Fund Review: Insync Global Titans Fund February 2014

2 Apr 2014 - Australian Fund Monitors

AFM's updated Fund Review for Insync Global Titans Fund for February 2014 shows the Fund delivering an annualised return of 11.33% and annualised standard deviation of 7.59% (since inception in October 2009) with sound risk-reward statistics.

Pengana Australian Equities Fund

1 Apr 2014 - Australian Fund Monitors

Pengana Australian Equities Fund recorded a 1.44% return during February 2014 and 7.30% for the preceding 12 months with a volatility of 6.41%.

Fund Review: Optimal Australia Absolute Trust February 2014

31 Mar 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Optimal Australia Absolute Trust for February 2014 has been released. The fund is characterised by very low risk with an annualised standard deviation 3.55% (Index 15.07%)and a Sharpe Ratio since inception of 1.76.

CSAG Long Only Program

31 Mar 2014 - Australian Fund Monitors

CSAG Long Only Program had a sound month with a return of 2.65%, assisted by stronger soft commodity prices, with a -4.97% twelve month return.

31 Mar 2014 - CSAG Long Only Program

By: Australian Fund Monitors

Report Date	28 March 2014
Manager	Commodity Strategies AG
Fund Name	CSAG Long Only Program
Strategy	Commodities/CTA
Latest Return Date	February 2014
Latest Return	2.65%
Latest 6 Months	-3.86%
Latest 12 Months	-4.97%
Latest 24 Months	-10.44%
Annualised Since Inception	7.19%
Inception Date	30 November 1999
FUM (millions)	US$77
Fund Overview	The CSAG Long Only programme seeks to achieve a long term total return that exceeds the return of the Reuters/Jefferies CRB Total Return Index with lower volatility. The Dow Jones-AIG and the GSCI are also monitored. The fund is unleveraged and operates in deeply liquid global commodity markets using systematic processes that enable it to be long in any individual market or allocated to cash, depending on the prevailing yields. The portfolio systems manage positions in trending or mean-reverting markets, with a core emphasis on risk management and capital preservation across every aspect of the process.
Manager Comments	CSAG Long Only Program had a sound month with a return of 2.65%, assisted by stronger soft commodity prices, with a -4.97% twelve month return. The Manager's monthly comments notes that 'The portfolio started the month with modest exposure of about 30% and this was increased rapidly around mid-month finishing at about 90%. Energy constituted the biggest exposure at month end but exposures to Softs and Grains were also significantly increased. Major contributors to performance were coffee, soybeans zinc and gasoline whilst heating and gas oil posted the largest losses in the portfolio for the month. Coffee was up 41.7% for the month, bringing its YTD to 60.3%. February also saw gains posted by corn (5.4%), cotton (0.9%), Chicago wheat (8.4%) and Kansas wheat (11.1%). Soybeans and sugar also posted gains of 11%. Concerns over cold weather and the political unrest in Ukraine, one of the world's biggest exporters of corn and wheat, helped push prices of these grains up in February. The El Niño weather pattern, which can cause droughts and flooding in various parts of the world, is expected to return in 2014'
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Fund Review: Bennelong Kardinia Absolute Return Fund

28 Mar 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Bennelong Kardinia Absolute Return Fund for February 2014. The Fund is characterised by steady returns and very low risk. The Fund returned 2.69% during February and since inception (May 2006) the Fund has...

Laminar Credit Opportunities Fund

28 Mar 2014 - Australian Fund Monitors

Laminar Credit Opportunities Fund returned 0.57% during February and a creditable 11.93% for the prior 12 months with a volatility of 2.71%.

Cor Capital Fund

27 Mar 2014 - Australian Fund Monitors

The Cor Capital Fund benefited from buoyant asset markets to return 2.34% during February with positive performances from all the underlying assets.

27 Mar 2014 - Cor Capital Fund

By: Australian Fund Monitors

Report Date	26 March 2014
Manager	Cor Capital Pty Ltd
Fund Name	Cor Capital Fund
Strategy	Multi Strategy
Latest Return Date	February 2014
Latest Return	2.34%
Latest 6 Months	1.16%
Latest 12 Months	2.77%
Latest 24 Months
Annualised Since Inception	6.15%
Inception Date	08 August 2012
FUM (millions)	AU$19
Fund Overview	The Manager seeks to generate stable absolute returns over the medium term, regardless of prevailing economic or financial market conditions. The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling.
Manager Comments	The Cor Capital Fund benefited from buoyant asset markets to return 2.34% during February with positive performances from all the underlying assets. the annual return is 2.77% with a volatility of 7.05% (11.49% ASX 200 Acc). During February the Fund's gold position continued to perform (+1.09% contribution) and equities recovered from a weak January (+1.16%). Fixed interest (+0.09%) and cash (+0.07%) were also positive. There were no portfolio adjustments for the month with all asset exposures within the limits defined by the Fund's active risk management strategy.
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Pengana Asia Special Events (Onshore) Fund

26 Mar 2014 - Australian Fund Monitors

Pengana Asia Special Events (Onshore) Fund recorded 0.48% during February and 11.76% for the preceding twelve months with a very low standard deviation of 2.39%.

