| Report Date | 17 August 2010 |
| Manager | Herschel Asset Management |
| Fund Name | Herschel Absolute Return Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | July 2010 |
| Latest Return | 0.03% |
| Latest 6 Months | -0.50% |
| Latest 12 Months | 8.49% |
| Latest 24 Months | 17.31% |
| Annualised Since Inception | 14.46% |
| Inception Date | 01 May 2006 |
| FUM (millions) | AU$30 |
| 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 performance was flat in July, dragged down by a large short position in Centennial Coal, which received a bid from Thai company Banpu. Also detracting from the fund's result were Share Price Index futures contracts which are used to hedge long positions. Positive contributions were made by Healthscope, Adelaide brighton Cement and Orica.
The fund's net equity exposure was kept fairly low throughout the month and sat at 48.1% at the end of month, comprising 51.4% long and 3.3% short.
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| More Information | » View detailed profile of this fund |
