The Fund returned negative 1.84% net of fees during November 2016. This compares with the All Ordinaries Accumulation Index return of 2.46%. Average gross capital employed by the Fund was 141.9% long and 11.0% short. Average net exposure over the month was 130.9%. At the end of the month the Fund had 38 long positions and 7 short positions. The Fund’s biggest stock exposures at month end were spread across the real estate, financials, telecommunications and consumer discretionary sectors

The Fund returned negative 2.72% net of fees during October 2016. This compares with the All Ordinaries Accumulation Index return of negative 2.18%. Average gross capital employed by the Fund was 123.2% long and 10.1% short. Average net exposure over the month was 113.1%. At the end of the month the Fund had 35 long positions and 7 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, real estate, consumer discretionary and telecommunications sectors.

The Fund returned negative 2.37% net of fees during September 2016. This compares with the All Ordinaries Accumulation Index return of 0.43%. Average gross capital employed by the Fund was 121.4% long and 8.9% short. Average net exposure over the month was 112.5%. At the end of the month the Fund had 30 long positions and 6 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, real estate, consumer discretionary, consumer staples and telecommunications sectors.

The Fund returned 2.13% net of fees during August 2016. This compares with the All Ordinaries Accumulation Index return of negative 1.33%. Average gross capital employed by the Fund was 110.6% long and 5.5% short. Average net exposure over the month was 105.1%. At the end of the month the Fund had 33 long positions and 7 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, real estate, consumer discretionary, consumer staples and telecommunications sectors

The Fund returned 8.48% net of fees during July 2016. This compares with the All Ordinaries Accumulation Index return of 6.29%. Average gross capital employed by the Fund was 97.7% long and 11.4% short. Average net exposure over the month was 86.3%. At the end of the month the Fund had 32 long positions and 5 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, consumer discretionary, consumer staples and materials sectors

The Fund returned negative 1.19% net of fees during June 2016. This compares with the All Ordinaries Accumulation Index return of negative 2.28%. Average gross capital employed by the Fund was 76.6% long and 15.0% short. Average net exposure over the month was 61.6%. At the end of the month the Fund had 30 long positions and 8 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, consumer discretionary, consumer staples, materials and energy sectors.

The Fund returned 0.96% net of fees during May 2016. This compares with the All Ordinaries Accumulation Index return of 3.09%. Average gross capital employed by the Fund was 61.6% long and 14.2% short. Average net exposure over the month was 47.4%. At the end of the month the Fund had 26 long positions and 6 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, consumer discretionary, consumer staples, materials and energy sectors.

The Fund returned negative 1.24% net of fees during April 2016. This compares with the All Ordinaries Accumulation Index return of 3.24%. Average gross capital employed by the Fund was 51.3% long and 12.7% short. Average net exposure over the month was 38.6%. At the end of the month the Fund had 20 long positions and 5 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, consumer discretionary, consumer staples, healthcare and energy sectors.

The Fund returned 3.22% net of fees during March 2016. This compares with the All Ordinaries Accumulation Index return of 4.74%. Average gross capital employed by the Fund was 54.3% long and 5.5% short. Average net exposure over the month was 48.8%. At the end of the month the Fund had 17 long positions and 3 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, consumer discretionary, consumer staples, healthcare and energy sectors.

The Fund returned negative 3.54% net of fees during February 2016. This compares with the All Ordinaries Accumulation Index return of negative 1.47%. Average gross capital employed by the Fund was 53.5% long and 20.6% short. Average net exposure over the month was 32.9%. At the end of the month the Fund had 20 long positions and 5 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, consumer discretionary, consumer staples, healthcare, energy and materials sectors