12 Feb 2013 - Apeiron Global Macro Trust - Class A

By: Australian Fund Monitors

Report Date	11 February 2013
Manager	Blue Sky Funds Management
Fund Name	Apeiron Global Macro Trust - Class A
Strategy	Global Macro
Latest Return Date	January 2013
Latest Return	3.85%
Latest 6 Months	5.78%
Latest 12 Months	9.10%
Latest 24 Months	10.83%
Annualised Since Inception	9.22%
Inception Date	01 February 2006
FUM (millions)	AU$1
Fund Overview	Apeiron Global Macro Fund (the Fund) utilises directional strategies in futures, options and foreign exchange markets. The Fund exploits the mismatch between value as determined by the economic fundamentals and price as reflected by market emotion.
Manager Comments	The Blue Sky Apeiron Trust delivered 3.85% during January and 9.13% over the previous 12 months. The Fund lost money on it's short positions in US equity and Japanese Govt bonds. Profitable positions included long crude oil (WTI) while the short Yen position was the most profitable investment as the Yen fell sharply over January. The manager remains comfortable with the medium term outlook for the short Japanese Govt bond and Yen positions and continues to forecast difficult political and economic conditions in Europe.
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