NEWS

QATO Capital Market Neutral Long/Short Fund

23 Jan 2017 - Australian Fund Monitors

Qato Capital Market Neutral Long/Short Fund returned +0.70% for the month of December.

23 Jan 2017 - QATO Capital Market Neutral Long/Short Fund

By: Australian Fund Monitors

Report Date	19 January 2017
Manager	QATO Capital
Fund Name	QATO Capital Market Neutral Long/Short Fund
Strategy	Equity Market Neutral
Latest Return Date	December 2016
Latest Return	0.70%
Latest 6 Months	4.02%
Latest 12 Months	-11.27%
Latest 24 Months	-12.80%
Annualised Since Inception	4.93%
Inception Date	01 August 2014
FUM (millions)	AU$180
Fund Overview	QATO's Market Neutral Long/Short strategy is managed via an objective, consistent and replicable process utilising Qato Capital's proprietary 'Q-Score' methodology. The Q-Score process is fundamentally based, evaluating improving and deteriorating fundamentals within each business from a variety of financial metrics, such as valuation, growth, risk, quality, earnings & price. The strategy is designed to produce returns uncorrelated to major global equity markets. Moreover, the strategy is designed to produce strong positive returns in times of market distress/volatility, whilst also performing well in normal market conditions. The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks with up to 50 S&P/ASX-100 positions (up to 25 long positions & 25 short positions). Historically, the strategy has been uncorrelated to traditional asset classes with a negative beta to equity markets. Qato Capital's process is entirely systematic - stock selection and risk management are all employed in a rules based approach. Positions in Qato's long-portfolio and short-portfolio are rotated monthly dependent upon their Q-Score ranking. The strategy employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage.
Manager Comments	Qato Capital Market Neutral Long/Short Fund returned +0.70% for the month of December, to take latest 6 months to 4.02%. At a portfolio level, the long book was benefited from the December's rally. Ansell (ANN) was Qato's best performing long, returning +10.14% in December. Harvey Norman (HVN) rallied as the company enjoyed stronger than normal sales since July 2016, partly due to the demise of Dick Smith, returning +8.39%. REIT's also had a strong December, with Qato holding long positions in Goodman Group (GMG), Scentre Group (SCG) and Stockland (SGP), finishing December up +6.74%, +9.43%, +5.77% respectively. Qato's Q-Score picked up the three worst performing stocks of December for its short book; Sirtex (SRX), Blackmores (BKL) and Vocus (VOC) and positively benefitted from the falling prices.
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NWQ Fiduciary Fund

20 Jan 2017 - Australian Fund Monitors

NWQ Fiduciary Fund returned -0.86% in December.

20 Jan 2017 - NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	18 January 2017
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	December 2016
Latest Return	-0.86%
Latest 6 Months	-4.17%
Latest 12 Months	-7.04%
Latest 24 Months	8.93%
Annualised Since Inception	5.95%
Inception Date	18 January 2017
FUM (millions)	AU$95.66
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors.
Manager Comments	NWQ Fiduciary Fund returned -0.86% in December. Since inception in May 2013, the Fund has an annualised return of 5.95% p.a., achieved with a volatility of 5.09%. The portfolio's Beta managers, utilising a range of long/short equity strategies, attributed +0.20% for the month, underperforming the domestic equity market. Alpha managers were down for the month, attributing -0.98%. The Fund encompasses allocations to nine underlying Australian-domiciled investment managers - five equity market neutral and four equity beta-correlated strategies, complemented by a modest cash allocation (9.5%). It remains the view of NWQ that there exists the further potential for destructive equity and bond market volatility in the coming months. Therefore, the portfolio continues to remain overweight to the Alpha or market neutral strategies.
More Information	Fund Profile Manager's Report

Bennelong Long Short Equity Fund

20 Jan 2017 - Australian Fund Monitors

Bennelong Long Short Equity Fund returned -3.23% in December and +19.22% for the latest 24-months.

