Pengana Australian Equities Fund

20 Jan 2014 - Australian Fund Monitors

Pengana Australian Equities Fund returned 1.27% during December with a month-end cash balance of 22%. Annual return was 18.60% (S&P/ASX 200 Accum 20.12%) with a volatility of 7.82% (Index 11.43%)

20 Jan 2014 - Pengana Australian Equities Fund

By: Australian Fund Monitors

Report Date	17 January 2014
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2013
Latest Return	1.27%
Latest 6 Months	8.28%
Latest 12 Months	18.60%
Latest 24 Months	46.90%
Annualised Since Inception	13.27%
Inception Date	01 July 2008
FUM (millions)	AU$372
Fund Overview	The Fund invests in listed equities and seeks to hold a concentrated core portfolio of 15-20 listed stocks in outstanding businesses to provide capital preservation in real terms, and A$ returns of 12-15% p.a. compounded over the medium term time horizon. The Fund seeks to generate consistent investment returns using fundamental research to identify companies with competent management and resilient business models. The investment methodology is designed to profit from a focus on tax aware returns (both capital and income) generated by owning outstanding businesses at reasonable prices.
Manager Comments	Pengana Australian Equities Fund returned 1.27% during December with a month-end cash balance of 22%. Annual return was 18.60% (S&P/ASX 200 Accum 20.12%) with a volatility of 7.82% (Index 11.43%). As at 31st December 2013, the Fund's exposure to non-Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed, Fox Group, CSL, NZ based companies and US dollar exposure) stood at 22%. In terms of outlook the manager notes that 'several important factors continue to have a medium term positive impact on consumer and business sentiment. These include: Political certainty after a nine month election period; stronger asset prices (in almost every asset class); a surprisingly firm iron ore price (vital as Australia's largest export); the banks exhibiting a re-invigorated appetite for lending and an improving global economy; a surprisingly resilient employment rate and consistently low interest rates. The above factors are translating into an exuberant environment for financial assets as investors anticipate any sign of green shoots to indicate an imminent recovery.'
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Insync Global Titans Fund

17 Jan 2014 - Australian Fund Monitors

Insync Global Titans Fund returned 4.9% in December ahead of the MSCI All Country Index in $A at 4.0% with the Fund recording an up capture ratio of 0.45 and down capture ratio of -1.17.

Bennelong Long Short Equity Fund

16 Jan 2014 - Australian Fund Monitors

Bennelong Long Short Equity Fund returned 2.68% during December bringing twelve month performance to 22.46%. The Fund now has 11 years of unbroken positive returns.

Morphic Global Opportunities Fund

15 Jan 2014 - Australian Fund Monitors

Morphic Global Opportunities Fund returned 3.85% during December as the Fund benefited from $A weakness as well as a short position on US bonds and other currencies.

Monash Absolute Investment Fund

14 Jan 2014 - Australian Fund Monitors

Monash Absolute Investment Fund returned -0.60% during December 2013 bringing the 12 month return to 30.41% as compared to the S&P/ASX 200 Accum return of 20.12%.

Performance Report: Bennelong Kardinia Absolute Return Fund

13 Jan 2014 - Australian Fund Monitors

Bennelong's Kardinia Long/Short equity fund returned 1.11% in December 2013, taking returns for the year to 14.78%, broadly in line with annualised returns since inception of 14.10%.

13 Jan 2014 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	09 January 2014
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	December 2013
Latest Return	1.11%
Latest 6 Months	6.80%
Latest 12 Months	14.78%
Latest 24 Months	30.30%
Annualised Since Inception	14.10%
Inception Date	01 May 2006
FUM (millions)	AU$130.2
Fund Overview	The Bennelong Kardinia Absolute Return Fund is an Australian domiciled equity long/short fund investing in ASX listed securities. The Fund uses some exchange traded call options and there is limited use of SPI futures contracts to hedge overall market risk. The Fund consists of a concentrated long/short portfolio typically comprising 30 to 40 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. There is a slight bias to large cap stocks in the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position.
Manager Comments	The Bennelong Kardinia Long/Short equity fund returned 1.11% in December 2013, taking returns for the year to 14.78%, broadly in line with the Fund's annualised return since inception of 14.10%. The Fund's December performance was achieved in a market which although positive lagged most of its global developed market peers, and which at one stage was down over 4% on concerns over the US tapering of asset purchases. Local headwinds included a flood of IPO's draining liquidity, a falling A$, and a deterioration in the fiscal outlook facing the new coalition government. By month end the Manager had increased the Fund's net exposure to 74.8%, based on 82.5% long, and 7.7% short.
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Pengana Asia Special Events (Onshore) Fund

27 Dec 2013 - Australian Fund Monitors

Pengana Asian Special Events Fund returned 0.43% over the month and 12.41% for the previous twelve months with a beta of -0.03 and correlation of -0.1.

