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Antares Income Fund Monthly Investment Report June 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 0.09% (net of fees) for the month of June.
Contributors to performance (relative to the benchmark)
The principal contributors to the Fund’s performance during June were running yield earned from the fund’s holdings. While still generating positive absolute returns during June the fund underperformed its benchmark due to a widening in credit spreads negatively impacting the capital value of securities held by the fund.
Fund Activity
Credit duration of the fund was lowered marginally during June as maturing investments were not reinvested for longer maturities. The Fund continued to target credit exposure at the front part of the credit curve to maintain the potential for carry and roll down without taking on excessive spread duration. In the secondary market the fund added selectively to its holdings of ‘old style’ sub debt of Australian major banks.
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