20 Jan 2017 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	11 January 2017
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	December 2016
Latest Return	-3.23%
Latest 6 Months	-12.21%
Latest 12 Months	-13.07%
Latest 24 Months	19.22%
Annualised Since Inception	16.14%
Inception Date	01 January 2003
FUM (millions)	AU$377.8
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 -3.23% in December and +19.22% for the latest 24-months. The long term performance since inception remains strong with annual returns of 16.14% p.a. (ASX 200 Accumulation Index 7.97% p.a.) with a volatility of 12.14% (Index 12.93%). In December, the Fund made several stocks and weightings changes in line with the investment team's assessment of risk and reward. However, on the whole, the Fund maintained its core stocks/strategies as the team continues to see them delivering positive performance in the future. The top 3 spreads for the month came from the following pairs; Long Oil Search/Short Santos, Long Qantas/Short Flight Centre and Long CSL/Short Sonic Health. The bottom 3 spreads came from long Ramsay Health/Short Primary Healthscope, Long Star Entertainment/Short Metcash/Woolworths and Long Resmed/Short Ansell.
More Information	Fund Profile Manager's Report AFM Research Reports

Touchstone Index Unaware Fund

19 Jan 2017 - Australian Fund Monitors

Touchstone Index Unaware Fund rose +4.42% in December, slightly ahead of the market rise of 4.38% (S&P/ASX 200 Accumulation Index).

19 Jan 2017 - Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	18 January 2017
Manager	Touchstone Asset Management, A Bennelong Boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	December 2016
Latest Return	4.42%
Latest 6 Months	12.53%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	19.42%
Inception Date	04 April 2016
FUM (millions)	AU$2.7
Fund Overview	The Fund aims to deliver capital growth and a sustainable income stream to its investors by investing in a portfolio of primarily listed Australian shares and cash, aiming to provide a total return that exceeds the return of the S&P/ASX300 Accumulation Index by 2% p.a. (before fees and expenses) over a rolling 5 year period. The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years.
Manager Comments	Touchstone Index Unaware Fund rose +4.42% in December, slightly ahead of the market rise of 4.38% (S&P/ASX 200 Accumulation Index). For the latest 6-months, the Fund gained +12.53%. The Financial sector rallied strongly over the month and quarter and the Fund benefited from its positions in select financial stocks such as QBE Insurance, IAG and National Australia Bank. The Fund's position in Star Entertainment Group (SGR) traded lower over the month and quarter (-2.1% mom, -14.1% qoq), after a partial recovery in November. The Fund continues to hold SGR given its strong growth outlook and solid balance sheet. The high level of cash was a drag in the quarter however, the Fund is currently comfortable with its holding. The investment team believes the Fund is well-positioned, considering the extended financial asset valuations and the heightened geopolitical and economic uncertainty going forward.
More Information	Fund Profile Manager's Report

KIS Asia Long Short Fund

19 Jan 2017 - Australian Fund Monitors

KIS Asia Long Short Fund returned -0.42% in December, taking the return for the most recent 12 months to 13.46%.

19 Jan 2017 - KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	17 January 2017
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	December 2016
Latest Return	-0.42%
Latest 6 Months	5.32%
Latest 12 Months	13.46%
Latest 24 Months	28.23%
Annualised Since Inception	14.63%
Inception Date	01 October 2009
FUM (millions)	AU$126.4
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 -0.42% in December, taking the return for the most recent 12 months to 13.46%. Over the last 12 months, the S&P/ASX 200 Net Total Return Index returned 11.45%, the MSCI Asia Pacific Ex Japan Index returned 9.49% and the Eurekahedge Asia Pacific Ex Japan Long Short Equities Hedge Fund Index returned -3.75%. Since inception, the Fund has achieved an annualised return of 14.63% p.a., with low volatility of 5.46%, to give notable Sharpe and Sortino ratios of 1.99 and 4.59 respectively. December result was driven largely by the long positions in XREF Ltd (XF1.AX) 0.21%, Actinogen Medical Ltd (ACW.AX) 0.20% and Boral Ltd (BLD.AX) 0.14%. Detractors for the month included short positions in Cover-More Group Ltd (CVO.AX) -0.18%, Metcash Ltd (MTS.AX) -0.18% and AGL Energy Ltd (AGL.AX) -0.16%.
More Information	Fund Profile Manager's Report

Pengana Absolute Return Asia Pacific Fund

18 Jan 2017 - Australian Fund Monitors

Pengana Absolute Return Asia Pacific Fund finished up +0.37% for the month of December 2016, compared to Asia Pacific markets which fell -0.46% for the month and -3.4% for the final quarter of 2016.

