Optimal Australia Absolute Trust

11 Feb 2013 - Australian Fund Monitors

Optimal Australia's Absolute Trust returns 0.46% in January but believes real value remains difficult to find

11 Feb 2013 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	07 February 2013
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	January 2013
Latest Return	0.46%
Latest 6 Months	2.64%
Latest 12 Months	3.46%
Latest 24 Months	11.99%
Annualised Since Inception	12.42%
Inception Date	15 September 2008
FUM (millions)	AU$136
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 managed a gain of 0.46% in January against a backdrop of fully valued quality stocks, and on fundamentals at least some overvalued average ones. In Optimal's view money flows swamped all other equity market considerations including valuations, earnings risk and rising bond yields. Stocks that were at fair, or full value became expensive, and those that were already overvalued, and therefore candidates for the short book, became more so. As such Optimal finds this a considerable dilemma from a portfolio construction perspective as fundamental value investors, being reluctant to short overvalued stocks in the face of the current momentum and weight of money buying. As a result both gross and net exposure of the portfolio remain relatively low at 56% and 3% respectively.
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Bennelong Kardinia Absolute Return Fund

6 Feb 2013 - Australian Fund Monitors

Bennelong Kardinia's Absolute Return Fund delivers a return of 2.21% during January, their eighth consecutive positive month.

6 Feb 2013 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	05 February 2013
Manager	Bennelong Group
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	January 2013
Latest Return	2.21%
Latest 6 Months	8.15%
Latest 12 Months	14.79%
Latest 24 Months	13.99%
Annualised Since Inception	14.18%
Inception Date	01 May 2006
FUM (millions)	AU$43.4
Fund Overview	The Kardinia Absolute Return Fund is an Australian domiciled equity long/short fund investing in ASX listed securities. The Fund uses exchange traded call options and SPI futures contracts to hedge overall market risk. The Fund consists of a concentrated long/short portfolio typically comprising 30 to 40 ASX 300 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	Bennelong Kardinia delivered 2.21% over January, their 8th consecutive positive performance taking annualised return since inception (May '06) to 14.2%. The Manager notes the market advance was broad-based and that cyclicals out-performed the defensive sectors with consumer discretionary, media, financials and retail all moving up strongly. Weaker(defensive) sectors were utilities and healthcare. The fund holdings in News, NAB, Telstra, ANZ, Henderson and IOOF all performed strongly on the long side. Performance was held back by short positions, a number of which were closed or reduced over January. Gross exposure was up sharply to 70.7% for a net exposure of 45.9%, composed of 58.3% long and 12.4% short . Toward the end of the month the fund invested in puts and futures to hedge market risk after the very strong rally in January.
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Microequities Deep Value Microcap Fund

5 Feb 2013 - Australian Fund Monitors

Microequities Deep Value Microcap Fund delivers 5.02% during January and out-performs the Index by 18.7% over the year.

K2 Select International Absolute Return Fund

4 Feb 2013 - Australian Fund Monitors

The K2 Select International Absolute Return Fund delivers 2.74% during January and 16.95% over the last 12 months.

4 Feb 2013 - K2 Select International Absolute Return Fund

By: Australian Fund Monitors

Report Date	04 February 2013
Manager	K2 Asset Management
Fund Name	K2 Select International Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	January 2013
Latest Return	2.74%
Latest 6 Months	13.66%
Latest 12 Months	16.95%
Latest 24 Months	5.83%
Annualised Since Inception	10.33%
Inception Date	01 January 2005
FUM (millions)	AU$223.3
Fund Overview	K2 Select International Absolute Return Fund invests in global equities on a long/short, opportunistic trading basis. The K2 Select International fund is an AUD-denominated unit trust., Its strategy combines macro asset allocation with multi-variable stock selection. Internal and external research is extensive. K2 limits single-security exposure to 10% of the fund's NAV on a cost basis., Gearing is employed at a maximum of two times, mainly used to reduce net long exposure. The fund has a long bias, targeting 50% to 60% net long over an investment cycle. Cash positions have exceeded 50% and been as low as 5%. 50 to 70 positions are typically held., The management employs several stop-loss measures, including a stop-loss policy of 10% on shorts.
Manager Comments	The K2 Select International Absolute Return Fund delivered 2.74% during January and 16.95% over the last 12 months - in line with the MSCI AC World Index A$. The fund maintained a net equity exposure of 95 - 100% for January benefiting fully from strong global markets. On a regional basis the fund did best from the US, Australia and Europe. At a stock level some of the fund's previous strong performers took a breather, notable was Samsung suffering from the strong Korean Won. On the positive side, stock winners came from cheap US gas plays and pipeline stocks. Looking ahead the fund has a positive view on equities as risk appetite and economic growth improve, driven by loose monetary policy. In addition, equity valuations are low versus cash and bonds and therefore have space to run.
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Morphic Global Opportunities Fund

1 Feb 2013 - Australian Fund Monitors

Morphic records a 3.13% gain during December, 0.37% above the MSCI World Index in $A.

