Bennelong Long Short Equity Fund

9 May 2013 - Australian Fund Monitors

The Bennelong Long Short Equity Fund had a flat month in April 2013 recording a return of 0.01%.

9 May 2013 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	07 May 2013
Manager	Bennelong Group
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	April 2013
Latest Return	0.01%
Latest 6 Months	1.36%
Latest 12 Months	10.80%
Latest 24 Months	22.83%
Annualised Since Inception	20.16%
Inception Date	01 January 2003
FUM (millions)	AU$261.3
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost.
Manager Comments	The Bennelong Long Short Equity Fund had a flat month in April 2013 recording a return of 0.01% with a since inception return (Jan 2003)of 20.16% pa. Global equity markets had a strong month in April, fuelled mainly by the Bank of Japan’s announcement of a massive expansion of money supply in an effort to stimulate inflation. The S&P/ASX 200 got caught up in the excitement and ended up 4.5%. The focus of the local market rally was primarily dividend yield which drove Telcos up 10%, Financials up 9%, REITs up 8% and Staples up 7% whilst Resources were sold off heavily. Gains in Health Care and Consumer Staples were equally offset by losses in Consumer Discretionary and Utilities. The Fund's long portfolio was up over 6% for the month but the short portfolio losses neutralised the net position. This was a disappointing outcome as the fund continues to be impacted by exogenous factors rather than fundamental factors. The manager is conscious that some investors have disregarded the equity risk premium concept resulting in valuation premiums in some stocks being unjustified in the manager's opinion. Further the manager regards the current market conditions as challenging for fundamental investors but expects that the Fund have by now withstood the majority of thematic headwinds and expect an element of reversion to be forthcoming, enabling the Fund to regain lost ground. Locally, the economy is marked by weak business and consumer confidence which is reflected in some recent downgrades and softer outlook commentaries. Equity markets are looking through FY 2013 earnings and the market is starting to see some earnings softness occurring in the FY 2014 outlook.
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Platinum Japan Fund - AUD

8 May 2013 - Australian Fund Monitors

The Platinum Japan Fund had an exceptional April 2013 with a performance of 13.75%, 4.55% ahead of its benchmark.

Fund Review: Bennelong Kardinia Absolute Return Fund

7 May 2013 - Australian Fund Monitors

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

Bennelong Kardinia Absolute Return Fund

7 May 2013 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund recorded 1.34% for April 2013 bringing its consecutive positive months to 11.

7 May 2013 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	06 May 2013
Manager	Bennelong Group
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	April 2013
Latest Return	1.34%
Latest 6 Months	9.45%
Latest 12 Months	15.89%
Latest 24 Months	16.72%
Annualised Since Inception	14.47%
Inception Date	01 May 2006
FUM (millions)	AU$63.8
Fund Overview	The 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. The Fund was launched on 17th August 2011 following the resignation of Portfolio Managers Mark Burgess and Kristiaan Rehder from Herschel Asset Management in late July 2011. While at Herschel Burgess and Rehder had managed the Fund under the name of the Herschel Absolute Return Fund. As a result management of the Fund was transferred to Kardinia Capital, a new boutique fund manager 65% owned by Burgess and Rehder, with the balance owned by Bennelong Funds Management. The Fund's investment strategy and prior track record remains intact.
Manager Comments	The Bennelong Kardinia Absolute Return Fund recorded 1.34% for April 2013 bringing its since inception performance to 14.47% pa and its cumulative return to 157.52%. Global equity markets continued to rally in April despite weakness in economic data from China and the US. A reasonable start to the first quarter earnings season in the US helped drive the S&P500 Index to a new record high. The Australian equity market outperformed as investors chased yield with the All Ordinaries Accumulation Index rising 3.8%. National Australia Bank, ANZ, Telstra and Commonwealth Bank were all large positive contributors to performance, whilst Share Price Index futures contracts (hedging long exposures), Sirius Resources, Rio Tinto and MACA were the largest detractors. The Fund’s net equity market exposure (including derivatives) was kept fairly stable around 35.2% (58.8% long and 23.6% short).
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CSAG Long Only Program

6 May 2013 - Australian Fund Monitors

The Commodity Strategies Long Only Fund delivered - 0.16% for the month and - 4.39% for the year to end March 2013.

