NEWS

Performance Report: Pengana Global Resources Fund

22 Nov 2010 - Australian Fund Monitors

Resources rally and US $ weakness continues to drive Pengana's performance

22 Nov 2010 - Performance Report: Pengana Global Resources Fund

By: Australian Fund Monitors

Report Date	22 November 2010
Manager	Pengana Capital
Fund Name	Pengana Global Resources Fund
Strategy	Equity Long/Short
Latest Return Date	October 2010
Latest Return	5.25%
Latest 6 Months	14.20%
Latest 12 Months	34.84%
Latest 24 Months	66.51%
Annualised Since Inception	17.10%
Inception Date	01 January 2007
FUM (millions)	AU$5
Fund Overview	The fund provides investors with a long-short equity exposure to companies within the global mining, energy, steel, commodities and associated services sectors. The fund objective is to generate performance in excess of 15% per annum with an annualised standard deviation of between 8% and 12%. The fund uses multiple strategies to profit from inefficiencies in the pricing of small and large companies and event driven activity. The fund employs three core strategies: - Pairs trading in liquid, large capitalisation stocks - Directional long and short positions in mid and small capitalisation stocks - Event driven (e.g IPO's, mergers and acquisitions), and other corporate activity.
Manager Comments	Pengana's Global Resources Fund benefited from generally higher commodity prices in October, in part buoyed by a weakening U.S. dollar which fell 3.81% against the Japanese yen and 2.19% against the euro over the month. The best performing commodity for the month was zinc (+9.49%) with lead also performing strongly (+7.45%) which YTD have been relative laggards compared to nickel (+20.57%), gold (+21.36%) and tin (+42.02%). Over the month nickel (-2.99%) and aluminium (-0.52%) were the notable negative performers whilst copper (+2.11%) and oil (+1.81%) managed small gains. Key contributors to the portfolio’s performance during October included Freeport-McMoran Copper & Gold (+9.77%), Independence Group (+17.65%) and Paladin Energy (+14.21%). As at the end of Octobe the net long position of the Fund was 70.8%, up from 67.20% a month earlier. The gross exposure of the Fund was 104.4%, up slightly from 103.4% as at the end of September.
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Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD

19 Nov 2010 - Australian Fund Monitors

Rep
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19 Nov 2010 - Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD

By: Australian Fund Monitors
Report Date 18 November 2010
Manager Macquarie Investment Management
Fund Name Macquarie Asian Alpha Fund (Cayman) - Class A USD
Strategy Equity Long/Short
Latest Return Date October 2010
Latest Return 1.95%
Latest 6 Months 4.24%
Latest 12 Months 8.41%
Latest 24 Months 24.90%
Annualised Since Inception 11.00%
Inception Date 01 October 2005
FUM (millions) US$282
Fund Overview The fund employs a quantitative long/short strategy implemented in pan-Asian equity markets. The strategy is underpinned by a stock screening and quantitative company analysis process. Several quantitative stock screens are used to filter the universe to a smaller basket. They seek to exploit market anomalies due to behavioural biases of market participants and combine factors measuring value, quality, momentum and analyst sentiment. After the filtering process, stocks are assessed using a system that analyses the data underlying the quantitative factor scores. Amongst other indicators, this system allows the portfolio manager to view detailed broker forecasts and revisions, time series valuation measures and accruals data. A transparent process, the portfolio construction aims constrains the key risk factors, primarily net country, sector and size exposures. A country selection model is used to determine desired net country exposures.
Manager Comments Macquarie's Asian Alpha Fund's Taiwan and Japan portfolios generated flat returns while the other country portfolios, including the smaller emerging markets, performed strongly. The performance of the Australian portfolio was pleasing given several stocks specific events detracted from the fund's return most notably a takeover offer for Perpetual, one of the fund's largest short positions.

At month end the fund had increased gross exposure to close to the mandate limit of 300%.
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Performance Report: Kima Capital Pan Asian Fund

18 Nov 2010 - Australian Fund Monitors

Kima benefits from plentiful deal flow, with the bulk of the opportunities coming from Hong Kong and China

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18 Nov 2010 - Performance Report: Kima Capital Pan Asian Fund

By: Australian Fund Monitors
Report Date 17 November 2010
Manager Kima Capital
Fund Name Kima Capital Pan Asian Fund
Strategy Equity Long/Short
Latest Return Date October 2010
Latest Return 4.31%
Latest 6 Months 8.35%
Latest 12 Months 12.10%
Latest 24 Months
Annualised Since Inception 18.53%
Inception Date 01 July 2009
FUM (millions) AU$47
Fund Overview Kima Capital Management is a Long / Short Pan Asian fund trading in liquid names. The fund aims to generate minimum investment returns of 12-18% pa with a conservative, low volatility approach using in house proprietary software tools.
Manager Comments Kima benefited from plentiful deal flow in October which provided good opportunities within primary and secondary trading, although noting that the bulk of the opportunities came from Hong Kong and China.

