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Pengana Absolute Return Asia Pacific Fund, November 2015 Monthly Update

Fund Commentary
The Fund finished up 1.3%2 for the month, compared to the HFR Event Driven Index which closed down -1.9%. Asia Pacific markets also retreated -1.9%, whilst Asia Pacific ex-Japan fell -2.7%. The Fund’s average gross and net exposures were 186.3% and 3.2% respectively.
The MSCI inclusion of Chinese US listed ADRs was a key event for the Fund during the month. The inclusion of a few names that have received privatisation proposals (QIHU, YY) coupled with a number of deals entering definitive agreements has reignited confidence that most of these proposals will complete successfully. Of note, none of the deals that have been announced under our monitor have been terminated since announcement, with average gross spreads contracting to 14.2% by month end. During the month, Mindray Medical (MR US) and Youku Tudou (YOKU US) went definitive and are highly likely to complete successfully. We continue to monitor this space carefully (albeit cautiously) in anticipation of market volatility that may create future attractive trading opportunities.
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