AFM Prism Active Equity Fund

14 Apr 2014 - Australian Fund Monitors

AFM Prism Active Equity Fund returned 2.00% for February and 7.08% over the preceding 12 months. Volatility was very low at 3.07% (11.49% ASX 200 Acc).

14 Apr 2014 - AFM Prism Active Equity Fund

By: Australian Fund Monitors

Report Date	01 April 2014
Manager	AFM Prism Asset Management
Fund Name	AFM Prism Active Equity Fund
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	2.00%
Latest 6 Months	2.74%
Latest 12 Months	7.08%
Latest 24 Months
Annualised Since Inception	5.58%
Inception Date	01 October 2012
FUM (millions)	AU$3
Fund Overview	AFM Prism Asset Management employs an active, consistent and disciplined approach to the ongoing management and governance of the Fund in order to optimise performance and minimise volatility. The Fund invests in a portfolio of underlying managed funds which focus on investing in ASX listed companies. The Fund will not directly invest in equity markets or derivatives, but the underlying funds may use short selling or invest in derivatives to improve performance or reduce risk. The underlying managers and funds are selected only from funds managed in Australia. This reduces the risk of currency fluctuations, facilitates due diligence and ensures that each underlying fund manager is licensed by the Australian Securities Investments Commission (ASIC). A combination of quantitative performance analysis and qualitative operational due diligence is used to create a portfolio generally consisting of five to ten 'best of breed' funds. AFM's research has shown that selecting a relatively small group of funds results in better risk adjusted performance than that of a larger, more diversified group. Significant research from Australia and overseas shows that the performance of boutique funds, (particularly those where the principals remain actively involved in the day to day investment decisions) and smaller managers can provide more attractive returns than larger or more established managers. As a result the Fund may invest in funds managed by boutique fund managers where the principals invest alongside outside investors, creating an attractive alignment of interests. In addition the Fund may also invest in funds managed by early stage managers with less than three years history, but only where the principals concerned have a demonstrated track record of prior performance in a similar role, and where AFM has been able to conduct thorough due diligence on the management company and its operations. The underlying funds are monitored each month by AFM Prism Asset Management and AFM to ensure each fund's strategy and risk limits remain appropriate for current market conditions. The returns of each underlying fund are also analysed to ensure the original basis for inclusion in the portfolio remains relevant, and to allow new or additional funds to be added to enhance overall performance.
Manager Comments	AFM Prism Active Equity Fund returned 2.00% for February and 7.08% over the preceding 12 months. Volatility was very low at 3.07% (11.49% ASX 200 Acc) and a largest draw-down of 0.96% (Index 6.72%). The Prism Active Equity Fund returned 2.00% in February, compared to the S&P/ASX 200 Accumulation Index which rose 4.97% and was the Fund's best single month performance. As noted the Fund under-performed in a very strong equity market after out-performing (-0.96%) the weak market (-3.03%) in January. This outcome a result of the Fund's conservative philosophy which emphasizes capital protection. With the equity market now trading at fair to expensive valuations and some earnings growth expected in FY 2014 and 2015, equities are likely to be volatile with capital appreciation likely to be sector specific. In this environment funds with strong stock picking skills and sound risk management are likely to record out-performance.
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Allard Investment Fund

11 Apr 2014 - Australian Fund Monitors

Allard Investment Fund had a sound month returning 0.1% during March (Index -1.9%) and 9.69% for the previous 12 months.

11 Apr 2014 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	10 April 2014
Manager	Allard Partners Australia Pty Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	March 2014
Latest Return	0.10%
Latest 6 Months	2.28%
Latest 12 Months	9.69%
Latest 24 Months	17.06%
Annualised Since Inception	8.59%
Inception Date	01 July 2003
FUM (millions)	AU$120
Fund Overview	Allard Partners is an absolute return, long only security investor with a single mission to provide its clients with a net compound rate of return on their capital of 15% per annum over the long term. With offices in Hong Kong, India and Australia, Allard invests in quoted companies in the Asia Pacific region. Allard's investment approach has remained consistent throughout their history. That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. As long only investors, a critical factor in their performance has been their preparedness to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	Allard Investment Fund had a sound month returning 0.1% during March (MSCI Asia ex-Japan ($A) -1.9%) and 9.69% for the previous 12 months. The Fund is characterised by low volatility with a three standard deviation of 6.56% as compared to the ASX 200 Acc number of 11.99%. At month-end the Fund was 77.2% invested and 22.8% cash and fixed income. The top three geographic exposures were HK/China 37.2%, Singapore 14.9% and India 10.7% while the largest three industry exposures were Financial Services at 17.6%, Conglomerates 13.7% and Telco's at 9.4%, each close to the previous month's exposure.
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Morphic Global Opportunities Fund

10 Apr 2014 - Australian Fund Monitors

Morphic Global Opportunities Fund returned -2.63% for March, slightly above the benchmark ACWI Index (in $A), with annual returns at 27.63%.

Optimal Australia Absolute Trust

9 Apr 2014 - Australian Fund Monitors

Optimal Australia Absolute Trust returned 0.04% in March with an annual return of 3.30% and standard deviation of 1.89%.

