APN Asian REIT Fund

13 Mar 2017 - Australian Fund Monitors

APN Asian REIT Fund returned -0.19% in February, outperforming the Bloomberg Asia REIT Index which returned -0.81%, by 0.62%.

13 Mar 2017 - APN Asian REIT Fund

By: Australian Fund Monitors

Report Date	10 March 2017
Manager	APN Funds Management Limited
Fund Name	APN Asian REIT Fund
Strategy	Real Estate
Latest Return Date	February 2017
Latest Return	-0.19%
Latest 6 Months	-7.09%
Latest 12 Months	-0.72%
Latest 24 Months	3.87%
Annualised Since Inception	13.99%
Inception Date	19 July 2011
FUM (millions)	AU$10.4
Fund Overview	The APN Asian REIT Fund (Fund) is a property securities fund that invests in a quality portfolio of Asian REITs, listed on the securities exchanges of the Asian Region (including, but not limited to, Hong Kong, Singapore, Malaysia, Japan and New Zealand, but excluding Australia), as well as cash and fixed interest investments. Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe is expected to be dynamic as new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus. The Fund focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term.
Manager Comments	APN Asian REIT Fund returned -0.19% in February, outperforming the Bloomberg Asia REIT Index which returned -0.81%, by 0.62%. Since inception, the Fund has an annualised return of 13.99% p.a., with a volatility of 9.45% p.a., to give notable Sharpe and Sortino ratios of 1.16 and 2.05 respectively. For the month of February, the portfolio had significant exposure to Japan (38.4%) and Singapore (30.8%). Over 62% of the Fund was invested in Retail REITs (36.7%) and Office REITs (26.2%). The top five holdings: Gip J-REIT, Ascendas Real Estate Inv Trust, Keppel Dc REIT, Japan Retail Fund Investment, and Prosperity REIT, comprised 22% of the portfolio.
More Information	Fund Profile Manager's Report AFM Research Reports

Cyan C3G Fund

10 Mar 2017 - Australian Fund Monitors

Cyan C3G Fund returned +0.1% in February, taking the Fund's one year return to 22.44%.

10 Mar 2017 - Cyan C3G Fund

By: Australian Fund Monitors

Report Date	09 March 2017
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	February 2017
Latest Return	0.10%
Latest 6 Months	-1.97%
Latest 12 Months	22.44%
Latest 24 Months	60.15%
Annualised Since Inception	26.16%
Inception Date	24 July 2014
FUM (millions)	AU$10
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged.
Manager Comments	The Cyan C3G Fund returned +0.1% in February, taking the Fund's one year return to 22.44%. Since inception, the Fund has an annualised return of 26.16% p.a, against the S&P/ASX200 Accumulation Index's +5.27% p.a. The positive contributors to the Fund's performance were Blue Sky (BLA), Afterpay (AFY), Axsesstoday (AXL) and Money3 (MNY). Though Cyan avoided all the significant downgrades, the only slight disappointment was financial services software provider Praemium (PPS), which fell 20% in the month. Since the run-up to the US election last year, the Fund has been conservatively positioned with the cash weighting occasionally touching 50%. However, over the past month, the weightings have been increased in the some of the Fund's positions that have performed ahead of expectations and prices have been relatively unchanged. The majority of the portfolio's larger positions continue to have the investment team's preferred characteristics of high return on equity, strong cash conversion and below average dividend payout ratios, which positions them well to deliver ongoing earnings growth and share price appreciation.
More Information	Fund Profile Manager's Report

Bennelong Kardinia Absolute Return Fund

10 Mar 2017 - Australian Fund Monitors

Bennelong Kardinia Absolute Return Fund returned +0.25% in February, taking the annualised returns since inception to 11.07% p.a.

10 Mar 2017 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	08 March 2017
Manager	Kardinia Capital, A Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	February 2017
Latest Return	0.25%
Latest 6 Months	-0.65%
Latest 12 Months	3.21%
Latest 24 Months	3.82%
Annualised Since Inception	11.07%
Inception Date	01 May 2006
FUM (millions)	AU$338.3
Fund Overview	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. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on 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. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk.
Manager Comments	Bennelong Kardinia Absolute Return Fund returned +0.25% in February. Since inception in May 2006, the Fund has an annualised performance of 11.07% p.a, compared to the ASX 200 Accumulation Index's 5.32% p.a. The Fund's performance has been achieved with lower volatility of 7.16%, than that of the Index's 13.97%, to give notable Sharpe and Sortino ratio of 0.98 (Index 0.17) and 1.78 (Index 0.13) respectively. The Banks (NAB, ANZ) were the largest contributors to performance (combined +94 basis point contribution). Other key positive contributors included Costa Group (+26bp), Bluescope Steel (+23bp), and AGL Energy (+20bp). The major negative contributors included Mineral Resources (-29bp), BHP and RIO (-23bp each), and James Hardie (-21bp). Net equity market exposure increased from 45.1% to 53.9% (58.0% long and 4.1% short).
More Information	Fund Profile Manager's Report AFM Research Reports

APN AREIT Fund

9 Mar 2017 - Australian Fund Monitors

APN AREIT Fund rose +3.02% for the month of February, to take the latest 24 months return to 16.70%.

