Monash Absolute Investment Fund

21 Jun 2013 - Australian Fund Monitors

The Monash Absolute Investment Fund returned -1.10% during May and 13.87% over the last six months.

Pengana Asia Special Events Fund

21 Jun 2013 - Australian Fund Monitors

The Pengana Asia Special Events Fund recorded 1.63% during May and has a twelve month performance record of 11.79%.

21 Jun 2013 - Pengana Asia Special Events Fund

By: Australian Fund Monitors

Report Date	17 June 2013
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	May 2013
Latest Return	1.63%
Latest 6 Months	8.46%
Latest 12 Months	11.79%
Latest 24 Months	15.44%
Annualised Since Inception	12.39%
Inception Date	01 September 2010
FUM (millions)	AU$32.2
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	The Pengana Asia Special Events Fund recorded 1.63% during May and has a twelve month performance record of 11.79%. The rally in the Japanese market came to an abrupt end as the Nikkei recorded the first negative month of the year driven primarily by the volatility in the JGB yields and the Yen. Investors started to question the sustainability of the stimulus driven rally and this volatility presented both challenges and opportunities for the Fund. The Fund also observed \'yield plays\' such as REITs, Telcos and the Aussie dollar coming under pressure during the month.Deal activity particularly in Japan picked up significantly, with May being the most active month in terms of deal count for the year. The volatility in the Japanese market will continue to offer great trading opportunities around the recently announced transactions.
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Fund Review: Aurora Fortitude Absolute Return Fund

18 Jun 2013 - Australian Fund Monitors

AFM's updated Fund Review for Aurora Fortitude Absolute Return Fund, showing KPI's for May 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

Pengana Australian Equities Fund

18 Jun 2013 - Australian Fund Monitors

The Pengana Australian Equities Fund recorded -1.3% during May and 25.66% for the last twelve months.

18 Jun 2013 - Pengana Australian Equities Fund

By: Australian Fund Monitors

Report Date	17 June 2013
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Fund
Strategy	Equity Long
Latest Return Date	May 2013
Latest Return	-1.30%
Latest 6 Months	14.32%
Latest 12 Months	25.66%
Latest 24 Months	37.04%
Annualised Since Inception	13.70%
Inception Date	01 July 2008
FUM (millions)	AU$271
Fund Overview	The Fund invests in listed equities and seeks to hold a concentrated core portfolio of 15-20 listed stocks in outstanding businesses to provide capital preservation in real terms, and A$ 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	The Fund recorded -1.3% during May and 25.66% for the last twelve months. As at 31st May, cash (including notes and preference shares) represented 31% of the Fund. The top five holdings by value were: DUET Group, Caltex, ANZ Bank, Telstra and Resmed. The Fund acquired two new holdings, namely the Australian wagering operator, Tabcorp Holdings, and the New Zealand based retirement village developer and operator, Summerset. In addition, the Fund took advantage of the lower prices to add to existing holdings in Mermaid Marine, Caltex, Woolworths, DUET Group and Telstra. The Fund's exposure to non-Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed and News Corporation, NZ based companies and US dollar exposure) stands at 19%. The Fund disposed of its holding in Fairfax and took advantage of higher prices to lighten its exposure to Seven Group, Ainsworth Gaming, AMP and McMillan Shakespeare. Australian businesses are still fighting cyclical and structural factors such as a cautious consumer, the impact of a lack of confidence in Government policy decisions (exaggerated by a prolonged election campaign), an unseasonably warm start to winter and the increasing number of large companies announcing intentions to shrink their work forces. While the lower Australian dollar will provide some relief for export focussed businesses (including the agricultural, tourism and education industries) this may take some time to work its way through the system. We have become less optimistic on the short to medium term outlook for discretionary spending and employment levels.
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Aurora Fortitude Absolute Return Fund

17 Jun 2013 - Australian Fund Monitors

The Aurora Fortitude Absolute Return Fund returned 0.78% during May and 5.79% over the last 12 months.

17 Jun 2013 - Aurora Fortitude Absolute Return Fund

By: Australian Fund Monitors

Report Date	13 June 2013
Manager	Aurora Funds Management
Fund Name	Aurora Fortitude Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	May 2013
Latest Return	0.78%
Latest 6 Months	3.55%
Latest 12 Months	5.80%
Latest 24 Months	10.78%
Annualised Since Inception	8.26%
Inception Date	15 February 2005
FUM (millions)	AU$104
Fund Overview	Aurora Fortitude Absolute Return Fund is a multi-strategy market neutral fund specialising in ASX listed equities and derivatives. The core philosophy is the management of risk through a long volatility overlay incorporating listed equity and index derivatives. The multi-strategy approach includes M&A, Yield, Convergence and Long/Short strategies. The portfolio managers adopt an aggressive approach to managing downside risk whilst positioning the portfolio to benefit from positive alpha. The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies.
Manager Comments	The Aurora Fortitude Absolute Return Fund returned 0.78% during May and 5.79% over the last 12 months. The Fund is characterised by it's very low volatility at 2.84% pa (since inception) as compared to the S&P/ASX 200AI volatility of 14.58%. Despite an official interest rate cut to levels not seen since the 1960's the ASX200 AI fell 4.5% during May and the Australian dollar dropped 7.7% against the US dollar. The major concern appeared to be a slowing Chinese economy and thefollow on effect to Australian economy. Mergers and Acquisitions was the best performing strategy for the month (+0.32%)Long/Short was the only negative performer for the month (0.16%). The strategy consisted of small positions that were predominantly long and hence performed poorly,in line with market conditions.
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Insync Global Titans Fund

14 Jun 2013 - Australian Fund Monitors

The Insync Global Titans Fund delivered 4.8% during May bringing its since inception (October 2009) return to 9.5% pa.

