Ann: April NTA and Market Update-MA1.AX, page-2

Company Strategy
The Monash Absolute Investment Company offers investors access to an investment strategy that seeks to:
 achieve a targeted positive return over a full investment cycle; and
 avoid a negative return each financial year
The Company is benchmark unaware, style and stock size agnostic, both long and short, and only invests in compelling opportunities. In keeping with the Company’s absolute return objectives, if the investment manager cannot find stocks that meet the very high return hurdle requirements, the Company will preserve that capital in cash at bank.
Monthly Update
This is the first Monthly Update following the listing of the Company on 12 April 2016.
We are pleased to announce that to 30 April the Pre-Tax performance of the Company’s Portfolio after management fees and corporate expenses was 0.98%.
During April the Company progressively invested, long and short, in Australian listed securities, as well as some long positions in Pre-IPO securities.
By the end of the month, the Company had a gross exposure of 71% and a net exposure of 44%. The split between the different types of stocks in the portfolio are shown in the Portfolio Structure table.
For more information about the Company and the strategy please refer to the Monash Investors website at www.monashinvestors.com.

Company at a Glance
ASX Code - Shares
MA1
ASX Code - $1 Options Sep17
MA1O
Portfolio Size
$51m
Share Price
$0.97
Option Price
$0.03
Shares on Issue
52.5m
Net Tangible Asset (NTA) Backing (unaudited)
NTA Pre Tax
$0.9724
NTA Post Tax
$0.9805
Portfolio Structure
Outlook Stocks (Long)
15 Positions 51%
Outlook Stocks (Short)
3 Positions -8%
Event, Pair and Group (Long)
3 Positions 7%
Event, Pair and Group (Short)
2 Positions -5%
Cash
56%
TOTAL
100%
Gross Exposure
71%
Net Exposure
44%
Company Performance
Since Inception, 12 April 2016 to 30 April2016
NTA Pre Tax
0.98%
NTA Post Tax
0.67%