The Fund returned 4.28% net of fees during August 2013. This compares with the benchmark return of 0.21%. Average gross capital employed by the Fund was 96.1% long and 35.0% short. Average net exposure over the month was +61.1%. At the end of the month the Fund had 22 long positions and 13 short positions. The Fund’s biggest exposures at month end were spread across the consumer discretionary, financials, healthcare and telecommunications sectors.

The Fund returned 4.70% net of fees during July 2013. This compares with the benchmark return of 0.23%. Average gross capital employed by the Fund was 107.1% long and 54.0% short. Average net exposure over the month was +53.1%. At the end of the month the Fund had 22 long positions and 11 short positions. The Fund’s largest exposures were spread across the consumer discretionary, telecommunications, healthcare and industrials sectors

The Fund returned 8.32% net of fees during June 2013. This compares with the benchmark return of 0.23%. Average gross capital employed by the Fund was 172.5% long and 55.7% short. Average net exposure over the month was +116.8%. At the end of the month the Fund had 25 long positions and 15 short positions. The Fund’s biggest exposures at month end were spread across the consumer discretionary, financials, healthcare, telecommunications, utilities and materials sectors

The Fund was launched in December 2012 and targets strong absolute returns in excess of the RBA Cash Rate. The Fund focuses predominantly on fundamental long and short investments while utilising a multi- strategy approach to take advantage of shorter term market opportunities to increase returns, hedge the portfolio, protect capital and minimise volatility where prudent

The Fund returned 9.83% net of fees during April 2013. This compares with the benchmark return of 0.25%. Average gross capital employed by the Fund was 178.0% long and 48.5% short. Average net exposure over the month was +129.5%. At the end of the month the Fund had 33 long positions and 11 short positions. The Fund’s biggest exposures at month end were spread across the consumer discretionary, financials, telcos, industrials and materials sectors

The Fund returned 1.46% net of fees during March 2013. This compares with the benchmark return of 0.25%. Average gross capital employed by the Fund was 161.7% long and 45.2% short. Average net exposure over the month was +116.5%. At the end of the month the Fund had 29 long positions and 11 short positions. The Fund’s biggest exposures at month end were spread across the consumer discretionary, industrials, property trust (financials subset), healthcare & materials sectors.