The manager noted the QE2 theme still remained supreme and accordingly they reduced exposures towards month end to allow the market to digest the announcement, while also commenting that currencies are still dominating regional performance with Japan and Australia the notable under performers on the back of continued currency strength.
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Performance Report: Optimal Australia Absolute Trust

17 Nov 2010 - Australian Fund Monitors

Optimal believe there is good reason to remain cautious on the outlook for the domestic economy

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17 Nov 2010 - Performance Report: Optimal Australia Absolute Trust

By: Australian Fund Monitors
Report Date 16 November 2010
Manager Optimal Fund Management
Fund Name Optimal Australia Absolute Trust
Strategy Equity Long/Short
Latest Return Date October 2010
Latest Return 2.23%
Latest 6 Months 7.76%
Latest 12 Months 11.79%
Latest 24 Months 42.28%
Annualised Since Inception 18.36%
Inception Date 15 September 2008
FUM (millions) AU$52
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 believe there is good reason to remain cautious on the outlook for the domestic economy in spite of the ASX finishing up 1.7% for the month, a result which in their view masked a great deal of local and global macroeconomic volatility.

Optimal's view is that a sell-off in the commodities sector could well emerge if the Fed’s QE2 package is deemed fiscally ‘responsible’ by the standards of hot-money expectations. Meanwhile elements of ‘miracle economy’ in Australia look fragile as evidenced by the divergence between October's equity returns from Resources (+5.1%) and Industrials (+0.2%).
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Performance Report: Herschel Absolute Return Fund

16 Nov 2010 - Australian Fund Monitors

Herschel\\'s absolute return fund benefits from firming commodity prices, an appreciating Australian dollar and strong Asian markets

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16 Nov 2010 - Performance Report: Herschel Absolute Return Fund

By: Australian Fund Monitors
Report Date 14 November 2010
Manager Herschel Asset Management
Fund Name Herschel Absolute Return Fund
Strategy Equity Long/Short
Latest Return Date October 2010
Latest Return 2.19%
Latest 6 Months -1.07%
Latest 12 Months 3.63%
Latest 24 Months 27.39%
Annualised Since Inception 14.80%
Inception Date 01 May 2006
FUM (millions) AU$33
Fund Overview The Herschel Absolute Return Fund is a long-short Australian equities fund which is expected to average 50% net long through an investment cycle. The objective of the fund is to achieve consistent, double-digit rates of return, with an over-arching philosophy of capital protection. The Fund will usually invest in a portfolio, consisting of both long and short positions, of securities of 15 to 45 companies.
Manager Comments Herschel's absolute return fund benefited from firming commodity prices, an appreciating Australian dollar and strong Asian markets which all provided impetus, with the resources sector adding 5.2% for the month.

Cockatoo Coal and Rio Tinto were the largest positive contributors to the fund's performance, whilst shorts in ASX and Share Price Index Futures (hedging longs) were the largest detractors. Net equity market exposure was kept relatively stable at 37.4% (54.3% long and 16.9% short).

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Performance Report: Fortitude Capital Absolute Return Trust

12 Nov 2010 - Australian Fund Monitors

Fortitude's yield and convergence strategies perform as markets rallied on QE2 expectations and US dollar weakness

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12 Nov 2010 - Performance Report: Fortitude Capital Absolute Return Trust

By: Australian Fund Monitors
Report Date 10 November 2010
Manager Fortitude Capital
Fund Name Fortitude Capital Absolute Return Trust
Strategy Equity Market Neutral
Latest Return Date October 2010
Latest Return 1.61%
Latest 6 Months 1.85%
Latest 12 Months 2.67%
Latest 24 Months 8.50%
Annualised Since Inception 9.30%
Inception Date 15 February 2005
FUM (millions) AU$25
Fund Overview Fortitude Capital Absolute Return Trust is a multi-strategy market neutral fund specialising in listed Australian 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.
Manager Comments All Fortitude's strategies except options contributed positive returns for the month of October as the markets priced in expectations of QE2 and the US dollar continued to slide, pushing commodities and precious metal prices higher.

As it became more difficult to profit from option positions Fortitude increased weightings to other strategies resulting in positive returns.
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Performance Report: Lanterne Arran Fund

11 Nov 2010 - Australian Fund Monitors

Lanterne cautious short term, but remains positive long term based on the local economy and that of Australia's key Asian trading partners.

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11 Nov 2010 - Performance Report: Lanterne Arran Fund

By: Australian Fund Monitors
Report Date 09 November 2010
Manager Lanterne Strategic Investors Pty Ltd
Fund Name Lanterne Arran Fund
Strategy Equity Long/Short
Latest Return Date October 2010
Latest Return 1.40%
Latest 6 Months 2.33%
Latest 12 Months 8.21%
Latest 24 Months 39.98%
Annualised Since Inception 9.19%
Inception Date 01 August 2004
FUM (millions) US$40
Fund Overview The fund investment objective is to achieve superior absolute returns in all market environments, with an emphasis on capital preservation. Lanterne's Arran is an active long/short equity fund that invests in predominantly Australian top-100 stocks. It pursues three main strategies, which begin with a quantitative process to achieve market neutrality, and are overlaid with qualitative decisions that introduce long or short biases. The philosophy is to take advantage of investment possibilities regardless of the market environment, whilst protecting the downside through active risk management.
Manager Comments Both Long and Short positions generated positive performance during a choppy month for the Australian market. The Fund’s best performing sectors were Energy, Industrials and Financials, while the Consumer Discretionary, Healthcare and Materials sectors were the weakest.

