NWQ Fiduciary Fund

19 Apr 2016 - Australian Fund Monitors

The NWQ Fiduciary Fund returned -1.48% in March bringing the net performance for the trailing 12 months to 6.07%.

19 Apr 2016 - NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	18 April 2016
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	March 2016
Latest Return	-1.48%
Latest 6 Months	-1.04%
Latest 12 Months	6.07%
Latest 24 Months	10.55%
Annualised Since Inception	8.13%
Inception Date	01 December 2013
FUM (millions)	AU$83
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	The NWQ Fiduciary Fund returned -1.48% in March bringing the net performance for the trailing 12 months to 6.07%. Since inception in May 2013, the Fund has an annualised return of 8.13% p.a., compared to the S&P/ASX 200 Accumulation Index's return of 3.96% p.a. This return has been achieved with low volatility to give notable Sharpe and Sortino ratios of 1.17 (Index 0.19) and 2.26 (Index 0.18) respectively. Fund returns were negative in March as global equity markets rallied with a continuation of the unsustainable rotation to low quality stocks. The portfolio's Beta managers, utilising a range of long/short equity strategies, were able to capture some of the market upside, attributing +0.04% to the Fund's return. Alpha managers with greater exposure to short positions, contributed -1.43%. It remains the view of NWQ that there exist further potential for destructive equity and bond market volatility in the coming months and therefore the portfolio has an overweight allocation to Alpha or market neutral strategies. Click below to read the latest Fund's Report.
More Information	Fund Profile Manager's Report

Bennelong Twenty20 Australian Equities Fund

19 Apr 2016 - Australian Fund Monitors

Bennelong Twenty20 Australian Equities Fund rose 4.07% against the ASX 200 Accumulation Index's return of 4.73%.

19 Apr 2016 - Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	18 April 2016
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	March 2016
Latest Return	4.07%
Latest 6 Months	1.46%
Latest 12 Months	-5.53%
Latest 24 Months	5.75%
Annualised Since Inception	9.43%
Inception Date	02 December 2015
FUM (millions)	AU$0.399
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years.
Manager Comments	Bennelong Twenty20 Australian Equities Fund rose 4.07% against the ASX 200 Accumulation Index's return of 4.73%. The Fund's performance was largely dictated by the performance of the S&P/ASX 20 Index. This quarter, the Fund's performance benefited from its stock picking in the Gaming and Leisure sector (such as The Star Entertainment Group), Consumer sector (BWX Limited). For the month, the best performing sectors in the Australian market were the Resources and Banking sectors, which accounted for approximately 37% of the market's total value. The Fund struggled against the strength of the Resources sector, as it did not have any exposure. The largest detractor was IPH, an intellectual property professional services firm that met its earnings guidance but nevertheless was sold down presumably because the market had expected more. Click below to read the latest Fund Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Optimal Australia Absolute Trust March 2016

18 Apr 2016 - Australian Fund Monitors

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

Pengana Global Small Companies Fund

18 Apr 2016 - Australian Fund Monitors

Pengana Global Small Companies Fund generated a return of 1.48% in March compared to a 0.76% return for the MSCI AC World SMID Cap Index.

18 Apr 2016 - Pengana Global Small Companies Fund

By: Australian Fund Monitors

Report Date	14 April 2016
Manager	Pengana Capital
Fund Name	Pengana Global Small Companies Fund
Strategy	Global Diversified
Latest Return Date	March 2016
Latest Return	1.48%
Latest 6 Months	-2.16%
Latest 12 Months	-3.32%
Latest 24 Months
Annualised Since Inception	-3.32%
Inception Date	01 April 2015
FUM (millions)	AU$4.881
Fund Overview	The Pengana Global Small Companies Fund provides exposure to a diversified portfolio of predominantly listed global small and mid-cap companies. Its investment objective is to obtain returns greater than the MSCI All Country World Index SMID Cap unhedged in AUD index over rolling 3 year periods after fees. Pengana Capital Limited ('Pengana') is the Responsible Entity of the Fund and has appointed Lizard as the investment manager for the Fund which is responsible for making investment decisions in relation to the Fund. The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short.
Manager Comments	Pengana Global Small Companies Fund generated a return of 1.48% in March compared to a 0.76% return for the MSCI AC World SMID Cap Index. At month-end, the Fund's top 10 holdings accounted for 34.1% of the Fund's assets, with no single name representing more than 5% of the Fund. Cash represented 16.2% of the Fund, an increase from the prior month. The largest positive contributors to March performance were: Moleskine, Halogen Software, Sarine Technologies, China Lodging Group, and Rent-A-Center; while the largest detractors were: Fondul Proprietatea, Credito Real, Daikokutenbussan, Spirit Airlines, and Rami Levy Chain Stores. Currency had a negative impact on the Fund, detracting close to 5% for the month, as the Australian dollar appreciated sharply. There were no new additions to the portfolio this month. Click below to read the latest Fund Manager's report.
More Information	Fund Profile Manager's Report

Hedge Clippings

16 Apr 2016 - Australian Fund Monitors

Bubble Bubble, Toil and Trouble.

