APN Asian REIT Fund

27 Aug 2015 - Australian Fund Monitors

APN Asian REIT Fund rose 2.13% for the month July 2015.

27 Aug 2015 - APN Asian REIT Fund

By: Australian Fund Monitors

Report Date	24 August 2015
Manager	APN Funds Management Limited
Fund Name	APN Asian REIT Fund
Strategy	Equity Long
Latest Return Date	July 2015
Latest Return	2.13%
Latest 6 Months	1.90%
Latest 12 Months	24.76%
Latest 24 Months	38.30%
Annualised Since Inception	19.27%
Inception Date	19 July 2011
FUM (millions)	AU$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. Corrine Ng is the Portfolio Manager of the Fund and 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 likely 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 rose 2.13% for the month of July. Since inception in July 2011, the Fund has an annualised return of 19.27% p.a, with a volatility of 8.86% p.a. In the same time-frame, the AFM Asia Pacific Equity Index has an annualised return of 14.61% p.a. and a volatility 10.31% p.a. The Fund has achieved higher annual return with a lower volatility to give notable Sharpe and Sortino ratios of 1.70 (Index 1.08) and 3.58 (Index 1.69) respectively. The Fund under-performed the Bloomberg Asian REIT Index (Index) by 0.03%. Over the month, the top detractor contributing to the Fund's under-performance was their underweight position on Link REIT, which is the biggest constituent of the Index.The Fund had over 37% invested in the Retail REITs section and over 37% in Japan, geographically. Click below to read the latest Fund's July commentary.
More Information	Fund Profile Manager's Report

Fund Review: Optimal Australia Absolute Trust July 2015

26 Aug 2015 - Australian Fund Monitors

Read the latest Fund Review on Optimal Australian Absolute Trust Fund.

Signature Quantitative Fund

26 Aug 2015 - Australian Fund Monitors

Signature Quantitative Fund returned 0.60% for the month of July to bring annual performance since inception to 8.40% p.a.

26 Aug 2015 - Signature Quantitative Fund

By: Australian Fund Monitors

Report Date	20 August 2015
Manager	Quant Investment Management Services Pty Ltd
Fund Name	Signature Quantitative Fund
Strategy	Equity Long/Short
Latest Return Date	July 2015
Latest Return	0.60%
Latest 6 Months	-4.72%
Latest 12 Months	-0.13%
Latest 24 Months
Annualised Since Inception	8.40%
Inception Date	01 January 2014
FUM (millions)	AU$24
Fund Overview	SQF is a systematic event-driven fund that exploits short-term structural market inefficiencies that are uncorrelated & persistent over time. The fund believes that the market reaction to events is not random; rather there are statistically measureable and predictable behaviour patterns that can be exploited with a systematic and disciplined approach. The fund's investment philosophy is to quantitatively identify research and exploit these event driven or behavioural structural market inefficiencies to generate significant alpha. SQF systematically utilises stock short positions and futures to reduce risk and generate significant alpha SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets.
Manager Comments	Signature Quantitative Fund returned 0.60% for the month of July to bring annual performance since inception to 8.40% p.a. This performance has been achieved with lower volatility, to give notable Sharpe Ratio and Sortino Ratio of 0.70 (Index 0.55) and 1.29 (Index 0.77) respectively. The Fund began trading the Dividend Arbitrage Strategy for the earnings / dividend season, which had a positive contribution. Capital Raisings strategy continued its out-performance. However the Alpha Capture strategy under-performed in a month of macro news and events dominating fundamental news flow. The portfolio had 15.3% net exposure of NAV in the Financials sector and 14.9% in Consumer Discretionary sector. Click the link below to view the latest Monthly Report.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund July 2015

25 Aug 2015 - Australian Fund Monitors

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

Meme Australian Share Fund

25 Aug 2015 - Australian Fund Monitors

In July, the Meme Australian Share Fund returned 5.56%, outperforming the ASX200 Accumulation Index (4.40%) by 1.16%.

