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| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | Although the market had been conditioned to expect earnings slippage, consensus estimates for FY2011 still fell by 5% during July and August, with upgrades few and far between, exceptions being Virgin Blue, Qantas, Ansell and Challenger. Meanwhile downgrades included the banks (5-7%), around 15% for Telstra and over 20% for James Hardie and Boral. As such the manager's homework going into reporting season allowed them to protect capital in a difficult market. |
| More Information | » View detailed profile of this fund |