9 Mar 2017 - APN AREIT Fund

By: Australian Fund Monitors

Report Date	08 March 2017
Manager	APN Funds Management Limited
Fund Name	APN AREIT Fund
Strategy	Real Estate
Latest Return Date	February 2017
Latest Return	3.02%
Latest 6 Months	-4.50%
Latest 12 Months	8.68%
Latest 24 Months	16.70%
Annualised Since Inception	16.71%
Inception Date	19 January 2009
FUM (millions)	AU$1226.52
Fund Overview	Established in 2009, the APN AREIT Fund is a property securities fund investing in Australian Securities Exchange ('ASX') listed Australian Real Estate Investment Trusts ('AREITs') and cash/fixed interest. The Fund does not invest in direct property. The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term.
Manager Comments	APN AREIT Fund rose +3.02% in February, to take the latest 24 months return to 16.70%. The S&P/ASX 300 Property Trust Accumulation Index also gained in February, returning +4.13%. The Fund's long-term performance since inception remains strong, with annualised returns of 16.71% p.a. This return has been achieved with a lower volatility than that of the Index, to give notable Sharpe and Sortino of 1.07 and 1.71 respectively. For the month of February, the portfolio's property sector allocation remained mainly unchanged, with 61% in the Retail sector, followed by 20% in the Office sector. The Fund's top 5 holdings included Scentre Group, Vicinity Centres, Stockland, Charter Hall Retail REIT and Dexus Property Group, with 3 of the holdings above 10% each.
More Information	Fund Profile Manager's Report

Allard Investment Fund

9 Mar 2017 - Australian Fund Monitors

The Allard Investment Fund (AIF) increased 0.75% during the month of February 2017 and is up 11.07% for the financial year to date.

9 Mar 2017 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	07 March 2017
Manager	Allard Partners Management Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	February 2017
Latest Return	0.75%
Latest 6 Months	1.31%
Latest 12 Months	18.54%
Latest 24 Months	8.59%
Annualised Since Inception	9.03%
Inception Date	01 July 2003
FUM (millions)	AU$142
Fund Overview	Allard Partners is an absolute return, long only equity 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. Although long only investors, a critical factor in their strategy and performance is the ability to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	The Allard Investment Fund (AIF) increased 0.75% during the month of February 2017 and is up 11.07% for the financial year to date. Since inception, the Fund has an annualised return of 9.03% p.a. For February, the Fund's top 5 holdings composed 39.6% of the portfolio. The Fund's largest 3 industry exposures were in Financial Services (14.2%), Telco (13.4%) and Conglomerates (11.5%). Just under half of the portfolio was invested in the Hong Kong / China region (49.8%). Cash and fixed income holdings reduced from the prior month's 20.1% to 18.5%.
More Information	Fund Profile Manager's Report

Bennelong Long Short Equity Fund

8 Mar 2017 - Australian Fund Monitors

Bennelong Long Short Equity Fund returned +2.07% in February, against the S&P/ASX 200 Accumulation Index which returned 2.25%.

8 Mar 2017 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	07 March 2017
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	February 2017
Latest Return	2.07%
Latest 6 Months	-1.50%
Latest 12 Months	-8.77%
Latest 24 Months	24.34%
Annualised Since Inception	16.47%
Inception Date	01 January 2003
FUM (millions)	AU$403.8
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors.
Manager Comments	Bennelong Long Short Equity Fund returned +2.07% in February, against the S&P/ASX 200 Accumulation Index, which returned +2.25%. The long term performance since inception remains strong with annual returns of 16.47% p.a. (ASX 200 Accumulation Index 7.87% p.a.) with a volatility of 12.14% (Index 12.90%). Similar to last month, the investment team observed company fundamentals having more influence over performance than the broader market events. The outcomes of the February profit reporting season dominated the performance of most stocks, and the Fund was on the right side of the results delivered across a majority of its pairs. The top three contributors for the month were long Aristocrat / short Tabcorp, long Resmed / short Ansell and the long Quantas / short Flight Centre pairs.
More Information	Fund Profile Manager's Report AFM Research Reports

Paragon Australian Long Short Fund

8 Mar 2017 - Australian Fund Monitors

The Paragon Australian Long Short Fund returned -5.0% for the month of February and +9.96% for the latest 12 months.