18 Jan 2017 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	17 January 2017
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Equity Long/Short
Latest Return Date	December 2016
Latest Return	0.37%
Latest 6 Months	1.44%
Latest 12 Months	-2.10%
Latest 24 Months	2.47%
Annualised Since Inception	8.56%
Inception Date	01 September 2010
FUM (millions)	AU$70.3
Fund Overview	The Pengana Absolute Return Asia Pacific Fund employs an event-driven investment strategy that seeks to exploit the mispricing of securities of companies involved in corporate transactions within the Asian (including Japan, Australia and New Zealand) region. Event driven strategies involve investing in opportunities created by significant transactional events, such as mergers and acquisitions, earnings surprises, capital management initiatives, capital structure arbitrage and index changes, among others. The Fund believes that significant corporate events can often create inefficiency in a company's share price which the Fund then seeks to exploit. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective to generate a net annualised return greater than 5% above the Reserve Bank of Australia's Cash Rate Target over a 3 to 5 year period with low volatility and low correlation to Asian stock markets. The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%.
Manager Comments	Pengana Absolute Return Asia Pacific Fund finished up +0.37% for the month of December 2016, compared to Asia Pacific markets which fell -0.46% for the month and -3.4% for the final quarter of 2016. Since inception, the Fund has achieved an annualised return of 8.56% p.a., with a volatility of 6.28%. The Fund's greatest contributions for the month came from Australia and Singapore, with M&A being the most successful strategy. No significant changes were made to the structure of the portfolio during the course of the month. Gross exposures to the 5 key strategies of M&A, Capital Structure, Capital Management, Credit. and Stubs were maintained and, from a regional perspective, Hong Kong, and Japan remained the markets in which the Fund was most heavily invested. The biggest performance detractors came from the Capital Structure and Index Futures strategies. For the month, the Fund's net and gross exposure averaged 13.8% and 223.3% respectively.
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APN AREIT Fund

18 Jan 2017 - Australian Fund Monitors

APN AREIT Fund increased 6.80% in December to take the latest 24-months return to +30.22%.

18 Jan 2017 - APN AREIT Fund

By: Australian Fund Monitors

Report Date	17 January 2017
Manager	APN Funds Management Limited
Fund Name	APN AREIT Fund
Strategy	Real Estate
Latest Return Date	December 2016
Latest Return	6.80%
Latest 6 Months	-2.20%
Latest 12 Months	13.73%
Latest 24 Months	30.22%
Annualised Since Inception	17.22%
Inception Date	19 January 2009
FUM (millions)	AU$1222.19
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 increased 6.80% in December to take the latest 24-months return to +30.22%. The long term performance since inception remains strong with annual returns of 17.22%. This has been achieved with a lower volatility than that of the S&P/ASX 300 Property Trust Accumulation Index, to give notable Sharpe and Sortino of 1.11 and 1.78 respectively. For the month of December, the Fund's property sector allocation remained mainly unchanged with 61% in the Retail sector, followed by 20% in the Office sector. Cash increased from the prior month to 3% of the portfolio. The Fund's top 5 holdings were 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

Fund Review: Bennelong Kardinia Absolute Return Fund December 2016

17 Jan 2017 - Australian Fund Monitors

Latest Fund Review is now available on Bennelong Kardinia Absolute Return Fund, which has over 10 years of positive track record.

Affluence Investment Fund

17 Jan 2017 - Australian Fund Monitors

Affluence Investment Fund increased +1.08% in December resulting in a +10.65% return for the calendar year.

