Performance Report: Optimal Australia Absolute Trust

3 Dec 2012 - Australian Fund Monitors

The Optimal Australia Absolute Trust returned 0.37% in October, driven by long positions in Financials, Materials and Industrials.

3 Dec 2012 - Performance Report: Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	29 November 2012
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	October 2012
Latest Return	0.37%
Latest 6 Months	-0.21%
Latest 12 Months	4.87%
Latest 24 Months	14.45%
Annualised Since Inception	12.75%
Inception Date	15 September 2008
FUM (millions)	AU$131
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's Absolute Trust returned 0.37% in October as gains in the long portfolio outweighed losses in short positions. The growth of the long portfolio (up 0.73%) was driven by Financials, Materials and Industrials. The Short portfolio loss (-0.39%) resulted from positions in Consumer Staples, Financials and Index Futures. In line with many of their peers Optimal maintains a cautious outlook, avoiding overly aggressive levels of equity risk as political uncertainty driven by the US 'fiscal cliff' and Euro zone concerns persist.
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Performance Report: Bennelong Long Short Equity Fund

26 Nov 2012 - Australian Fund Monitors

Bennelong Long Short Equity Fund returns 1.69% to take 12 month performance to 15.70% with strong returns from the long portfolio being somewhat offset by negative returns on short positions.

Performance Report: Bennelong Kardinia Absolute Return Fund

20 Aug 2012 - Australian Fund Monitors

Bennelong Kardinia increases net market exposure as both long and short books contributed to July\\\\\\\\\\\\\\\\\\\\'s performance of +2.30%

20 Aug 2012 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	21 August 2012
Manager	Bennelong Group
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	July 2012
Latest Return	2.30%
Latest 6 Months	6.13%
Latest 12 Months	3.61%
Latest 24 Months	25.55%
Annualised Since Inception	13.96%
Inception Date	01 May 2006
FUM (millions)	AU$29
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 Fund increased net market exposure in July as both long and short books contributed to the positive performance of +2.30%. On the long side positions in Telstra, Spotless, Transurban, ANZ, AGL and Billabong all made meaningful contributions. Shorts also added to performance in spite of the late end of July rally after ECB President Draghi's 'whatever it takes' announcement. Net equity market exposure was raised to 32.7% by the end of July (38.1% long and 5.4% short) from 27.4% in June. Kardinia was one of only 12 funds in AFM's database to have recorded positive consecutive performances over 1, 2, 3, 4 and 5 years to the end of June 2012.
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Performance Report: Bennelong Kardinia Absolute Return Fund

12 Jul 2012 - Australian Fund Monitors

Bennelong's Kardinia returns 1.38% in June with short positions providing the bulk of the performance as the resources sector continued its recent underperformance.

12 Jul 2012 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	11 July 2012
Manager	Bennelong Group
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	June 2012
Latest Return	1.38%
Latest 6 Months	4.87%
Latest 12 Months	1.60%
Latest 24 Months	22.76%
Annualised Since Inception	13.74%
Inception Date	01 May 2006
FUM (millions)	AU$28
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 rose 1.38% in June with short positions delivering the bulk of the outperformance. A long position in News Corp and shorts in Billabong, Boral, CSR, Fairfax and Alumina were all significant contributors whilst Whitehaven Coal and Ansell were the largest detractors from performance. Net equity market exposure remained steady at 27.4% (34.1% long and 6.7% short).
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Performance Report: Bennelong Long Short Equity Fund

11 Jul 2012 - Australian Fund Monitors

Bennelong's market neutral fund gains 8.47% in June as both long and short portfolios contribute

Performance Report: K2 Australian Absolute Return Fund

6 Jul 2012 - Australian Fund Monitors

K2 lifts net exposure to a more neutral level, but retains minimum 30% cash exposure as investor confidence remains challenged

