Intelligent Investor Value Fund

21 Mar 2014 - Australian Fund Monitors

Intelligent Investor Value Fund returned 0.48% in February and a very sound 31.94% for the year to end-February (ASX 200 Acc Index 10.56%).

The Paragon Fund

20 Mar 2014 - Australian Fund Monitors

The Paragon Fund returned 3.80% for February, with a net exposure of 73.6%, and 21.72% for the previous twelve months.

20 Mar 2014 - The Paragon Fund

By: Australian Fund Monitors

Report Date	19 March 2014
Manager	Paragon Funds Management
Fund Name	The Paragon Fund
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	3.80%
Latest 6 Months	16.57%
Latest 12 Months	21.72%
Latest 24 Months
Annualised Since Inception	21.72%
Inception Date	28 February 2013
FUM (millions)	AU$10
Fund Overview	Australian long-short equities absolute return fund, focusing on core competencies in the resource and industrial sectors. The Fund deploys a high conviction, long bias strategy, focusing on proprietary, fact based research. This fundamental bottom up stock selection, coupled with a global macro perspective to actively manage market risk, places capital preservation as a key objective of the Fund. Paragon accepts that markets are not always efficient in pricing information into securities and that no one investment style works in every stage of the investment cycle. Subsequently Paragon adopts a top down thematic led approach to identify companies exhibiting sustainable or improving returns on capital driven by volume growth, pricing power and competitive advantages. Paragon utilises both quantitative analysis to provide probability weighted high/low/base case valuations and qualitative analysis in assessing management, the business model and likely direction of returns. Paragon will allocate assets to each investment opportunity based on a risk/reward profile. Positions have defined investment parameters and risk limits, which are then monitored on an ongoing basis.
Manager Comments	The Paragon Fund returned 3.80% for February, with a net exposure of 73.6%, and 21.72% (10.56% ASX 200 Acc Index) for the previous twelve months. Over this time average cash holdings were 35% contributing to the lower volatility number of 7.56% as compared to the Index 11.49%. Key drivers of the Paragon Fund performance for February included a combination of: Strong returns from core holdings G8 Education, Donaco, and an emerging Copper investment, and, Increasing the net equity exposure from 50% at the beginning of the month to 74% by month-end.
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Insync Global Titans Fund

19 Mar 2014 - Australian Fund Monitors

Insync Global Titans Fund benefited from stronger equity markets during February returning 2.39% and 24.17% over the year with a notable down capture ratio of -0.84.

Pengana Australian Equities Market Neutral Fund

18 Mar 2014 - Australian Fund Monitors

Pengana Australian Equities Market Neutral Fund returned 2.90% during February with a net market exposure of 2.7% and 12.85% over the preceding twelve months.

18 Mar 2014 - Pengana Australian Equities Market Neutral Fund

By: Australian Fund Monitors

Report Date	17 March 2014
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	February 2014
Latest Return	2.90%
Latest 6 Months	3.51%
Latest 12 Months	12.85%
Latest 24 Months	5.58%
Annualised Since Inception	9.38%
Inception Date	09 September 2008
FUM (millions)	AU$22
Fund Overview	The Pengana Australian Equities Market Neutral Fund aims to provide a net annualised return of 5-10% over cash, with a risk target of 8-10%. The Fund holds equal weights in long and short positions listed on the ASX with a majority of the stocks included in the S&P/ASX 300 Index. The manager's investment approach is premised on the belief that fundamental factors (such as earnings, cash flow and profit growth) affect stock prices, but that the adoption of quantitative techniques (i.e. computer based models) provides an advantage in assimilating and analysing this information, and building an efficient portfolio. The Fund's portfolio is constructed to be 'Market Neutral' i.e. it aims to have little or no overall exposure to movements in the equity market. The aim of low exposure to market movements is to enhance the consistency of the portfolio's performance and to provide diversification from other market oriented investments.
Manager Comments	Pengana Australian Equities Market Neutral Fund returned 2.90% during February with a net market exposure of 2.7% and 12.85% over the preceding twelve months as compared to the Fund's benchmark, the RBA Cash Rate, which returned 2.7%. The Fund has a correlation of 0.01 with the ASX 300 and a beta of 0.00. The manager comments that 'One of the Funds' largest long positions in Sky City Network Television worked well with strong results driven by good advertising revenue and lower content costs. On the other side a short in Echo Entertainment worked against us as further expected earnings downgrades dissipated with result stabilising, while a change in CEO was viewed positively. Our Revisions factor dominated performance over the month with Quality, Value and Momentum factors also all positive.'
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Totus Alpha Fund

17 Mar 2014 - Australian Fund Monitors

Totus Alpha Fund returned 1.44% during February and the Fund took full advantage of the buoyant equity markets over the last twelve months to return 51.45% over that time.

