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Antares Small Companies Fund Profile August 2015

Fund description and investment return objective
The Antares Small Companies Fund is an actively managed Australian shares fund designed to enhance returns by investing in a diversified portfolio of Australian small companies.
The Fund’s objective is to outperform the Benchmark by 5% (before fees) per annum over a rolling 5 year period.
Fund commentary
The Antares Small Companies Fund delivered a return of -3.5% (net of fees) for the month of August, outperforming its benchmark index by 1.4%.1
China dominated the scene this month with its dramatic currency devaluation and more monetary policy easing in response to weaker than expected growth and the sharp fall in the Chinese sharemarket. The S&P/ASX Small Ordinaries Accumulation Index fell 4.9% in response to these developments and a possible monetary policy tightening by the US Federal Reserve. Small industrial stocks significantly outperformed small resources.
The August reporting season was mixed, however, there was a clear trend towards earnings downgrades for FY16 as companies are continuing to find the current trading environment very tough. Capital management also remained a dominant reporting season theme, particularly capital raisings and share buybacks.
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