| Report Date | 12 May 2010 |
| Manager | Herschel Asset Management |
| Fund Name | Herschel Absolute Return Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | March 2010 |
| Latest Return | 4.36% |
| Latest 6 Months | 5.62% |
| Latest 12 Months | 27.24% |
| Latest 24 Months | 26.82% |
| Annualised Since Inception | 17.86% |
| Inception Date | 01 May 2006 |
| FUM (millions) | AU$37 |
| Fund Overview | The Herschel Absolute Return Fund is a long-short Australian equities fund which is expected to average 50% net long through an investment cycle. The objective of the fund is to achieve consistent, double-digit rates of return, with an over-arching philosophy of capital protection. The Fund will usually invest in a portfolio, consisting of both long and short positions, of securities of 15 to 45 companies. |
| Manager Comments | Herschel's Absolute Return Fund reported a gain of 0.36% in April despite the Australian All Ordinaries Accumulation Index falling 1.18%.
The largest positive contributions to the result were made by CSG, Avoca Resources and short Share Price Index futures contracts (hedging long positions) while detractors included Virgin Blue, Asciano and Ten Network.
Net equity market exposure for the fund including derivatives was reduced to 47.2% by the end of the month, consisting of 71.0% long and 23.8% short. |
| More Information | » View detailed profile of this fund |
