Select Asset Management's Futures Fund has reported a positive performance of 7.84% for June 2008, bringing cumulative YTD performance since January 2008 to 18.46%, and an annualised performance since inception in March 2007 of 21.8% net of all fees.

The Fund reported positive contributions overall from each sector of the Fund, but performance was particularly driven by the agriculturals, energies and stock indices sectors. Select noted that the weakening US economy benefited their predominantly short positions in US stock indices and European market sectors, whilst long positions in grains and natural gas both performed well.

The Select Futures Fund is a systematic (quantitative) global futures trading program managed by London based Aspect Capital. The Fund is structured as an Australian resident open ended unit trust operated as a registered managed investment scheme.

The Saltbush Amalg Market Neutral Fund has reported a negative result for June 2008, bringing the YTD result to a negative 7.86% after all fees. This compares with a decline of 7.8% for the ASX200 for June, and falls of 17.1% since January.

Saltbush's monthly report noted that since the sell off in Australian equities commenced in November 2007, 70% of ASX200 stocks have fallen by greater than 20%, and 30% of ASX200 stocks have declined by over 40%. Against these statistics the Saltbush Amalg fund has declined less than 7% since November 2007.

The Saltbush Amalg Fund is an Australian domiciled equities fund established in January 2004 which invests in Australian equities utilising a medium term strategic portfolio combined with active tactical and derivative overlays. The Fund's objective is to deliver net absolute returns of 12-15% pa regardless of market direction with low risk market exposure and volatility of returns.

Regal Funds Management's Amazon Market Neutral Fund has continued recent impressive returns with a positive performance of 6.28% after all fees for June, bringing YTD performance (since January 2008) to +14.97%, against the ASX200 which recorded a monthly decline of 7.8% and a decline of 17.1% YTD.

Understandably profits were made on the short side (+12%) particularly in the Financial sector, whilst long positions lost 5% in total.

Amazon, a Cayman based Market Neutral fund open to wholesale investors only, returned +32% in 2007, and 42% in 2006 for an annualised return post all fees of 34.43% since inception in September 2005. Investing mainly in Australia, with some opportunistic positions mainly in Europe, Amazon does not invest in emerging markets.

Regal Funds Management was established by Andrew King in January 2004 following experience with local boutique manager Paradice Investment Management.