16 Apr 2016 - Hedge Clippings

By: Australian Fund Monitors

Bubble Bubble, Toil and Trouble.

Hedge Clippings is probably not the only party to be frustrated by what has broadly been portrayed as "debate" about the upcoming budget, or for that matter the overall political stand-off that now seems to be the norm in Australia.

With Parliament due to resume next week, and the budget now only a few weeks away, we hope things will become a little bit clearer. However what seems to be abundantly clear is that while everyone understands that as a nation we are living beyond our means, the reality is that the only way to fix it is to either reduce expenditure, or increase revenue.

It really doesn't matter whether this is applied at the household, corporate or government level, the rules remain the same. Unfortunately at government level reducing expenditure translates into either reduced welfare, or reduced services such as health and education. Meanwhile increasing revenue translates into higher taxation, or a reduction of various tax breaks.

Under the Abraham Lincoln political rule that you can "please some of the people all of the time, or all of the people some of the time, but you can't please all of the people all of the time," whatever is handed down in this year's budget is going to disappoint. Everyone wants more, while no one wants to give up what they've already got.

Added to that is the problem that the Turnbull government, which kicked off with so much optimism, seems to have been backed into a corner of having to rule out most budget options before they started. We guess the PM will be ruing the day that he didn't take over and call an early (read "immediate") election last November, and use the following three years to get on with it. We certainly are.

Finally this week the IMF downgraded forecasts for world economic growth, while interestingly also being a bit more optimistic about China's outlook. We take this news with a pinch of salt, as the IMF's track record for economic fortune telling hasn't been too good over the years. Whether it's the economic models they are using, or the possibility that they are cocooned in ivory towers, it's a long time (if ever) since the IMF predicted world economic growth accurately, instead consistently having to downgrade their previous forecasts as they catch up to the real world economy.

Meanwhile as markets, particullary in Australia, seem to continue to see-saw, some March fund results came in as follows:

Meme Australian Share Fund returned a positive 3.38% to take their latest 12 months return to 9.20%.

Pengana Absolute Return Asia Pacific Fund finished up +1.68% for the month, compared to the HFR Event Driven Index which rose +2.6%.

The Paragon Fund rose an impressive 7.40% for the month to take annualised return since inception to 17.13% p.a.

Optimal Australia Absolute Trust recorded a positive 2.30% to take prior 12 months return to 12.59%.

Bennelong Kardinia Absolute Return Fund returned +0.30% to take annual returns since inception to 11.83% p.a.

APN Asian REIT Fund returned -2.70%, compared to the BBAREIT Index's return of -4.29%, to give an outperformance of 1.59%.

Cyan C3G Fund fell 3.38% to take latest 12 months return to 27.86%, after posting a gain of 48% in calendar 2015.

Bennelong Long Short Equity Fund returned -6.73% to take 12 month performance to 22.71% with annual returns since inception of 17.81% p.a.

Supervised High Yield Fund returned a positive 0.20% for the month of February, to bring annualised performance since inception to 9.39% p.a., Standard Deviation of 2.1% and a Sharpe Ratio of 2.86.

FUND REVIEWS released this week: Meme Australian Share Fund; Morphic Global Opporunities Fund; Bennelong Long Short Equity Fund; Insync Global Titans Fund; QATO Capital Market Neutral Long/Short; Supervised High Yield Fund;

And on that note, have a great week-end.

Regards,

Chris
CEO, AUSTRALIAN FUND MONITORS

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Pengana Absolute Return Asia Pacific Fund

15 Apr 2016 - Australian Fund Monitors

The Pengana Absolute Return Asia Pacific Fund finished up +1.68 for the month, compared to the HFR Event Driven Index which rose +2.6%.

15 Apr 2016 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	13 April 2016
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Equity Long/Short
Latest Return Date	March 2016
Latest Return	1.68%
Latest 6 Months	5.83%
Latest 12 Months	3.19%
Latest 24 Months	10.68%
Annualised Since Inception	9.87%
Inception Date	01 September 2010
FUM (millions)	AU$76.5
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	The Pengana Absolute Return Asia Pacific Fund finished up +1.68 for the month, compared to the HFR Event Driven Index which rose +2.6%. Since inception, the Fund has achieved an annualised return of 9.87% p.a., with a low volatility of 6.12%. With volatility being a constant feature of markets in 2016, the holding company sub-strategy has performed very well during this market environment. This sub-strategy contributed +1.6% of the March return. The Fund's database has been very active in tracking and exploiting opportunities across all regional Asian markets. The M&A sub-strategy also worked well during the month and contributed +0.42% to the performance. However, the Fund performance was dragged down by a long position in Quam Limited (952 HK) which experienced regulatory delays to completion. Click below to read the latest Fund Manager's Report.
More Information	Fund Profile Manager's Report AFM Research Reports

APN Asian REIT Fund

15 Apr 2016 - Australian Fund Monitors

APN Asian REIT Fund returned -2.70% for the month of March, compared to the BBAREIT Index's return of -4.29%, giving an out-performance of 1.59%.

