| Report Date | 11 May 2010 |
| Manager | Regal Funds Management |
| Fund Name | Regal Tasman Market Neutral Fund |
| Strategy | Equity Market Neutral |
| Latest Return Date | April 2010 |
| Latest Return | 2.23% |
| Latest 6 Months | 8.30% |
| Latest 12 Months | 54.99% |
| Latest 24 Months | 43.24% |
| Annualised Since Inception | 23.42% |
| Inception Date | 03 May 2007 |
| FUM (millions) | AU$23 |
| Fund Overview | The Tasman Market Neutral Fund aims to maximise returns with only moderate risk and little correlation to equity markets. Investments are usually based on fundamental research and may be held for months or years. Hedging is usually achieved through single stock exposures. The fund aims to limit the volatility of returns to less than 15% pa and maintains a beta neutral portfolio. Risk limits (stock, sector, liquidity, systematic etc) are maintained to help achieve the volatility target. Most of the investments are in Australia but investments are also made in other countries on an opportunistic basis (mainly in Europe and no emerging markets). |
| Manager Comments | Regal's Tasman Market Neutral Fund was the manager's best performing fund in April, generating a return of +2.23% off both long and short positions.
Successful shorts included Harvey Norman, JB Hi-Fi, Woolworths and CSL which fell 11% during April. Winners on the long side included FKP, an aged living operator, and Lihir Gold which the manager increased the fund's position in after Newcrest said it had approached Lihir about a merger.
Regal reports that the Fund's daily volatility is at record lows and correlation to the market also remains low. |
| More Information | » View detailed profile of this fund |