26 Mar 2014 - Pengana Asia Special Events (Onshore) Fund

By: Australian Fund Monitors

Report Date	25 March 2014
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	February 2014
Latest Return	0.48%
Latest 6 Months	6.26%
Latest 12 Months	11.37%
Latest 24 Months	16.17%
Annualised Since Inception	12.08%
Inception Date	01 September 2010
FUM (millions)	AU$100
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 Asia Special Events (Onshore) Fund recorded 0.48% during February and 11.76% (1.80% FTSE All World Asia Pacific Index) for the preceding twelve months with a very low standard deviation of 2.39%. The Fund's largest (adj) net exposure by geography was HK/China at 5.3% Over the last year the Fund's maximum drawdown is 0.92% (6.72% ASX 200 Acc) and the Fund's Sharpe and Sortino ratio are notable at 3.56 and 7.43 respectively. In terms of commentary the Manager notes that 'Intra month volatility presented good trading opportunities in the holding company universe, with a number of structures either trading at 52 weeks highs and lows. Such discount dislocations are usually common during earnings season, as was the case in Hong Kong and Japan, or when market volatility swings significantly (as measured by VIX). Within M&A, deal volume in February was the strongest in 6 months, with average deal size being US$990 million. One key theme that emerged in Asian M&A during the month was optionality (price bump opportunities).'
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KIS Asia Long Short Fund

25 Mar 2014 - Australian Fund Monitors

KIS Asia Long Short Fund returned 1.76% during February and 15.99% (10.56% Index) for the previous twelve months with a volatility of 2.71% as compared to 11.49% for the ASX 200 Acc Index.

25 Mar 2014 - KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	24 March 2014
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	1.76%
Latest 6 Months	7.52%
Latest 12 Months	15.99%
Latest 24 Months	24.25%
Annualised Since Inception	17.81%
Inception Date	01 October 2009
FUM (millions)	AU$33
Fund Overview	A significant portion of the KIS Asia Long Short Fund is managed through the construction of a basket of long and short positions in liquid and transparent Australian and Asian stocks. The KIS managers rely on a combination of fundamental analysis, real-time technical analysis, and a focus on identifying catalysts and events which will result in price movements in the underlying shares. The long/short portfolio has an active trading style and takes a short-term approach to the markets. Variables such as earnings surprise; stock price versus fundamental valuation; dividend policy; management composition, are used in addition to other fundamental and technical indicators to build a factual and analytical foundation to the composition of the long/short portfolio. KIS uses a discretionary approach in their investment strategy and they do not rely on large amounts of leverage. The investments are predominantly in liquid, transparent markets.
Manager Comments	KIS Asia Long Short Fund returned 1.76% during February and 15.99% (10.56% Index) for the previous twelve months with a volatility of 2.71% as compared to 11.49% for the ASX 200 Acc Index. The Fund has notable risk statistics with a twelve month Sharpe ratio of 4.55 (0.71), Sortino ratio of 46.28 (1.08) and maximum drawdown of -0.06% (-6.72% Index). Up and Down Capture ratios are 0.31 and -0.55 respectively. The Manager strategy comments are 'Long Short - This portfolio contributed 111bp. The largest contributor to the P&L this month was Stockland which contributed 23bp of the returns. In February 54% of our long and short ideas, i.e. excluding hedges, were winning. In addition to this, the average profit we made on a winning idea was 1.5 times the size of our average loss. Special Situations - This portfolio contributed 72bp this month.'
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Auscap Long Short Australian Equities Fund

24 Mar 2014 - Australian Fund Monitors

Auscap Long Short Australian Equities Fund had strong performance during February to return 5.32% (ASX 200 Acc 4.97%) bringing annual returns to an impressive 58.90% (Index 10.56%).

24 Mar 2014 - Auscap Long Short Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 March 2014
Manager	Auscap Asset Management
Fund Name	Auscap Long Short Australian Equities Fund
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	5.32%
Latest 6 Months	25.66%
Latest 12 Months	58.90%
Latest 24 Months
Annualised Since Inception	48.72%
Inception Date	01 December 2012
FUM (millions)	AU$11
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 had strong performance during February to return 5.32% (ASX 200 Acc 4.97%) bringing annual returns to an impressive 58.90% (Index 10.56%). This was achieved with volatility in line with the Index and, notably, an up capture ratio of 1.67 and down capture ratio of -0.78. The Fund's average net exposure over the month was 78.2% with 33 long positions and 5 short positions. The Fund's biggest stock exposures at month end were spread across the consumer discretionary, financials and telecommunications sectors. The Manager's monthly commentary discusses their approach to long and short investments. This Report is available on our website under the Auscap Profile.
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2 Apr 2014 - Fund Review: Insync Global Titans Fund February 2014

1 Apr 2014 - Pengana Australian Equities Fund

31 Mar 2014 - Fund Review: Optimal Australia Absolute Trust February 2014

31 Mar 2014 - CSAG Long Only Program

28 Mar 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund

28 Mar 2014 - Laminar Credit Opportunities Fund

27 Mar 2014 - Cor Capital Fund

26 Mar 2014 - Pengana Asia Special Events (Onshore) Fund

25 Mar 2014 - KIS Asia Long Short Fund

24 Mar 2014 - Auscap Long Short Australian Equities Fund

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