KIS Asia Long Short Fund

30 Jul 2014 - Australian Fund Monitors

KIS Asia Long Short Fund returned 0.95% during June and 11.89% for the previous 12 months with a low volatility of 2.69%.

30 Jul 2014 - KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	29 July 2014
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	June 2014
Latest Return	0.95%
Latest 6 Months	4.07%
Latest 12 Months	11.89%
Latest 24 Months	26.16%
Annualised Since Inception	16.72%
Inception Date	01 October 2009
FUM (millions)	AU$35
Fund Overview	The Fund's investment objective is to generate absolute returns, in Australian dollars, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region.
Manager Comments	KIS Asia Long Short Fund returned 0.95% during June and 11.89% for the previous 12 months with a low volatility of 2.69% and a Sharpe ratio of 3.29. Suffice it to say we still believe that globally long dated bonds do not offer value, money on deposit is a waste of opportunity, credit spreads are too tight to reflect normal default risk and equity volatility cannot remain this low forever. These are all observations of markets that have been strongly influenced by the liquidity that has been put into markets by various central banks. These are asset classes you can easily lose money on in tightening liquidity conditions. More importantly, our view is that these assets are now so artificially priced you are unlikely to make a decent return even if central banks keep the liquidity tap on. On the subject of when will the liquidity tap be closed; as inflationary signs begin to appear in wages and consumer price indices the various central banks will be forced to reduce the flow of money. We watch carefully for a tick up in these barometers.
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Laminar Credit Opportunities Fund

29 Jul 2014 - Australian Fund Monitors

Laminar Credit Opportunities Fund returned 1.09% during June and 12.20% over the previous 12 months as compared to the RBA cash rate over that time of 2.54%.

Fund Review: Morphic Global Opportunities Fund May 2014

28 Jul 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Morphic Global Opportunities Fund for June 2014 has been released. The Fund returned 1.07% during the month for an annual return of 20.81%.

Cor Capital Fund

28 Jul 2014 - Australian Fund Monitors

Cor Capital Fund returned 7.82% for the 12 months to 30 June 2014 with a volatility of 5.85% and the one month return is 0.76%.

28 Jul 2014 - Cor Capital Fund

By: Australian Fund Monitors

Report Date	24 July 2014
Manager	Cor Capital Pty Ltd
Fund Name	Cor Capital Fund
Strategy	Multi Strategy
Latest Return Date	June 2014
Latest Return	0.76%
Latest 6 Months	2.93%
Latest 12 Months	7.82%
Latest 24 Months
Annualised Since Inception	4.87%
Inception Date	08 August 2012
FUM (millions)	AU$21
Fund Overview	The Manager seeks to generate stable absolute returns over the medium term, regardless of prevailing economic or financial market conditions. The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling.
Manager Comments	The Cor Capital Fund returned 7.8% for the 12 months to 30 June 2014 with a volatility of 5.85% and the one month return was 0.76% p.a. The annual return since inception is 4.9% p.a. The Manager regularly rebalances funds away from 'popular' assets and markets, and towards the less popular. The Fund benefitted during June by recent additions to gold bullion with the precious metal up 3.58% (in AUD terms) over the month. This represented the major contribution to monthly performance (+0.83%) with a negative contribution from equities (-0.41%) more than offsetting bonds (+0.20%) and cash (+0.12%).
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Auscap Long Short Australian Equities Fund

25 Jul 2014 - Australian Fund Monitors

Auscap Long Short Australian Equities Fund returned 1.48% during June in a negative month for the ASX. Annual performance to June 2014 was 45.98% with a volatility of 6.49%.