1 Feb 2013 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	31 January 2013
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	December 2012
Latest Return	3.13%
Latest 6 Months
Latest 12 Months
Latest 24 Months
Annualised Since Inception	26.95%
Inception Date	02 August 2012
FUM (millions)	AU$18
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	Morphic reported a return of 3.13% during December and 3.00% for the quarter. Since inception in August the fund has recorded a return of 10.46%, 0.42% above the MSCI All Countries World Index in $A. Major gains for the month came from finance sector holdings led by an Indian Bank basket. Other themes contributing were the basket of Japanese drugstore chains and the holdings in US home-builders. The tilt to emerging markets also contributed to performance. Losses came from a range of individual investments including online gaming, insurance and a short in US tourism e-commerce. The fund missed some of the Japanese market rally as its holdings were mainly in domestic orientated stocks while the market rally was driven by exporters. However the currency impact of the weaker Yen was reduced by hedging. The fund is largely un-hedged back into Australian dollars as the manager does not see the currency appreciating substantially from $1.05. The fund's outlook is evidenced by its sector diversification, overweight to developing markets and hedging to reduce tail-risks / extreme market events.
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BlackRock Australian Equity Market Neutral Fund

1 Feb 2013 - Australian Fund Monitors

Blackrock's Equity Market Neutral Fund returns 0.78% during December and 10.55% over 2012, well above the cash benchmark rate of 3.7%.

1 Feb 2013 - BlackRock Australian Equity Market Neutral Fund

By: Australian Fund Monitors

Report Date	31 January 2013
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Australian Equity Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	December 2012
Latest Return	0.78%
Latest 6 Months	2.53%
Latest 12 Months	10.55%
Latest 24 Months	36.99%
Annualised Since Inception	12.52%
Inception Date	31 August 2001
FUM (millions)
Fund Overview	The BlackRock Australian Equity Market Neutral Fund aims to deliver returns that are 8% per annum above those of the RBA Cash Rate Target before fees, over rolling 3 year periods. The Fund's portfolio primarily consists of long and short Australian equity positions. The Fund may also invest in other funds managed by BlackRock. Derivative securities, such as futures, forwards, swaps and options, can be used to manage risk and return Key insights into the investment process include: - Analyst Expectations - Relative Valuation - Earnings Quality - Market Signals - Timing Short-Term return enhancing opportunities including: - Dividend reinvestment plans - Manging index changes - Managing cash flows - Arbitrage - Initial public offerings and Seasoned Equity Offerings - Off Market Buybacks
Manager Comments	Blackrock's Equity Market Neutral Fund delivered a return of 0.78% during December and 10.55% over 2012. This brings the fund's two year return to a notable 36.99%. The Australian equity market had a strong fourth quarter, rising 6%. This was driven by reduced fears of a hard landing in China, improved commodity prices and hopes for a resolution to the US fiscal problem. Within the market high yield stocks were strong as investors sought yield. The portfolio benefited from strong consumer cyclical performance with the portfolio benefiting from this strength through holdings in QAN, FLT and SUL. Metals and mining exposures also made a positive contribution to the portfolio through short positions in poorly performing mining stocks. Other positive contributions came from under-weights to insurance and favorable stock selections in healthcare. Within signals Relative Valuation was the strongest contributor with Market Signals the only signal delivering negative return.
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BlackRock Multi Opportunity Fund

31 Jan 2013 - Australian Fund Monitors

BlackRock's Multi Opportunity Fund returns 0.52% in December and 12.11% in 2012, continuing the run of positive returns since May 2010.

31 Jan 2013 - BlackRock Multi Opportunity Fund

By: Australian Fund Monitors

Report Date	30 January 2013
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Multi Opportunity Fund
Strategy	Multi Strategy
Latest Return Date	December 2012
Latest Return	0.52%
Latest 6 Months	5.13%
Latest 12 Months	12.11%
Latest 24 Months	29.45%
Annualised Since Inception	8.99%
Inception Date	30 July 2004
FUM (millions)	AU$386.16
Fund Overview	The BlackRock Multi Opportunity 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	BlackRock's Multi Opportunity Fund returned 0.52% in December and 12.11% in 2012, out-performing the cash benchmark by 8.41% and continuing the unbroken run of positive monthly returns recorded since May 2010. The Fund benefited from the stronger environment for risk assets, policy easing by central banks and generally improving economic data. The largest contributions over the quarter were fixed income by asset class and bond selection by strategy, with global macro the weakest asset due to currency investments. For 2013 the Manager remains concerned about global fiscal policy tightening and budget negotiations in the US, but is constructive on the US economy beyond these issues.
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Performance Report: PM CAPITAL Absolute Performance Fund AUD

25 Jan 2013 - Australian Fund Monitors

PM Capital's Absolute Performance Fund returns 6.2% in December and 41.6% for the year against the MSCI World Index 12 month return of 14.4%.