15 Apr 2016 - APN Asian REIT Fund

By: Australian Fund Monitors

Report Date	13 April 2016
Manager	APN Funds Management Limited
Fund Name	APN Asian REIT Fund
Strategy	Real Estate
Latest Return Date	March 2016
Latest Return	-2.70%
Latest 6 Months	3.46%
Latest 12 Months	0.64%
Latest 24 Months	38.82%
Annualised Since Inception	16.42%
Inception Date	19 July 2011
FUM (millions)	AU$4.68
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. The manager has offered a special 50% reduction in management fee for all existing and new investors who apply by 30 June 2016.
Manager Comments	APN Asian REIT Fund returned -2.70% for the month of March, compared to the BBAREIT Index's return of -4.29%, giving an out-performance of 1.59%. Since inception, the Fund has an annualised return of 16.42% p.a., with a volatility of 9.62% p.a. In comparison, the Index has returned 15.48% p.a. annualised. The Fund has notable Sharpe and Sortino ratios of 1.34 (Index 1.13) and 2.46 (Index 1.98) respectively. The portfolio was allocated in multiple Asian countries, with majority in Japan (37.2%) and Singapore (29.3%). Over 66% of the Fund was invested in the Retail REITs (39.4%) and the Office REITs (27.1%) sectors. The top 5 Asian REIT holdings were in Link REIT, Keppel Dc REIT, Prosperity REIT, Gip J-REIT and Heiwa Real Estate REIT Inc. Click below to read the latest Fund's performance report.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Bennelong Long Short Equity Fund March 2016

14 Apr 2016 - Australian Fund Monitors

March Fund Review now available on Bennelong Long Short Equity Fund which has over 13 years track record & annualised return of 17.81% p.a.

Cyan C3G Fund

14 Apr 2016 - Australian Fund Monitors

The Cyan C3G Fund rose 2.20% in March 2016, compared to the ASX 200 Accumulation Index which returned +4.73%

14 Apr 2016 - Cyan C3G Fund

By: Australian Fund Monitors

Report Date	12 April 2016
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	March 2016
Latest Return	2.20%
Latest 6 Months	8.76%
Latest 12 Months	27.86%
Latest 24 Months
Annualised Since Inception	28.64%
Inception Date	24 July 2014
FUM (millions)	AU$5
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 rose 2.20% in March 2016, compared to the ASX 200 Accumulation Index which returned +4.73%. Since inception the Fund has an annualised return of 28.64% p.a., with a volatility of 11.36%. During the same time frame the Index has returned -1.25% with a volatility of 13.95%. For March, the Fund's top holdings all produced double digit returns including BlueSky (+21%), AMA Group (+12%), Vita Group, Opus Group and Adadcel. The negative returns came from their holding in Freelancer (-11%) and Touchcorp (-15%). Even though most of the core stocks remained reasonably constant, the weightings and allocations to these stocks changed depending on the attractiveness of investment opportunity. More specifically, the Fund reduced their holding in Vita Group, and increased their weightings in BlueSky, Freelancer and Opus Group. Click below to read the latest Fund Manager's Report.
More Information	Fund Profile Manager's Report

Fund Review: Morphic Global Opportunities Fund March 2016

13 Apr 2016 - Australian Fund Monitors

Read the latest March Fund Review on Morphic Global Opportunities Fund.

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19 Apr 2016 - NWQ Fiduciary Fund

19 Apr 2016 - Bennelong Twenty20 Australian Equities Fund

18 Apr 2016 - Fund Review: Optimal Australia Absolute Trust March 2016

OPTIMAL AUSTRALIA ABSOLUTE TRUST

18 Apr 2016 - Pengana Global Small Companies Fund

16 Apr 2016 - Hedge Clippings

15 Apr 2016 - Pengana Absolute Return Asia Pacific Fund

15 Apr 2016 - APN Asian REIT Fund

14 Apr 2016 - Fund Review: Bennelong Long Short Equity Fund March 2016

14 Apr 2016 - Cyan C3G Fund

13 Apr 2016 - Fund Review: Morphic Global Opportunities Fund March 2016

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