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Antares Income Fund Monthly Investment Report August 2015

Investment return objective
The Antares Income Fund aims to provide investors with a regular income and a return (after fees) that exceeds the Bloomberg AusBond Bank Bill Index over rolling three year periods.
Highlights for the month
The Fund returned 0.15% (net of fees) for the month of August.
Contributors to performance (relative to the benchmark)
The principal contributor to the Fund’s performance during August was the 10bp of excess running yield earned from the fund’s holdings. However this excess return was largely offset by the widening in credit spreads (-8bp) which reduced the capital value of securities held by the fund.
Fund Activity
The fund took advantage of the widening in credit spreads to reinstate exposure to the Australian iTraxx index at 104.5. The fund continued to add to its holdings of Basel 2 bank sub debt at attractive margins, and also invested in longer dated new issues; 5yr QIC SCF, 3YR Credit Suisse.
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