25 Jan 2013 - Performance Report: PM CAPITAL Absolute Performance Fund AUD

By: Australian Fund Monitors

Report Date	24 January 2013
Manager	PM CAPITAL
Fund Name	PM CAPITAL Absolute Performance Fund AUD
Strategy	Equity Long/Short
Latest Return Date	December 2012
Latest Return	6.20%
Latest 6 Months	24.69%
Latest 12 Months	28.95%
Latest 24 Months	3.67%
Annualised Since Inception	4.72%
Inception Date	01 October 1998
FUM (millions)	AU$130
Fund Overview	A long-biased global long/short equity fund, PM CAPITAL Absolute Performance focuses on generating absolute long-term returns. PM CAPITAL holds concentrated positions in companies viewed to be substantially mis-priced by the market, expecting the businesses to generate significant returns over a two- to three-year time horizon. Fundamental analysis is the core of the investment strategy. Shorts are taken on overvalued companies. Hedging is used to protect existing long positions at times of perceived market risk. Risk management is mainly achieved through diversification, focusing on ensuring diversification not just among sectors, but also among macro factors such as interest rates and commodities. The fund invests globally. No individual position is to be greater than 10% of fund NAV, at the cost of the investment; typically 35 to 45 core positions are held. The fund is not afraid to carry cash.
Manager Comments	The PM Capital Absolute Return Fund rose 6.2% in December, taking 12 month performance to 41.6% against its benchmark MSCI World Index which returned 14.4% for the year. The Fund benefitted from its exposure to banking stocks as part of a broader US housing recovery theme which also included investments in property and casino stocks. The Fund also benefitted from a short exposure to the Yen. The Manager believes that the market has been climbing a wall of worry regarding macro factors, and has concentrated on stock picking within broad themes, including their view that the US housing recovery (and US asset prices in general) is likely to persist for some years. A such PM Capital's view is that the worst is over and businesses geared for the recovery will be rewarding investments over the longer term.
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Performance Report: Pengana Emerging Companies Fund

22 Jan 2013 - Australian Fund Monitors

Pengana's Emerging Companies Fund tops off strong year with a return of 5.2% for December, taking 12 month performance to 25.8% and outperforming the ASX200 Accumulation index

22 Jan 2013 - Performance Report: Pengana Emerging Companies Fund

By: Australian Fund Monitors

Report Date	21 January 2013
Manager	Pengana Capital
Fund Name	Pengana Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	December 2012
Latest Return	5.20%
Latest 6 Months	16.96%
Latest 12 Months	26.11%
Latest 24 Months	7.74%
Annualised Since Inception	12.98%
Inception Date	01 November 2004
FUM (millions)	AU$485
Fund Overview	The fund invests in listed (or soon to be listed) small/mid cap securities on the Australian or New Zealand Stock Exchange. It has the ability to invest in securities outside of the S&P/ASX Small Ordinaries Accumulation Index, but is precluded from investing in companies within the S&P/ASX 50 leaders Index. The fund aims to obtain returns greater than the S&P/ASX Small Ordinaries Accumulation Index over rolling 3 year periods. The fund may also invest in listed trusts. The manager utilises a robust investment process that combines in depth fundamental research with disciplined portfolio construction and risk controls.
Manager Comments	Pengana's Emerging Companies Fund completed of strong year with a return of 5.2% for December, taking 12 month performance to 25.8%, outperforming the ASX200 Accumulation index (which returned 20.3%) and strongly outperforming the Small Ordinaries Accumulation Index return of 6.6%. Pengana's monthly reported noted glimmers of hope that the outlook for global growth in 2013 would not be as bad as investors had feared just six months ago as uncertainty in the US, Europe and China receded. In addition Pengana noted that the relatively high yield from equities vs bonds in a falling interest rate environment will benefit the flow towards equities. In this environment the Fund added three new stocks to the portfolio over the past quarter, namely Charter Hall, SFG Australia and Vision Eye Institute, increased weightings to housing related stocks such as Fletcher Building and CSR, reduced weighting in Transpacific Industries and exited WDS due to the deteriorating outlook for the coal mining services division.
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Performance Report: Bennelong Long Short Equity Fund

10 Jan 2013 - Australian Fund Monitors

Bennelong's Long Short Equity Fund returns 0.89% in December with the long portfolio outperforming the negative impact from the short portfolio.

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11 Feb 2013 - Optimal Australia Absolute Trust

6 Feb 2013 - Bennelong Kardinia Absolute Return Fund

5 Feb 2013 - Microequities Deep Value Microcap Fund

4 Feb 2013 - K2 Select International Absolute Return Fund

1 Feb 2013 - Morphic Global Opportunities Fund

1 Feb 2013 - BlackRock Australian Equity Market Neutral Fund

31 Jan 2013 - BlackRock Multi Opportunity Fund

25 Jan 2013 - Performance Report: PM CAPITAL Absolute Performance Fund AUD

22 Jan 2013 - Performance Report: Pengana Emerging Companies Fund

10 Jan 2013 - Performance Report: Bennelong Long Short Equity Fund

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