25 Jul 2014 - Auscap Long Short Australian Equities Fund

By: Australian Fund Monitors

Report Date	24 July 2014
Manager	Auscap Asset Management
Fund Name	Auscap Long Short Australian Equities Fund
Strategy	Equity Long/Short
Latest Return Date	June 2014
Latest Return	1.48%
Latest 6 Months	13.54%
Latest 12 Months	45.98%
Latest 24 Months
Annualised Since Inception	42.27%
Inception Date	01 December 2012
FUM (millions)	AU$20
Fund Overview	The Auscap Long Short Australian Equities Fund aims to generate strong absolute returns in excess of the RBA Cash Rate, with low correlation to equity markets. The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short.
Manager Comments	Auscap Long Short Australian Equities Fund returned 1.48% during June in a negative month for the ASX 200 Accum Index which returned -1.50%. Annual performance to June 2014 was 45.98% (Index 17.43%) with a volatility of 6.49% (Index 8.56%). The Sharpe ratio was 5.58 with the Up and Down Capture ratio 1.55 and -1.00 respectively. The fund had no negative months over the last year. Average gross capital employed by the Fund was 147.1% long and 31.7% short and average net exposure over the month was +115.5%. At the end of the month the Fund had 37 long positions and 7 short positions. The Manager's monthly Newsletter is entitled 'Distinguishing Risk From Volatility' and is available on the AFM website.
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Fund Review: Monash Absolute Investment Fund June 2014

24 Jul 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Monash Absolute Investment Fund for June 2014. The Fund is characterised by low risk and has out-performed the ASX 200 Accum Index. Since inception (July 2012) the Fund has returned 20.75% pa with a...

Supervised High Yield Fund

24 Jul 2014 - Australian Fund Monitors

Supervised High Yield Fund recorded a return of 0.28% during June and 7.40% over the financial year with a volatility of 0.80%.

Allard Investment Fund

23 Jul 2014 - Australian Fund Monitors

Allard Investment Fund returned -0.6% during June bringing 12 month performance to 4.22% with a volatility of 4.50%.

23 Jul 2014 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	22 July 2014
Manager	Allard Partners Australia Pty Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	June 2014
Latest Return	-0.60%
Latest 6 Months	1.19%
Latest 12 Months	4.22%
Latest 24 Months	22.61%
Annualised Since Inception	8.58%
Inception Date	01 July 2003
FUM (millions)	AU$117
Fund Overview	Allard Partners is an absolute return, long only security investor with a single mission to provide its clients with a net compound rate of return on their capital of 15% per annum over the long term. With offices in Hong Kong, India and Australia, Allard invests in quoted companies in the Asia Pacific region. Allard's investment approach has remained consistent throughout their history. That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. As long only investors, a critical factor in their performance has been their preparedness to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	Allard Investment Fund returned -0.6% during June bringing 12 month performance to 4.22% with a volatility of 4.50%. Since inception in July 2003 the Fund has returned 8.58% as compared to 10.3% for the MSCI Asia Pacific ex Japan (A$) Index but with around one-half the volatility at 8.7% and 15.4% respectively. In terms of geographical exposure the Fund's largest exposure is China/HK at 42.2% and Singapore at 12.7% at month-end. Cash and Fixed Income were 23% of the portfolio. In terms of industry sectors exposures were dominated by financial services at 18.7% and conglomerates at 12.7%. Top five holdings were 41.4% of the portfolio.
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Fund Review: Bennelong Alpha 200 Fund June 2014

23 Jul 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Bennelong Alpha 200 Fund for June 2014. The Fund has a track record of six months and therefore performance is not robust.

Fund Review: Bennelong Kardinia Absolute Return Fund June 2014

22 Jul 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Bennelong Kardinia Absolute Return Fund for June 2014. The Fund is characterised by steady returns and very low risk. The Fund returned -0.66% during June and since inception (May 2006) the Fund has...

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30 Jul 2014 - KIS Asia Long Short Fund

29 Jul 2014 - Laminar Credit Opportunities Fund

28 Jul 2014 - Fund Review: Morphic Global Opportunities Fund May 2014

28 Jul 2014 - Cor Capital Fund

25 Jul 2014 - Auscap Long Short Australian Equities Fund

24 Jul 2014 - Fund Review: Monash Absolute Investment Fund June 2014

24 Jul 2014 - Supervised High Yield Fund

23 Jul 2014 - Allard Investment Fund

23 Jul 2014 - Fund Review: Bennelong Alpha 200 Fund June 2014

22 Jul 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2014

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