K2 Australian Absolute Return Fund

3 May 2013 - Australian Fund Monitors

The K2 Australian Absolute Return Fund had a strong April delivering 4.54% while the All Ordinaries Accum returned 3.82%.

3 May 2013 - K2 Australian Absolute Return Fund

By: Australian Fund Monitors

Report Date	02 May 2013
Manager	K2 Asset Management
Fund Name	K2 Australian Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	April 2013
Latest Return	4.54%
Latest 6 Months	18.06%
Latest 12 Months	23.99%
Latest 24 Months	16.54%
Annualised Since Inception	13.21%
Inception Date	01 October 1999
FUM (millions)	AU$406.4
Fund Overview	- The Fund invests in listed equities in Australia and New Zealand. It may invest in other investments as permitted by the Fund's constitution. - The Fund is managed 'opportunistically'. Investments are made throughout Australia and New Zealand across sectors that the investment team believes will add greatest value. - Typically the Fund will hold between 50 and 70 listed equities. - If deemed appropriate, the Fund may be 100% invested in cash. - To implement the Fund's Long/Short investment strategy, K2 is able to use leverage or gear the Fund. However, the net invested position of the Fund shall not exceed the Net Asset Value (NAV) of the Fund.
Manager Comments	The K2 Australian Absolute Return Fund had a strong April 2013 delivering 4.54% with its annual return to the end of April, 23.99%. The manager's view is that the low point in the Australian earning cycle has now been past. Even during April analysts reduced forward estimates for just 6% of Australian top 100 companies; the lowest level in 20 years. This is an encouraging trend and the manager expects that this will continue throughout the year and that cost out programs will be the dominant earnings driver for at least the next 6 months. The manager was surprised that 40% of Australia’s leading stocks fell on average by 6% during April. Accordingly, excess performance was all about what you didn’t own. Given that the manager had anticipated declining inflation and subsequently lower interest rates, they had tilted the portfolio towards industrial stocks that exhibit appreciating dividend streams. The manager was particularly pleased when the Fund's largest holding, ANZ Bank, announced in its 1H’13 profit release that it would be lifting its dividend pay-out ratio from 60% to about 70%. As a result, ANZ’s interim dividend per share for 2013 was 10.6% ahead of last year. As always, “sell in May and go away” echoes through financial markets. However, the Fund's equity exposure will only change near term if some of the important lead indicators that are due to be released within the next 2 weeks turn unfavourable. Specifically, prior to the RBA interest rate decision on 7th of May, the manager expects ANZ job advertisements to remain weak, retail sales to remain below trend and trade data to be relatively weak. Hence the RBA could justify cutting the official cash rate by 25 bpts.
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Pengana Australian Equities Fund

2 May 2013 - Australian Fund Monitors

The Pengana Australian Equities Fund had a flat March with a return of 0.0% but a strong 12 months delivering 22.5% for the year ended March 2013.

