Performance Report: Prodigal Equity RV Fund

10 Mar 2010 - Australian Fund Monitors

Prodigal's Equity RV fund shone again in February, generating a return of +1.9% for the month after gaining 2.45% in January. The manager attributes the fund's strong performance over the last two months to mean reversion from the wide...

Performance Report: Austral Equity Fund

8 Mar 2010 - Australian Fund Monitors

The Austral Equity Fund returned +1.28% in a month where volatility in indivudual securities was very high as the market responded to the release of earnings reports and economic outlooks.

8 Mar 2010 - Performance Report: Austral Equity Fund

By: Australian Fund Monitors

Report Date	07 March 2010
Manager	Austral Capital
Fund Name	Austral Equity Fund
Strategy	Event Driven
Latest Return Date	February 2010
Latest Return	1.28%
Latest 6 Months	6.32%
Latest 12 Months	15.61%
Latest 24 Months	22.02%
Annualised Since Inception	13.43%
Inception Date	01 September 1997
FUM (millions)	AU$15
Fund Overview	Austral Equity Fund invests primarily in the securities of Australian companies that are, or may be, involved in special situations or corporate events. Such events may include equity and hybrid security issues, block trades, mergers and takeovers, de-mergers, reconstructions, recapitalisations and spin-offs. The fund also invests generally in equity, debt and other securities, and opportunistically in the securities of companies undergoing significant changes involving management, shareholders or the underlying business. The fund has the flexibility to invest (both long and short) in a wide range of investment instruments including, but not limited to, all types of equity, debt and hybrid securities, foreign exchange, options, warrants, futures and derivatives.
Manager Comments	The Austral Equity Fund returned +1.28% in a month where volatility in indivudual securities was very high as the market responded to the release of earnings reports and economic outlooks. The manager said that while ''stock specific themes took priority over macro factors, sentiment appears quite fragile as evidenced by the near 100 points intra-day index trading range on the 25th of February as media reports about Greece's debt issues unnerved the market''. During January the fund maintained a long equity bias due to improving corporate fundamentals but also increased its exposure to interest rate securities in order to take advantage of the yield differential over the return earned on the fund's cash holdings.
More Information	» View detailed profile of this fund

February absolute return and hedge fund review

3 Mar 2010 - Australian Fund Monitors

Volatility returned to global markets in January, as President Obama foreshadowed controls on banks' prop trading activities and ownership of hedge funds, China issued a warning on credit growth, and Greece shook the confidence of markets...

Performance Report: Excalibur Absolute Return Fund

25 Feb 2010 - Australian Fund Monitors

Excalibur believes that their Absolute Return Fund is well positioned for the year ahead after achieving a positive result of 0.53% in January.

Performance Report: Optimal Japan Absolute Long Fund

23 Feb 2010 - Australian Fund Monitors

Optimal Japan's Absolute Long Fund generated a positive return of 2.58% in January as many funds with a focus on Japan outperformed funds with an Australian bias.

Performance Report: Ascalon Income Fund

23 Feb 2010 - Australian Fund Monitors

The Ascalon Income Fund lost 1.24% in January against its benchmark (1 year swap +0.75%) return of 0.39% and the ASX200s return of -6.18%.

23 Feb 2010 - Performance Report: Ascalon Income Fund

By: Australian Fund Monitors

Report Date	22 February 2010
Manager	Ascalon Capital Managers
Fund Name	Ascalon Income Fund
Strategy	Fixed Income
Latest Return Date	January 2010
Latest Return	-1.24%
Latest 6 Months	8.28%
Latest 12 Months	16.16%
Latest 24 Months	-0.52%
Annualised Since Inception	-1.28%
Inception Date	01 September 2007
FUM (millions)	AU$26
Fund Overview	Kaplan Funds Management Pty Limited (Kaplan) is the investment manager of the Fund. Kaplan commenced managing fund in May 1998 with an absolute return philosophy, providing investment trusts for the professional investor market and charities, an equities pooled super trust and discrete equity mandates for corporate clients. Kaplan is wholly owned by Kaplan Partners Pty Limited. Kaplan's funds under management have grown consistently and are presently in excess of $1.5 billion. Kaplan's management team has considerable experience in investment management, including investment in infrastructure, utilities and hybrid securities. Kaplan has achieved above-average returns for investors over a number of market cycles through patient investing and by focusing on value opportunities and a disiplined approach to risk. The Ascalon Income fund aims to provide a secure, reliable income stream that delivers a return in excess of the 1 year interest rate swap, by investing in high yielding securities such as hybrid securities (fixed and floating), listed unsecured fixed interest investments, property trusts, preference shares, utilities and infrastructure stocks and high yielding ordinary shares, particularly bank shares.
Manager Comments	The Ascalon Income Fund lost 1.24% in January against its benchmark (1 year swap +0.75%) return of +0.39% and the ASX200's return of -6.18%. During the month the fund increased its buy and write positions in the Commonwealth Bank and Woolworths. Positions in WBC and NCM were reduced through the exercise of option positions delivering the maximum return under the buy and write strategy.
More Information	» View detailed profile of this fund

Performance Report: Argus Dynamic Multi-strategy Program

23 Feb 2010 - Australian Fund Monitors

January was difficult month for all Commodities/CTA managers and Agrgus Capital Management's Dynamic Multi-Strategy Fund was no exception, falling 8.14% in the month.

Performance Report: Prodigal Equity RV Fund

23 Feb 2010 - Australian Fund Monitors

Prodigal attributes most of the rise in their Equity RV fund in January of 2.45% to the mean reversion of spreads that had widened late last year.

Performance Report: Fortitude Capital Absolute Return Trust

17 Feb 2010 - Australian Fund Monitors

Fortitude Capital's Absolute Return Trust generated a positive return of 0.44% in January with the fund's Mergers and Acquisitions portfolio making the largest contribution, in which the fund's largest position remains in Indophil resources.

Performance Report: Herschel Absolute Return Fund

17 Feb 2010 - Australian Fund Monitors

The manager attributes the fund's -3.84% result for January to overweight exposure to the Materials sector with large positions in BHP, Rio Tinto and Westpac the main contributors to the fall.

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10 Mar 2010 - Performance Report: Prodigal Equity RV Fund

8 Mar 2010 - Performance Report: Austral Equity Fund

3 Mar 2010 - February absolute return and hedge fund review

25 Feb 2010 - Performance Report: Excalibur Absolute Return Fund

23 Feb 2010 - Performance Report: Optimal Japan Absolute Long Fund

23 Feb 2010 - Performance Report: Ascalon Income Fund

23 Feb 2010 - Performance Report: Argus Dynamic Multi-strategy Program

23 Feb 2010 - Performance Report: Prodigal Equity RV Fund

17 Feb 2010 - Performance Report: Fortitude Capital Absolute Return Trust

17 Feb 2010 - Performance Report: Herschel Absolute Return Fund

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