6 Jul 2012 - Performance Report: K2 Australian Absolute Return Fund

By: Australian Fund Monitors

Report Date	05 July 2012
Manager	K2 Asset Management
Fund Name	K2 Australian Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	June 2012
Latest Return	-0.37%
Latest 6 Months	0.65%
Latest 12 Months	-9.22%
Latest 24 Months	-0.16%
Annualised Since Inception	11.70%
Inception Date	01 October 1999
FUM (millions)	AU$410
Fund Overview	- The Fund invests in listed equities in Australia and New Zealand. It may invest in other investments as permitted by the Fund's constitution. - The Fund is managed 'opportunistically'. Investments are made throughout Australia and New Zealand across sectors that the investment team believes will add greatest value. - Typically the Fund will hold between 50 and 70 listed equities. - If deemed appropriate, the Fund may be 100% invested in cash. - To implement the Fund's Long/Short investment strategy, K2 is able to use leverage or gear the Fund. However, the net invested position of the Fund shall not exceed the Net Asset Value (NAV) of the Fund.
Manager Comments	The K2 Australian Absolute Return Fund returned -0.37% in June with the manager lifting net exposure to a more neutral level as it became apparent that the new Greek coalition would support an IMF and EU led bailout. However K2 remains of the view that investor confidence continues to be challenged, but that Greek political stability is one less headline to worry about. On the long side the Fund increased exposure to NAB as it looks to run off its UK commercial real estate portfolio, and BHP on the basis that it is offering a fully franked trailed dividend yield that is 0.5% higher than the Australian 10 yr bond rate, and in spite of falling commodity prices on the Chinese growth outlook. Meanwhile the Fund intends to hold a minimum exposure to cash of 30%, believing that although there is real value in equities a large proportion of investors will remain on the sidelines until the European bond markets stabilise and corporate earnings plateau.
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Performance Report: QIC Asia Pacific Market Neutral Fund A$ Class

14 Jun 2012 - Australian Fund Monitors

QIC's Asia Pacific Market Neutral Fund produces strong result of +3.16% in May as the MSCI Asia Pacific (ex Japan) index falls 11%

Performance Report: Aurora Fortitude Absolute Return Fund

13 Jun 2012 - Australian Fund Monitors

Aurora Fortitude provides a positive May return of 0.26% with the Options book providing the bulk of the returns

Performance Report: Bennelong Long Short Equity Fund

12 Jun 2012 - Australian Fund Monitors

Bennelong Long/Short fund returns +1.19% in a volatile month against the ASX200\\\\'s fall of over 7% as two profit warnings assisted the short book.

Performance Report: Optimal Australia Absolute Trust

8 Jun 2012 - Australian Fund Monitors

Optimal Australia weathers May's market storm thanks to prior caution and a focus on capital preservation

8 Jun 2012 - Performance Report: Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	07 June 2012
Manager	Optimal Fund Management
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	May 2012
Latest Return	0.00%
Latest 6 Months	3.41%
Latest 12 Months	7.04%
Latest 24 Months	22.87%
Annualised Since Inception	14.33%
Inception Date	15 September 2008
FUM (millions)	AU$99
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's Absolute Trust provided a flat return for investors in May, against the ASX200 which fell over 7% as both global and local economic data combined to create a complete reversal of the market's fortunes since January. Optimal are cautious at the best of times, considering preservation of capital to be of the highest priority. As such they had reduced their net exposure coming into May to less than 10%, and then focused on stock selection to avoid the market's turmoil. Looking forward Optimal consider these conditions to be as difficult as they can remember in the past 25 years, and continue to focus on risk management. Having returned 7% over the past 12 months and outperforming the market by close to 15% in that time this approach has served their investors well.
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3 Dec 2012 - Performance Report: Optimal Australia Absolute Trust

26 Nov 2012 - Performance Report: Bennelong Long Short Equity Fund

20 Aug 2012 - Performance Report: Bennelong Kardinia Absolute Return Fund

12 Jul 2012 - Performance Report: Bennelong Kardinia Absolute Return Fund

11 Jul 2012 - Performance Report: Bennelong Long Short Equity Fund

6 Jul 2012 - Performance Report: K2 Australian Absolute Return Fund

14 Jun 2012 - Performance Report: QIC Asia Pacific Market Neutral Fund A$ Class

13 Jun 2012 - Performance Report: Aurora Fortitude Absolute Return Fund

12 Jun 2012 - Performance Report: Bennelong Long Short Equity Fund

8 Jun 2012 - Performance Report: Optimal Australia Absolute Trust

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