2 May 2013 - Pengana Australian Equities Fund

By: Australian Fund Monitors

Report Date	01 May 2013
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Fund
Strategy	Equity Long
Latest Return Date	March 2013
Latest Return	0.04%
Latest 6 Months	17.80%
Latest 12 Months	22.50%
Latest 24 Months	33.06%
Annualised Since Inception	13.70%
Inception Date	01 July 2008
FUM (millions)	AU$227
Fund Overview	The Fund invests in listed equities and seeks to hold a concentrated core portfolio of 15-20 listed stocks in outstanding businesses to provide capital preservation in real terms, and A$ 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 Pengana Australian Equities Fund had a flat March with a return of 0.0% but strong 12 and 24 month returns, delivering 22.5% and 33.06% respectively to the end of March 2013. As at March 31st, cash (including notes and preference shares) represented 32% of the Fund. The top five holdings by value were: DUET, ANZ Bank, News, Telstra and NAB. The largest positive contributors to the Quarter’s performance included NAB, News Corporation, ANZ, DUET Group, Seven West Media, Ainsworth Game Technology, Seven Group Holdings, Resmed and Myer Holdings. It is particularly pleasing that there were no detractors over the quarter. The Fund had an active March Quarter, acquiring several new holdings including Caltex, Fairfax and Speciality Fashion Group. In addition, the Fund deployed cash into existing holdings including Duet Group, Telstra, ANZ, Woolworths, Seven West Media and McMillan Shakespeare. 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 16.6%. The Fund continued its policy of maximising the cash or “near cash” rates available by acquiring several short dated hybrids at attractive rates. The Fund disposed of its holdings in CSL, Myer, Mastermyne Group and Amcom Telecommunications. The Fund also trimmed its holdings in Credit Corp, NIB Holdings and Tatts Group. While the consensus outlook for the global economy remains gloomy, tentative signs of economic recovery are beginning to emerge. Coordinated efforts by governments through a combination of rescue packages, “extremely loose” monetary policies and large stimulatory spending programs do appear to be having some positive effects. Given the extent of these wholesale efforts (that have included even the proverbial kitchen sink being thrown at the problem) one shudders to think what the implications of no reaction would have been. However, as pragmatic investors the Fund remains alert for those well managed companies with the business models and balance sheets to take advantage of the following dynamics - a) The US economy’s ability to consistently reinvent itself combined with the potential “game changer” of becoming energy self sufficient due to its recently accessible (and massive) oil shale reserves; b) The Chinese authorities efforts to reinvigorate (or at least stabilise) economic growth may be successful and c) The significant reduction in interest rates domestically may be creating a base for consumer confidence.
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Pengana Asia Special Events (Onshore) Fund

1 May 2013 - Australian Fund Monitors

The Pengana Asia Special Events (Onshore) Fund returned 0.83% for March 2013 and 4.31% for the year to end-March.

1 May 2013 - Pengana Asia Special Events (Onshore) Fund

By: Australian Fund Monitors

Report Date	30 April 2013
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	February 2013
Latest Return	0.83%
Latest 6 Months	6.93%
Latest 12 Months	4.31%
Latest 24 Months	14.37%
Annualised Since Inception	12.24%
Inception Date	01 September 2010
FUM (millions)	AU$30
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 (Onshore) Fund returned 0.83% for March 2013 and 3.28% for the quarter to end-March. The Fund has a volatility of 6.7% as compared to its benchmark volatility of 17.8% and a very low correlation of -0.1; both data points are since inception. The Fund finished up 3.3% for the first quarter of 2013. Earnings Surprise was the biggest positive contributor to performance over the quarter, followed by the Mergers & Acquisitions (M&A) and Capital Management strategies. The Fund generated strong returns in most markets, particularly Singapore, Japan and China. The Fund’s gross and net exposure for March averaged 183% and 14% respectively. Approximately 30% of the gross exposure relates to M&A, with Capital Management, Earnings Surprise and Stubs trades also receiving meaningful allocations. Markets began the year upbeat with the “fiscal cliff” overhang in the US evaporating and investors welcoming the improved macroeconomic environment. In March, macro headwinds out of Cyprus dominated headlines, briefly spooking markets. Volatility, measured through the VIX index, spiked briefly in late February but spent most of the period in the 12 to 14 range. After a healthy start to the year in January and February in terms of M&A activity, March was a quiet month with the Fund getting involved in 2 new situations. However, the volatility in the market has created opportunities in other strategies and a greater capital allocation towards the Stubs sub-strategy in particular. We have a number of potential deal bump/re-rate situations in the M&A portfolio with visible short term catalysts.
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BlackRock Multi Opportunity Fund

30 Apr 2013 - Australian Fund Monitors

The BlackRock Multi Opportunity Fund had a sound March 2013 with a return of 1.09% against its benchmark of 0.23%.

