September results reflect strong equity markets

11 Oct 2010 - Australian Fund Monitors

With the ASX200 rallying over 5% in September, and the S&P over 8%, initial results based on 20% of results to date have seen some strong results.

Performance Report: Merricks Soft Commodity Fund

30 Sep 2010 - Australian Fund Monitors

Merricks' Soft Commodity Fund produces strong result in August as positions in wheat drive performance gains.

Performance Report: Merricks Capital Multi-Strategy Fund

23 Sep 2010 - Australian Fund Monitors

Merricks Capital\\'s multi strategy fund benefits from positive returns in metals & mining, commodity futures, and food products sectors to post gain of 2.78%.

Performance Report: Herschel Absolute Return Fund

15 Sep 2010 - Australian Fund Monitors

Herschel's Absolute Return Fund rose 0.09% in August as the domestic reporting season focused investors attention and the ASX200 fell 1.99%

Performance Report: Headland Global Diversified Fund

14 Sep 2010 - Australian Fund Monitors

Positions in Bonds and Commodities propel Headland\\'s Global Macro fund to a positive return of +7.73% in August, taking 12 month performance to +6.70%.

Performance Report: Mathews Velocity Fund

14 Sep 2010 - Australian Fund Monitors

Mathews Capital's Velocity Fund estimates net August return of +6.35% to take accumulated return above the previous high water mark as leverage to gold produciesover half of the month's result.

Performance Report: Fortitude Capital Absolute Return Trust

14 Sep 2010 - Australian Fund Monitors

Fortitude benefits from gains in M&A, Derivatives and Yield portfolios to report theirbest monthly performance in 12 months.

Performance Report: Bennelong Securities Long Short Equity Fund

12 Sep 2010 - Australian Fund Monitors

Bennelong reported a loss in August of -0.96% against the ASX200 which fell -1.99% as the market was dominated by earnings releases of mixed quality.

Performance Report: Regal Tasman Market Neutral Fund

7 Sep 2010 - Australian Fund Monitors

The Tasman Market Neutral Fund had another solid month in August finishing up 4.41%. Asia was the highlight (in terms of return on investment), Australia also performed very well.

7 Sep 2010 - Performance Report: Regal Tasman Market Neutral Fund

By: Australian Fund Monitors

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Report Date	07 September 2010
Manager	Regal Funds Management
Fund Name	Regal Tasman Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	August 2010
Latest Return	4.41%
Latest 6 Months	12.38%
Latest 12 Months	36.41%
Latest 24 Months	43.97%
Annualised Since Inception	22.92%
Inception Date	03 May 2007
FUM (millions)	AU$30
Fund Overview	The Tasman Market Neutral Fund aims to maximise returns with only moderate risk and little correlation to equity markets. Investments are usually based on fundamental research and may be held for months or years. Hedging is usually achieved through single stock exposures. The fund aims to limit the volatility of returns to less than 15% pa and maintains a beta neutral portfolio. Risk limits (stock, sector, liquidity, systematic etc) are maintained to help achieve the volatility target. Most of the investments are in Australia but investments are also made in other countries on an opportunistic basis (mainly in Europe and no emerging markets).
Manager Comments	Asia was the highlight (in terms of return on investment), with the best performing stock being ICBC (Asia), which finished up 25% after a takeover proposal by its 71% parent ICBC. This was the event we had been waiting a long time for and as a result the position was sold. Shorts in Asia also made a small profit. Australia also performed very well. Unusually, despite the 2% fall in the Australian market, the longs made money and the shorts lost a little. Some shorts were profitable. For example, Blue Scope Steel fell 10% as the company's refusal to provide guidance resulted in forecast earnings being reduced to more reasonable levels. However a number of shorts lost money. These were largely companies that didn't disappoint the market as much as we expected with their earnings results or, in the case of Woolworths, unexpectedly announced a large off-market share buyback.
More Information	» View detailed profile of this fund

Performance Report: Optimal Australia Absolute Trust

6 Sep 2010 - Australian Fund Monitors

Optimal Australia's equity long short fund recorded a net return of +0.36% against a backdrop of the ASX200 which lost 1.99% for the month, and the S&P500 experiencing its worst August result in nine years. The fund has now achieved a...

6 Sep 2010 - Performance Report: Optimal Australia Absolute Trust

By: Australian Fund Monitors

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Report Date	06 September 2010
Manager	Optimal Fund Management
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	August 2010
Latest Return	0.36%
Latest 6 Months	6.13%
Latest 12 Months	12.89%
Latest 24 Months	38.92%
Annualised Since Inception	17.87%
Inception Date	15 September 2008
FUM (millions)	AU$47
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 noted that making money as a long short investor during August's reporting season was always difficult, and that this year was no exception. Although the market had been conditioned to expect earnings slippage, consensus estimates for FY2011 still fell by 5% during July and August, with upgrades few and far between, exceptions being Virgin Blue, Qantas, Ansell and Challenger. Meanwhile downgrades included the banks (5-7%), around 15% for Telstra and over 20% for James Hardie and Boral. As such the manager's homework going into reporting season allowed them to protect capital in a difficult market.
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NEWS

11 Oct 2010 - September results reflect strong equity markets

30 Sep 2010 - Performance Report: Merricks Soft Commodity Fund

23 Sep 2010 - Performance Report: Merricks Capital Multi-Strategy Fund

15 Sep 2010 - Performance Report: Herschel Absolute Return Fund

14 Sep 2010 - Performance Report: Headland Global Diversified Fund

14 Sep 2010 - Performance Report: Mathews Velocity Fund

14 Sep 2010 - Performance Report: Fortitude Capital Absolute Return Trust

12 Sep 2010 - Performance Report: Bennelong Securities Long Short Equity Fund

7 Sep 2010 - Performance Report: Regal Tasman Market Neutral Fund

6 Sep 2010 - Performance Report: Optimal Australia Absolute Trust

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