14 Jun 2013 - Insync Global Titans Fund

By: Australian Fund Monitors

Report Date	13 June 2013
Manager	Insync Fund Managers
Fund Name	Insync Global Titans Fund
Strategy	Equity Long
Latest Return Date	May 2013
Latest Return	4.84%
Latest 6 Months	14.14%
Latest 12 Months	14.57%
Latest 24 Months	36.13%
Annualised Since Inception	9.50%
Inception Date	07 October 2009
FUM (millions)	AU$9.2
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management. Insync's aim is to invest in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Titans Fund is a concentrated portfolio of large cap global companies with downside protection.
Manager Comments	The Insync Global Titans Fund delivered 4.8% during May bringing its since inception (October 2009) return to 9.5% pa. Key positive contributions came from our holdings in Sanofi, Oracle, BAT, GlaxoSmithKline and IBM, with BSkyB being the sole detractor. However, the main driver of the Fund's return in May came from the 7.7% depreciation of the Australian dollar against the US dollar. With the Fund's currency exposure 100% unhedged,the Fund benefited from the AUD's fall (and remains currency unhedged). Despite the strong absolute performance in May, the relative performance of the Fund against the equity benchmark was impacted by the rotation from defensive stocks to financial and cyclical stocks. Insync's philosophy is to invest in the more predictable growth companies and to include downside protection strategies. That has delivered positive absolute returns during previous market downturns. The Fund's average investment market cap is A$103.4bn and the weighted avg forecast dividend yield is 2.97%.
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Fund Review:Morphic Global Opportunities Fund

14 Jun 2013 - Australian Fund Monitors

AFM's updated Fund Review for Morphic Global Opportunities Fund, showing KPI's for May 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

Morphic Global Opportunities Fund

13 Jun 2013 - Australian Fund Monitors

The Morphic Global Opportunities Fund recorded 6.77% for May bringing its since inception (Aug 2012) return to 28.7%.

13 Jun 2013 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	11 June 2013
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	May 2013
Latest Return	6.77%
Latest 6 Months	20.15%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	35.34%
Inception Date	02 August 2012
FUM (millions)	AU$23
Fund Overview	The Fund will primarily consist of Global listed shares, and will generally have at least 50% of its net assets invested in these. It may also have short positions in shares that the Manager believes are over-valued, and likely to fall in price, as well as long and short positions in index futures and other derivatives, fixed interest instruments, commodities, credit instruments and currencies.
Manager Comments	The Morphic Global Opportunities Fund recorded 6.77% for May bringing its since inception (Aug 2012) return to 28.70%. Taken as a whole, global stocks in local currency terms were volatile, but largely unchanged by month end. The Australian dollar fell 7.7% against the US dollar. The decision to remain unhedged accounted for all the Fund's gains and a little more. The Fund's top thematic contribution came from a tilt to US financial stocks, led by Wells Fargo and a basket of regional banks. A long-short position in Asian gambling stocks also added performance, as did a basket of stocks expected to benefit from a revival in leverage buyouts. Outside these themes, the largest individual gains came from Irish packaging company Smurfit Kappa; US shoe maker Crocs; Korean cable shopping network GS Home Shopping; US health company Herbalife; Pakistan's Lucky Cement; and US hard disk maker Western Digital. From a macroeconomic perspective, the month saw little improvement in underlying data, but increasing fears about how markets would react to any reduction in the rate of US money printing. The Manager expects nervousness and risk aversion to remain high, and since month end has trimmed net exposure and gone substantially underweight emerging markets.
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Allard Investment Fund

12 Jun 2013 - Australian Fund Monitors

The Allard Investment Fund returned 6.30% during May with its twelve month return standing at 14.59%.

Fund Review: Optimal Australia Absolute Trust

11 Jun 2013 - Australian Fund Monitors

AFM's updated Fund Review for the Optimal Australia Absolute Trust, showing KPI's for May 2013 vs ASX200 Acc, Performance (net of fees) and Cumulative Performance since inception.

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21 Jun 2013 - Monash Absolute Investment Fund

21 Jun 2013 - Pengana Asia Special Events Fund

18 Jun 2013 - Fund Review: Aurora Fortitude Absolute Return Fund

18 Jun 2013 - Pengana Australian Equities Fund

17 Jun 2013 - Aurora Fortitude Absolute Return Fund

14 Jun 2013 - Insync Global Titans Fund

14 Jun 2013 - Fund Review:Morphic Global Opportunities Fund

13 Jun 2013 - Morphic Global Opportunities Fund

12 Jun 2013 - Allard Investment Fund

11 Jun 2013 - Fund Review: Optimal Australia Absolute Trust

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