Lanterne entered November somewhat cautiously positioned in anticipation of a potential reversal of recent strength in the Australian dollar and key commodities. The second round of quantitative easing from the US Federal Reserve has been well telegraphed to the market for some time now leading them to believe that it is mostly priced in.

Longer term Lanterne remains positive on the Australian market given the ongoing strength of the local economy as well as those of Australia’s key trading partners in Asia.
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Performance Report: Bennelong Securities Long Short Equity Fund

10 Nov 2010 - Australian Fund Monitors

Bennelong's overall portfolio performance was solid in October, although hampered by two proposed corporate transactions in the financial sector.

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10 Nov 2010 - Performance Report: Bennelong Securities Long Short Equity Fund

By: Australian Fund Monitors
Report Date 08 November 2010
Manager Bennelong Group
Fund Name Bennelong Securities Long Short Equity Fund
Strategy Equity Market Neutral
Latest Return Date October 2010
Latest Return 1.23%
Latest 6 Months 8.45%
Latest 12 Months 11.36%
Latest 24 Months 38.94%
Annualised Since Inception 21.87%
Inception Date 01 January 2003
FUM (millions) AU$145
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 Bennelong's overall portfolio performed solidly in October, however the short portfolio was adversely impacted by two proposed corporate transactions in the financial sector. At the sector level best performances were consumer discretionary and healthcare, whilst industrials and financials underperformed.

The manager reported an increased confidence in their short term outlook for equities as global liquidity builds and monetary policy settings accommodate asset price gains. In addition the apparent strength in corporate balance sheets and earnings is likely to stimulate employment, consumer confidence and additional corporate activity. The manager's longer term outlook remains one of caution as system imbalances and the inevitable stimulus withdrawal are still to be addressed.

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Performance Report: CSL Active Long Only Programme

9 Nov 2010 - Australian Fund Monitors

Commodity Strategies Long Only October Returns driven by gains in Metals, Agriculturals and Grains, with energies providing mixed results.

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9 Nov 2010 - Performance Report: CSL Active Long Only Programme

By: Australian Fund Monitors
Report Date 08 November 2010
Manager Commodity Strategies
Fund Name CSL Active Long Only Programme
Strategy Commodities/CTA
Latest Return Date October 2010
Latest Return 3.02%
Latest 6 Months 1.38%
Latest 12 Months 6.76%
Latest 24 Months 30.86%
Annualised Since Inception 12.42%
Inception Date 30 November 1999
FUM (millions) AU$141
Fund Overview The CSL Active Long Only programme seeks to achieve a long term total return that exceeds the return in the underlying benchmark, the Reuters Jefferies CRB Index while maintaining lower volatility than the benchmark. 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 Commodity Strategies Long Only October gains were driven by positive returns in Metals, Agriculturals and Grains, with energies providing mixed results.

In the metals sector the positive returns came from Silver, Zinc, Gold, Platinum and Copper, while Cotton, Sugar and Coffee drove the agricultural sector, and Soy the grains.

On the negative side, the fund reported small losses for the month in Aluminium, Nickel, Gas and Heating Oil.
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Performance Report: Arnott Opportunities Fund

8 Nov 2010 - Australian Fund Monitors

Arnott continues to perform as assets stabilise and risk increases back to traditional levels

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8 Nov 2010 - Performance Report: Arnott Opportunities Fund

By: Australian Fund Monitors
Report Date 04 November 2010
Manager Arnott Capital
Fund Name Arnott Opportunities Fund
Strategy Equity Long/Short
Latest Return Date October 2010
Latest Return 3.12%
Latest 6 Months 6.69%
Latest 12 Months 2.96%
Latest 24 Months 4.91%
Annualised Since Inception 7.38%
Inception Date 10 November 2005
FUM (millions) US$31
Fund Overview The Arnott Opportunities Fund objective is to provide investors with absolute returns, employing an equity long/short strategy. The investment universe is primarily Pan Asia. The strategy behind the fund employs a combination of three processes, namely quantitative and qualitative analysis, to identify long and short ideas; event screens to identify a catalyst; and risk/reward analysis to construct investments that have an asymmetric payoff. The portfolio usually contains 100-plus investments and, of these, 5 to 40 may contain derivatives.
Manager Comments Arnott's performance has bounced back over the past four months at the same time as assets have stabilised. Arnott believes that market patterns are showing mixed signals and are expecting a pullback before year's end (most likely in November) however they feel the retracement is unlikely to be large, and remain focused on stocks and portfolio mix rather than overall direction.
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