30 Apr 2013 - BlackRock Multi Opportunity Fund

By: Australian Fund Monitors

Report Date	29 April 2013
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Multi Opportunity Fund
Strategy	Multi Strategy
Latest Return Date	March 2013
Latest Return	1.09%
Latest 6 Months	4.06%
Latest 12 Months	9.70%
Latest 24 Months	27.58%
Annualised Since Inception	8.97%
Inception Date	30 July 2004
FUM (millions)	AU$558
Fund Overview	The BlackRock Multi Opportunity Fund (the Fund) is a multi-strategy fund that seeks to benefit from BlackRock's ability to systematically exploit inefficiencies across a broad range of global investment markets. The Fund harnesses BlackRock's best research ideas that are based on sound economic principles which are implemented via a systematic investment process and combined into one investment vehicle. The Fund gains exposure to a diversified group of absolute return strategies which currently include: - Australian and International Equity Long/Short - Global Fixed Income Long/Short - Global Macro - Commodity Alpha - Alpha Transport The Fund's goal is to provide investors with a source of consistent, risk-controlled, absolute returns that are over time, expected to have low correlations with the returns of major asset classes. The Fund aims to achieve a return of 8% p.a. before fees, above the RBA Cash Rate Target over rolling 3 year periods. In order to achieve its expected return objective, the Fund will target a total expected risk of between 4-6% p.a. over the same rolling 3 year period.
Manager Comments	The BlackRock Multi Opportunity Fund had a sound March 2013 with a return of 1.09% and a twelve month return of 9.70%. The manager notes that global markets started the year strongly with a broad rally in equities in the first quarter. Japanese equities out-performed most other markets, rallying 21% buoyed by anticipated aggressive monetary policy easing under the new Abe regime. US equities finished up 11%, while equity returns in Europe were more mixed; German equities finished up 3.7% and Italian equities ended the quarter 6.2% lower due to the uncertain Italian election outcome. Despite the rally in equities, bond prices in most major markets generally firmed as investors retreated to safe have bonds following a resumption of concerns in peripheral Europe with the banking sector bailout in Cyprus and weaker data across Europe. The Multi-Opportunity Fund delivered positive performance in the first quarter. The fund returned 2.78% versus the RBA cash benchmark return of 0.71%, thereby delivering alpha of 2.07%. This is a solid start for the 2013 year to date. The fund delivered positive returns in each of the 3 months of the quarter. The European Equity Long/Short, Fixed Income Global Alpha, Global Equity Long/Short, Global Macro and Commodity Long/Short strategies added value while International Alpha Transport was relatively flat and the Australian Equity Market Neutral strategies detracted from performance.
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Pengana Australian Equities Market Neutral Fund

29 Apr 2013 - Australian Fund Monitors

The Pengana Australian Equities Market Neutral Fund had a good March 2013 returning 3.2% as compared to the S&P/ASX 300 Accum Index which fell 2.3%.

29 Apr 2013 - Pengana Australian Equities Market Neutral Fund

By: Australian Fund Monitors

Report Date	28 April 2013
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	March 2013
Latest Return	3.20%
Latest 6 Months	5.35%
Latest 12 Months	-5.43%
Latest 24 Months	14.38%
Annualised Since Inception	9.21%
Inception Date	09 September 2008
FUM (millions)	AU$16
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	The Pengana Australian Equities Market Neutral Fund had a good March 2013 returning 3.2% bringing its since inception (September 2008) return to 9.21% pa. The Fund also has a zero correlation with the market of -0.02, (since inception). Two of the Fund's largest long positions in March were McMillan Shakespeare and Sirtex Medical, while two of the largest short positions were Transpacific Industries and Duet. Momentum was the best performing investment theme in our model for the month followed by Quality with small contributions from Earnings Revisions and Value. Momentum captures share price movements that are based on previous performance over the longer and short terms. With most of the performance coming from the longer term component of this factor, stock prices in March continued to follow a low risk high yield theme as risk appetite clearly stays out of favour. While this theme has been continuing for some time, the manager is starting to see a more discerning market with increased focus on the underlying fundamental Quality of stocks and their ability to maintain dividend policies. While the market is less concerned with Earnings Revisions and Value themes at this point, the performance from shorter term Momentum themes particularly across the defensive sectors indicates that the market is beginning to be more selective with stocks where valuations are stretched and earnings growth remains weak.
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9 May 2013 - Bennelong Long Short Equity Fund

8 May 2013 - Platinum Japan Fund - AUD

7 May 2013 - Fund Review: Bennelong Kardinia Absolute Return Fund

7 May 2013 - Bennelong Kardinia Absolute Return Fund

6 May 2013 - CSAG Long Only Program

3 May 2013 - K2 Australian Absolute Return Fund

2 May 2013 - Pengana Australian Equities Fund

1 May 2013 - Pengana Asia Special Events (Onshore) Fund

30 Apr 2013 - BlackRock Multi Opportunity Fund

29 Apr 2013 - Pengana Australian Equities Market Neutral Fund

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