25 Aug 2015 - Meme Australian Share Fund

By: Australian Fund Monitors

Report Date	05 August 2015
Manager	Meme Capital Management Pty Ltd
Fund Name	Meme Australian Share Fund
Strategy	Equity Long
Latest Return Date	July 2015
Latest Return	5.56%
Latest 6 Months	11.70%
Latest 12 Months	17.83%
Latest 24 Months	40.43%
Annualised Since Inception	17.14%
Inception Date	01 July 2013
FUM (millions)	AU$2
Fund Overview	The Meme Australian Share Fund uses a robust and back-tested quantitative trend-following strategy to identify investment opportunities expected to provide both positive price appreciation and relative price outperformance over the medium to long term. The Fund invests on a long-only basis and does not use derivatives. Meme's investment philosophy is logically derived from addressing our prime investment objectives of creating and preserving wealth. The philosophy therefore comprises elements which separately address investment returns and investment risks while at the same time respecting the interplay between them. The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns.
Manager Comments	In July, the Meme Australian Share Fund returned 5.56%, outperforming the ASX200 Accumulation Index (4.40%) by 1.16%. Since inception, the Fund has an annualised return of 17.14% p.a (Index 13.24% p.a.) with notable Sharpe and Sortino Ratios of 1.32 and 2.33 respectively. Number of new investment opportunities arose in July, allowing the Fund to reallocate the cash previously generated, such that the fund is fully invested at month end. Almost all of this new investment is in stocks which lie outside the ASX200. The largest sector increases in the fund were in the Consumer Discretionary, Consumer Staples and Information Technology sectors. The Fund's rolling 3 month (May to July 2015) return was +2.07% compared to the markets' -0.82%. Click below to read the latest Fund Manager's commentary on the Fund.
More Information	Fund Profile Manager's Report

Pengana Absolute Return Asia Pacific Fund

24 Aug 2015 - Australian Fund Monitors

The Pengana Absolute Return Asia Pacific finished -0.8% for the month of July, compared to the HFR Event Driven Index which closed -1.7%.

24 Aug 2015 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	19 August 2015
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Equity Long/Short
Latest Return Date	July 2015
Latest Return	-0.80%
Latest 6 Months	2.72%
Latest 12 Months	6.87%
Latest 24 Months	15.45%
Annualised Since Inception	10.63%
Inception Date	01 September 2010
FUM (millions)	AU$88.71
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 is to generate 10-20% pa with a standard deviation of 6-10%. 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	The Pengana Absolute Return Asia Pacific finished -0.8% for the month of July, compared to the HFR Event Driven Index which closed -1.7%. Asia Pacific markets also fell -2.9%,with the Shanghai Composite falling -14.4% and the Hang Seng China Enterprises Index (HSCEI) -14.3%. Since inception, the Fund has an annualised return of 10.63% p.a., and has achieved this with lower volatility of 5.84% (AFM Asia Pacific Index 11.85%), to give notable Sharpe and Sortino Ratios of 1.19 and 2.80 respectively. The deleveraging in China had a significant impact on the onshore equity markets which resulted in contagion into the region requiring state backed intervention in China to support prices. The Fund navigated the volatility by increasing short exposure to hedge their M&A positions exposed to China risk. The Fund ended the month with average net and gross exposure of 11% and 205% respectively. It was the Stubs and Index Futures strategies that contributed positively. However, the Capital Management Corp. and M&A strategies were the largest detractors. The country exposure as percentage (%) of NAV was most in Japan (60.8%), followed by Hong Kong/China (35.3%). Click below to read the complete Fund Manager's Report.
More Information	Fund Profile Manager's Report AFM Research Reports

QATO Capital Market Neutral Long/Short Fund

21 Aug 2015 - Australian Fund Monitors

QATO Capital Market Neutral Long/Short Fund decreased 2.26% in July. The Fund's performance of 30.20%, over the latest 12 months has been strong.