8 Mar 2017 - Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	07 March 2017
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	February 2017
Latest Return	-5.00%
Latest 6 Months	-14.37%
Latest 12 Months	9.96%
Latest 24 Months	13.31%
Annualised Since Inception	13.63%
Inception Date	28 February 2013
FUM (millions)	AU$79.9
Fund Overview	The Fund is a concentrated long/short Australian equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's own research process and active portfolio management is overlaid with risk management and an overarching focus on capital preservation. Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments.
Manager Comments	The Paragon Australian Long Short Fund returned -5.0% for the month of February and +9.96% for the latest 12 months. Since inception, the Fund has an annualised return of 13.63% p.a. vs the ASX 200 Accumulation Index's 7.48% p.a. Main contributors to the result in February were gains in Clean TeQ, however, offset by a large fall in Orocobre (surprise production downgrade), and corrections post capital raisings in both Galaxy and Blackham Resources. At the end of the month, the Fund had 31 long positions and 11 short positions.
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Titans Fund January 2017

7 Mar 2017 - Australian Fund Monitors

Latest Fund Review on Insync Global Titans Fund is now available.

Fund Review Pengana Absolute Return Asia Pacific Fund January 2017

3 Mar 2017 - Australian Fund Monitors

Latest Fund Review is now available on Pengana Absolute Return Asia Pacific Fund, which has an annualised return of 8.58% p.a.

Pengana PanAgora Absolute Return Global Equities Fund

2 Mar 2017 - Australian Fund Monitors

Pengana PanAgora Absolute Return Global Equities Fund was down -1.47% in January, to take the latest 6 months to 4.05%. The Fund has a low systematic risk (beta) to the ASX 200 and the MSCI World Indices of 0.07 and 0.08 respectively.

2 Mar 2017 - Pengana PanAgora Absolute Return Global Equities Fund

By: Australian Fund Monitors

Report Date	01 March 2017
Manager	Pengana Capital
Fund Name	Pengana PanAgora Absolute Return Global Equities Fund
Strategy	Equity Long/Short
Latest Return Date	January 2017
Latest Return	-1.47%
Latest 6 Months	4.05%
Latest 12 Months	-3.78%
Latest 24 Months	10.63%
Annualised Since Inception	10.14%
Inception Date	09 December 2015
FUM (millions)	AU$114
Fund Overview	The Pengana PanAgora Absolute Return Global Equities Fund is managed by PanAgora Asset Management (PanAgora), Inc. based in Boston. PanAgora is a well-known leader in quantitative investment strategies, managing over AU$52b across a range of strategies for institutional investors worldwide. The relationship between Pengana and PanAgora has enabled the US based manager to bring their innovative research and intellectual capital capabilities to the Australian retail market. PanAgora believes the best way to find opportunities in the global markets is to combine fundamental analysis with robust quantitative techniques in order to filter the investment universe and select the investments. The Fund invests primarily in listed equity securities from a global universe of developed markets and a select group of emerging market countries. The Fund's objective is to seek absolute returns by identifying and exploiting multiple inefficiencies that may exist in global equity markets. These inefficiencies are primarily exploited through the use of a long/short equity strategy which aims to construct a portfolio that is generally neutral to market movements. As such the performance of the investment strategy is largely independent of the market's performance. The Fund seeks to achieve its objective by using a diversified set of strategies that have low correlation to one another. In addition, because many of these strategies are designed to generate profit under different market conditions, their combination is expected to result in more stable returns over time than any individual strategy in and of itself.
Manager Comments	Pengana PanAgora Absolute Return Global Equities Fund was down -1.47% in January, to take the latest 6 months to 4.05%. The Fund has a low systematic risk (beta) to the ASX 200 and the MSCI World Indices of 0.07 and 0.08 respectively. January's underperformance was largely driven by the International long term portfolio which detracted -1.02%. Some of this detraction came from Peru (-0.16%) and Canada (-0.17%) due to the portfolio's underexposure to copper and silver, both of which were up approximately +7% for the month. U.S. Large caps and U.S. mergers and acquisitions also detracted a combined -0.30% from the performance. On the positive side, overweight positions in Incyte Corp. and Vertex held due to their strong Patent model score, outperformed for the month.
More Information	Fund Profile Manager's Report

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13 Mar 2017 - APN Asian REIT Fund

10 Mar 2017 - Cyan C3G Fund

10 Mar 2017 - Bennelong Kardinia Absolute Return Fund

9 Mar 2017 - APN AREIT Fund

9 Mar 2017 - Allard Investment Fund

8 Mar 2017 - Bennelong Long Short Equity Fund

8 Mar 2017 - Paragon Australian Long Short Fund

7 Mar 2017 - Fund Review: Insync Global Titans Fund January 2017

3 Mar 2017 - Fund Review Pengana Absolute Return Asia Pacific Fund January 2017

2 Mar 2017 - Pengana PanAgora Absolute Return Global Equities Fund

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