17 Jan 2017 - Affluence Investment Fund

By: Australian Fund Monitors

Report Date	16 January 2017
Manager	Affluence Funds Management
Fund Name	Affluence Investment Fund
Strategy	Multi Strategy
Latest Return Date	December 2016
Latest Return	1.08%
Latest 6 Months	5.54%
Latest 12 Months	10.65%
Latest 24 Months	19.98%
Annualised Since Inception	10.01%
Inception Date	28 November 2014
FUM (millions)	AU$3.7
Fund Overview	The Affluence Investment Fund is designed to deliver above average results by utilising a different strategy to those used by traditional balanced investment funds. The Fund invests in a range of opportunities across many different types of assets, managers and investment strategies. This allows for diversification across all asset classes. The Fund does not invest directly into any asset class, rather, it invests in investment managers which satisfy Affluence Funds Management's investment criteria; its investment philosophy is based on a formula developed by CEO/Portfolio Manager Daryl Wilson since the start of his career in 1999. The Fund targets total returns of at least 5% above inflation over rolling 3 year periods with volatility of returns less than 50% of the ASX200 Index. The Fund also aims to provide investors with a distribution yield of at least 5% p.a. Finally, the Fund aims to outperform the Australian stock market (S&P/ASX 200 Accumulation Index) by at least 5% in any year in which that index delivers a negative return. To ensure appropriate diversity of managers and limit the potential for conflicts of interest, no more than 20% of the Fund will be invested with any one manager. Affluence seeks to achieve the Funds' investment objective by choosing attractively priced investments overseen by quality managers. The Fund uses a number of processes to identify potential investments including quantitative screens for investments which meet historical performance, volatility and other criteria. They also use a number of external researchers and information sources to assist in this process.
Manager Comments	Affluence Investment Fund increased +1.08% in December resulting in a +10.65% return for the calendar year. Since inception, the Fund has an annualised return of 10.01% p.a., which has been achieved with relatively low volatility of 3.27%, to give noteworthy Share and Sortino ratios of 2.36 and 7.42 respectively. December was a mixed month for the underlying managers as it was the large caps that continued rising, while a number of small and mid-cap companies having difficulties. The best performing investments were the Bronte Amalthea Fund (up 6.1%), Phoenix Opportunities Fund (up 5.6%), Cromwell Riverpark Trust (up 7.4%) and Auscap Australia Long Short Fund (up 4.0%). A significant detractor was a long/short fund (down 9.7%). At the end of December, the Fund held investments in 24 unlisted funds, representing 57% of the total portfolio. The Affluence LIC Fund accounted for 21% of the total portfolio and provided exposure to 20 LIC's. The Fund held investments in 6 other listed entities which represented 7% of the total portfolio, with the remaining 15% held in cash.
More Information	Fund Profile Manager's Report

Optimal Australia Absolute Trust

16 Jan 2017 - Australian Fund Monitors

The Optimal Australia Absolute Trust returned +0.29% in December 2016, to take the annualised return since inception to 8.54% p.a.

16 Jan 2017 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	11 January 2017
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	December 2016
Latest Return	0.29%
Latest 6 Months	-0.14%
Latest 12 Months	4.75%
Latest 24 Months	13.20%
Annualised Since Inception	8.54%
Inception Date	15 September 2008
FUM (millions)	AU$108
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	The Optimal Australia Absolute Trust returned +0.29% in December 2016, against the ASX 200 Accumulation Index, which returned +4.38%. Since inception, the Fund has an annualised return of 8.54% p.a. (Index 5.84% p.a.), which has been achieved with relatively low volatility of 3.73% p.a. (Index 14.24% p.a). The Fund's stronger long investments included their recent purchase of APN, which the Fund was able to make an investment at a discounted valuation. Woolworths also performed strongly, partly in anticipation of capital liberation through the sale of its non-core interests in petrol retailing. Other solid long performers included financials, namely ANZ, Suncorp, Hendersons, and Clydesdale. The Fund has limited long exposure to resources and materials, but its key long holdings in Orocobre and Newcrest also did well. The investment in Vocus Comms, however, detracted from performance for the month. The Fund continues to look for opportunities in the current bullish market, with a strong focus on capital preservation.
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NEWS

23 Jan 2017 - QATO Capital Market Neutral Long/Short Fund

20 Jan 2017 - NWQ Fiduciary Fund

20 Jan 2017 - Bennelong Long Short Equity Fund

19 Jan 2017 - Touchstone Index Unaware Fund

19 Jan 2017 - KIS Asia Long Short Fund

18 Jan 2017 - Pengana Absolute Return Asia Pacific Fund

18 Jan 2017 - APN AREIT Fund

17 Jan 2017 - Fund Review: Bennelong Kardinia Absolute Return Fund December 2016

17 Jan 2017 - Affluence Investment Fund

16 Jan 2017 - Optimal Australia Absolute Trust

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