9 Apr 2014 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	08 April 2014
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	March 2014
Latest Return	0.04%
Latest 6 Months	2.02%
Latest 12 Months	3.30%
Latest 24 Months	4.71%
Annualised Since Inception	10.23%
Inception Date	15 September 2008
FUM (millions)	AU$120
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 Absolute Trust returned 0.04% in March with an annual return of 3.30% and a very low standard deviation of 1.89% (ASX 200 Acc 11.03%). The Fund's largest draw-down was -0.52% (Index -6.72%) in line with it's overarching focus on capital protection. The Manager Monthly report comments 'The S&P/ASX200 index finished the March quarter up 0.8% the Australian market's worst start to the calendar year since 2010. March's performance is largely at odds with some of the acclaim greeting the February reporting season(characterized as the 'best in five years'), suggesting that investors are not entirely convinced. Earnings have been re-rated about as far as they can be as a result of interest rate suppression and liquidity creation. Early-stage normalisation of the term end of the yield curve is occurring. For equity prices to advance further, growth has to step up, and the signs on that remain mixed at best.'
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BlackRock Multi Opportunity Fund

8 Apr 2014 - Australian Fund Monitors

BlackRock Multi Opportunity Fund returned -0.29% in February and 6.55% for the previous twelve months with a volatility of 2.50% (11.49 % ASX 200 Acc Index).

8 Apr 2014 - BlackRock Multi Opportunity Fund

By: Australian Fund Monitors

Report Date	07 April 2014
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Multi Opportunity Fund
Strategy	Multi Strategy
Latest Return Date	February 2014
Latest Return	-0.29%
Latest 6 Months	3.59%
Latest 12 Months	6.55%
Latest 24 Months	17.26%
Annualised Since Inception	8.67%
Inception Date	30 July 2004
FUM (millions)	AU$927
Fund Overview	The BlackRock Multi Opportunity Fund (the 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 Multi Opportunity Fund returned -0.29% in February and 6.55% for the previous twelve months with a volatility of 2.50% (11.49 % ASX 200 Acc Index). The Fund's largest draw-down was -0.45%, indicative of the multi-asset strategy, with the Index -6.72%. The Fund Update comments 'Strong positive contributions from Fixed Income Global Alpha, European Equity Long/Short and Australian Equity Long/Short were offset by detractions from the Global Macro, Global Equity Long/Short and International Alpha Transport strategies. The Australian Equity Long/Short strategy added value in February benefitting from stock selection in the gold sector and a takeover bid in the oil stock Aurora Oil & Gas Ltd (AUT). The underweight exposure in mining services was again a positive contributor. Stock selection in infrastructure, consumer cyclicals and insurance detracted.'
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Bennelong Kardinia Absolute Return Fund

8 Apr 2014 - Australian Fund Monitors

Bennelong Kardinia Absolute Return Fund recorded a reasonable return in a flat market delivering 0.87% with the annual return 9.67%.

8 Apr 2014 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	07 April 2014
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	March 2014
Latest Return	0.87%
Latest 6 Months	4.89%
Latest 12 Months	9.67%
Latest 24 Months	25.46%
Annualised Since Inception	13.82%
Inception Date	01 May 2006
FUM (millions)	AU$135.8
Fund Overview	The Bennelong Kardinia Absolute Return Fund is an Australian domiciled equity long/short fund investing in ASX listed securities. The Fund uses some exchange traded call options and there is limited use of SPI futures contracts to hedge overall market risk. The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 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. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position.
Manager Comments	Bennelong Kardinia Absolute Return Fund recorded a reasonable return in a flat market delivering 0.87% with the annual return 9.67%. The Fund also had a very low volatility over the last twelve months at 4.10% as compared to 11.03% for the Index. Month-end market exposure increased to 48% (81.1% long and 33% short). The Manager's update notes that Long positions in Donaco and the major banks, and a short position in Metcash were the largest positive contributors to performance, whilst long positions in Crown, CSL and Twenty-First Century Fox were the largest detractors.
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Fund Review: Morphic Global Opportunities Fund

7 Apr 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Morphic Global Opportunities Fund for February 2014 has been released. The fund returned -0.71% during the month for an annual return to 32.37%.

Monash Absolute Investment Fund

4 Apr 2014 - Australian Fund Monitors

Monash Absolute Investment Fund returned a solid 4.6% during March (Index 0.20%) and 27.72% (Index 12.0%) over the last twelve months.

Fund Review: Insync Global Titans Fund February 2014

2 Apr 2014 - Australian Fund Monitors

AFM's updated Fund Review for Insync Global Titans Fund for February 2014 shows the Fund delivering an annualised return of 11.33% and annualised standard deviation of 7.59% (since inception in October 2009) with sound risk-reward statistics.

Pengana Australian Equities Fund

1 Apr 2014 - Australian Fund Monitors

Pengana Australian Equities Fund recorded a 1.44% return during February 2014 and 7.30% for the preceding 12 months with a volatility of 6.41%.

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14 Apr 2014 - AFM Prism Active Equity Fund

11 Apr 2014 - Allard Investment Fund

10 Apr 2014 - Morphic Global Opportunities Fund

9 Apr 2014 - Optimal Australia Absolute Trust

8 Apr 2014 - BlackRock Multi Opportunity Fund

8 Apr 2014 - Bennelong Kardinia Absolute Return Fund

7 Apr 2014 - Fund Review: Morphic Global Opportunities Fund

4 Apr 2014 - Monash Absolute Investment Fund

2 Apr 2014 - Fund Review: Insync Global Titans Fund February 2014

1 Apr 2014 - Pengana Australian Equities Fund

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