21 Aug 2015 - QATO Capital Market Neutral Long/Short Fund

By: Australian Fund Monitors

Report Date	18 August 2015
Manager	QATO Capital
Fund Name	QATO Capital Market Neutral Long/Short Fund
Strategy	Equity Market Neutral
Latest Return Date	July 2015
Latest Return	-2.26%
Latest 6 Months	-4.99%
Latest 12 Months	30.20%
Latest 24 Months
Annualised Since Inception	30.20%
Inception Date	01 August 2014
FUM (millions)	AU$48
Fund Overview	QATO Capital's Market Neutral Long/Short Fund is managed via an objective, consistent and replicable process utilising 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 and price. The fund targets a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long and 15 short equally weighted positions). The turnover is generally averaged around 30% of the total portfolio each month. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy.
Manager Comments	QATO Capital Market Neutral Long/Short Fund decreased 2.26% in July. The Fund's performance of 30.20%, over the latest 12 months has been strong. Since inception (August 2014), the Fund has out-performed the ASX200 Accumulation Index, resulting in notable Sharpe and Sortino ratios of 1.93 (Index 0.31) and 4.53 (Index 0.37) respectively. In July, the Fund's benchmark, S&P/ASX-100 bounced back after a weak month in June, predominately driven by a strong beta rally in lower quality/higher beta companies. This proved challenging for the Fund's investment style, in particular the Fund's short positions. The long book however performed strongly as the Q-Score process selected a number of large outperformers to the S&P/ASX-100 Index. Click below to read the latest Fund Manager's commentary.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund July 2015

21 Aug 2015 - Australian Fund Monitors

Fund Review available for Bennelong Long Short Equity Fund which has over 13 years track record and annualised returns of 17.97%.

Aurora Fortitude Absolute Return Fund

20 Aug 2015 - Australian Fund Monitors

The Aurora Fortitude Absolute Return Fund returned +0.50% for the month of July 2015.

20 Aug 2015 - Aurora Fortitude Absolute Return Fund

By: Australian Fund Monitors

Report Date	17 August 2015
Manager	Aurora Funds Management
Fund Name	Aurora Fortitude Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	July 2015
Latest Return	0.50%
Latest 6 Months	2.65%
Latest 12 Months	2.17%
Latest 24 Months	5.69%
Annualised Since Inception	7.22%
Inception Date	15 March 2005
FUM (millions)	AU$87
Fund Overview	Aurora Fortitude Absolute Return Fund is a multi-strategy market neutral fund specialising in ASX listed equities and derivatives. The core philosophy is the management of risk through a long volatility overlay incorporating listed equity and index derivatives. The multi-strategy approach includes M&A, Yield, Convergence and Long/Short strategies. The portfolio managers adopt an aggressive approach to managing downside risk whilst positioning the portfolio to benefit from positive alpha. The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies.
Manager Comments	The Aurora Fortitude Absolute Return Fund returned +0.50% for the month of July 2015. The Fund's annual performance, since inception has been 7.22% p.a, which it has achieved with very low volatility of 2.64% (ASX 200 Accumulation Index 13.85%). The Fund has notable Sharpe and Sortino ratios of 1.07 (Index 0.29) and 2.12 (Index 0.30) respectively. It was the Yield (+0.27%), Convergence (+0.14%)and Long/Short (+0.11%) trading strategies that provided biggest positive contribution to the portfolio. The Options strategy (-0.07%) initially benefited from continued volatility across miners and banks. Volatility fell dramatically in the second half of the month with the Australian VIX falling -27% to 14.5 by the end of the month. This was an attractive level and the Fund added to volatility positions and increased exposure to this strategy at month end. Click below to read more on the Fund's performance.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Morphic Global Opportunities Fund July 2015

19 Aug 2015 - Australian Fund Monitors

Read the July Fund Review for Morphic Global Opportunities Fund.

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27 Aug 2015 - APN Asian REIT Fund

26 Aug 2015 - Fund Review: Optimal Australia Absolute Trust July 2015

OPTIMAL AUSTRALIA ABSOLUTE TRUST

26 Aug 2015 - Signature Quantitative Fund

25 Aug 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2015

25 Aug 2015 - Meme Australian Share Fund

24 Aug 2015 - Pengana Absolute Return Asia Pacific Fund

21 Aug 2015 - QATO Capital Market Neutral Long/Short Fund

21 Aug 2015 - Fund Review: Bennelong Long Short Equity Fund July 2015

20 Aug 2015 - Aurora Fortitude Absolute Return Fund

19 Aug 2015 - Fund Review: Morphic Global Opportunities Fund July 2015

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