possible) so the Fund can cherry pick areas it likes and avoid other ones entirely. It has been a theme for the past five years, but we are still focused on finding foreign currency exposure on the ASX. The trends highlighted above are likely to force the Australian dollar, which has appreciated 5% to US$0.943 this year, lower long term. The full text of the Fund's quarterly report is on the AFM website under the Fund's profile.
More Information	» View detailed profile of this fund

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11 Aug 2014 - Bennelong Alpha 200 Fund

11 Aug 2014 - Fund Review: Alpha Beta Asian Fund AFM Fund Review June 2014

8 Aug 2014 - Fund Review: Insync Global Titans Fund June 2014

7 Aug 2014 - Monash Absolute Investment Fund

6 Aug 2014 - Fund Review: Aurora Fortitude Absolute Return Fund June 2014

5 Aug 2014 - Microequities Deep Value Microcap Fund

4 Aug 2014 - Fund Review: Optimal Australia Absolute Trust June 2014

1 Aug 2014 - Fund Review: Microequities Deep Value Microcap Fund May 2014

1 Aug 2014 - Pengana Absolute Return Asia Pacific Australian Fund

31 Jul 2014 - Forager Australian Shares Fund

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