17 Mar 2014 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	16 March 2014
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	1.44%
Latest 6 Months	30.28%
Latest 12 Months	51.45%
Latest 24 Months
Annualised Since Inception	31.20%
Inception Date	01 April 2012
FUM (millions)	AU$11
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 as determined by Totus Capital. 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 returned 1.44% during February with a net exposure of 78% and the Fund took full advantage of the buoyant equity markets over the last twelve months to return 51.45% over that time. The Manager notes 'It would have been nice to keep pace with the market last month however in reality it is difficult for a hedged portfolio to keep pace in a rip roaring "risk on" environment. On balance we are not too disappointed with the result given the number of aggressive short squeezes in some of our hedge positions during the month. We are pleased to have consolidated our 2013 performance with every investor in the fund now back in positive absolute return territory (net of all fees) as at the end of February.'
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Allard Investment Fund

14 Mar 2014 - Australian Fund Monitors

The Allard Investment Fund increased 0.2% during February 2014. The 2.0% appreciation of the Australian dollar, detracted from the Fund's performance.

Optimal Australia Absolute Trust

13 Mar 2014 - Australian Fund Monitors

Optimal Australia Absolute Trust returned 1.06% during February with a net exposure of 3.1% with a 12 month return of 3.20% and volatility of 1.90% (11.49% Index).

13 Mar 2014 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	12 March 2014
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	1.06%
Latest 6 Months	2.42%
Latest 12 Months	3.20%
Latest 24 Months	5.15%
Annualised Since Inception	10.38%
Inception Date	15 September 2008
FUM (millions)	AU$125
Fund Overview	The investment objective of the Fund is to seek to achieve above average returns in absolute terms, through investing in listed securities in Australia and New Zealand, subject to the overarching requirement of capital preservation. Investments will predominantly be in equity securities but may include fixed interest instruments, money market instruments, derivatives and foreign exchange contracts. The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns.
Manager Comments	Optimal Australia Absolute Trust returned 1.06% during February with a net exposure of 3.1% with a 12 month return of 3.20% and volatility of 1.90% (11.49% ASX 200 Acc Index). The Fund has recorded 90% positive months and has a down capture ratio of -0.31 since inception in September 2008. The Manager's monthly report comments that 'Despite a stronger market in February, 2014 still strikes us as less about a one-way bet on equities and the impact of ultra-low interest rates on risk assets, and much more about stock selection and risk management. More volatility should be expected, and hopefully more differentiation in stock performance within the index. We are seeing more of the former, but so far not too much of the latter. When we do see sporadic market weakness, the default investor reaction is to sell resources and materials stocks, and buy defensives and financials at almost any valuation. This mindset is somewhat scary. There is no doubt that infrastructure stocks, as one example, generate cash flows with low volatility from quality assets. But their valuations are highly sensitivity to discount rates, which are rising, so these types of stocks are far from low-risk right now. That they are seen as so "safe" (with unfranked yields now under 5%, in some cases) seems to again point a gradual de-sensitisation towards risk, which is of course the objective and consequence of extended financial repression. As risk-averse investors, we remain profoundly suspicious of a world where equities win because they are the least bad alternative: the TINA (There Is No Alternative) doctrine.'
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Morphic Global Opportunities Fund

12 Mar 2014 - Australian Fund Monitors

Morphic Global Opportunities Fund returned -0.71% during February with a net exposure of 101% and gross exposure at 157%.

Bennelong Kardinia Absolute Return Fund

11 Mar 2014 - Australian Fund Monitors

Bennelong Kardinia Absolute Return Fund had a strong February making the most of the buoyant equity markets to return 2.69% (-2.12% January).

11 Mar 2014 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	10 March 2014
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	2.69%
Latest 6 Months	4.96%
Latest 12 Months	10.27%
Latest 24 Months	26.64%
Annualised Since Inception	13.85%
Inception Date	01 May 2006
FUM (millions)	AU$132.4
Fund Overview	The Bennelong Kardinia Absolute Return Fund is an Australian domiciled equity long/short fund investing in ASX listed securities. The Fund uses some exchange traded call options and there is limited use of SPI futures contracts to hedge overall market risk. 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. There is a slight bias to large cap stocks in 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.
Manager Comments	Bennelong Kardinia Absolute Return Fund had a strong February making the most of the buoyant equity markets to return 2.69% (-2.12% January) with a stable net equity market exposure, including derivatives, of 39.5% (75.4% long and 35.9% short). The Manager's Report notes that Seek, Henderson, Westpac, Ramsay Health Care and James Hardie were all significant contributors to performance, whilst Share Price Index Futures (hedging long positions), Amcor and Ansell were the major detractors. The Fund's 12 month performance was in line with the market at 10.27% as compared to 10.56% however this was achieved with approximately one-third of the Index volatility (4.15% and 11.49% Index). The fund's Sharpe ratio was notable at 1.76 (0.71 Index).
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Bennelong Long Short Equity Fund

10 Mar 2014 - Australian Fund Monitors

Bennelong Long Short Equity Fund returned 2.50% in February and 20.61% since inception in January 2003 with below Index volatility.

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21 Mar 2014 - Intelligent Investor Value Fund

20 Mar 2014 - The Paragon Fund

19 Mar 2014 - Insync Global Titans Fund

18 Mar 2014 - Pengana Australian Equities Market Neutral Fund

17 Mar 2014 - Totus Alpha Fund

14 Mar 2014 - Allard Investment Fund

13 Mar 2014 - Optimal Australia Absolute Trust

12 Mar 2014 - Morphic Global Opportunities Fund

11 Mar 2014 - Bennelong Kardinia Absolute Return Fund

10 Mar 2014 - Bennelong Long Short Equity Fund

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