27 Dec 2013 - Pengana Asia Special Events (Onshore) Fund

By: Australian Fund Monitors

Report Date	18 December 2013
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	November 2013
Latest Return	0.43%
Latest 6 Months	3.65%
Latest 12 Months	12.41%
Latest 24 Months	16.35%
Annualised Since Inception	11.90%
Inception Date	01 September 2010
FUM (millions)	AU$41.2
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 Asian Special Events Fund returned 0.43% over the month and 12.41% for the previous twelve months with very low volatility of 2.51% (11.51% Index), a beta of -0.03 and correlation of -0.1. The performance of the underlying strategies was mixed during the month: M&A and Earnings Surprise contributed positively while Capital Management and Stubs trades detracted value. Positions in Japan and Thailand generated healthy profits for the Fund. During the month the Fund maintained an average net and gross exposure of 14% and 190% respectively. November's focus remained on China as details emerged of the reform package, while risk appetite in Japan remained healthy due to continued weakness in the Yen. Within the Capital Management strategy, spin offs is a key theme that we observe emerging in the Asian event landscape and it presents unique trading opportunities.
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Allard Investment Fund

24 Dec 2013 - Australian Fund Monitors

Allard Investment Fund returned 2.80% during November and 13.87% for the previous twelve months with a low volatility of 6.99%.

24 Dec 2013 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	18 December 2013
Manager	Allard Partners Australia Pty Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	November 2013
Latest Return	2.80%
Latest 6 Months	3.20%
Latest 12 Months	13.87%
Latest 24 Months	26.84%
Annualised Since Inception	8.96%
Inception Date	01 July 2003
FUM (millions)	AU$121
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 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 2.80% during November and 13.87% for the previous twelve months with a low volatility of 6.99% and equity exposure of 70.6%.Cash and fixed holdings were 29.4%. The Fund's low volatility is evidenced by its maximum draw-down of 18.29% and downside deviation of 5.45% with the comparative S&P/ASX 200 Accum Index data of 47.19% and 9.90% respectively. Data is since inception in July 2003. Geographic exposure was China/HK 33.6%, Singapore 13.0% and Korea 9.9%. The industry break-down was dominated by Financial Services at 15.5%, Conglomerates at 12.0% and Telco's at 8.8%.
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Auscap Long Short Australian Equities Fund

23 Dec 2013 - Australian Fund Monitors

Auscap Long Short Australian Equities Fund returned 2.86% in November when the local equity market was weak returning -1.31%. Twelve month performance was 50.05%.

23 Dec 2013 - Auscap Long Short Australian Equities Fund

By: Australian Fund Monitors

Report Date	18 December 2013
Manager	Auscap Asset Management
Fund Name	Auscap Long Short Australian Equities Fund
Strategy	Equity Long/Short
Latest Return Date	November 2013
Latest Return	2.86%
Latest 6 Months	35.78%
Latest 12 Months	50.05%
Latest 24 Months
Annualised Since Inception	50.05%
Inception Date	01 December 2012
FUM (millions)	AU$10
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 2.86% in November when the local equity market was weak returning -1.31%. Twelve month performance was notable at 50.05% with a volatility of 12.39% (11.51% Index)and a down capture ratio of -0.84. The Fund had an average gross capital employed of 131.5% long and 13.8% short for a gross total of 145.3%. The Manager comments 'While we do not make forecasts, we do try to draw sensible conclusions about the economy and the stock-market in which we are a participant. It seems highly unlikely that the market will repeat or better last year's performance next year. The market has been assisted by a number of things during 2013, including the re-rating of equities as sentiment turned more positive and the rates of return offered by alternative assets declined.'
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Fund Review: Morphic Global Opportunities Fund

19 Dec 2013 - Australian Fund Monitors

Morphic Global Opportunities Fund returned 5.48% in November and 41.50% for the previous twelve months with a volatility of 9.06% p.a.

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20 Jan 2014 - Pengana Australian Equities Fund

17 Jan 2014 - Insync Global Titans Fund

16 Jan 2014 - Bennelong Long Short Equity Fund

15 Jan 2014 - Morphic Global Opportunities Fund

14 Jan 2014 - Monash Absolute Investment Fund

13 Jan 2014 - Performance Report: Bennelong Kardinia Absolute Return Fund

27 Dec 2013 - Pengana Asia Special Events (Onshore) Fund

24 Dec 2013 - Allard Investment Fund

23 Dec 2013 - Auscap Long Short Australian Equities Fund

19 Dec 2013 - Fund Review: Morphic Global Opportunities Fund

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