| Report Date | 13 October 2010 |
| Manager | Herschel Asset Management |
| Fund Name | Herschel Absolute Return Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | September 2010 |
| Latest Return | 2.49% |
| Latest 6 Months | -2.84% |
| Latest 12 Months | 2.62% |
| Latest 24 Months | 23.06% |
| Annualised Since Inception | 14.54% |
| Inception Date | 01 May 2006 |
| FUM (millions) | AU$31 |
| 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 had a positive month in September on the back of positions in small resource companies, as small cap companies outperformed large caps, particularly driven by the small resources sector (which gained 14% over the month) responding to higher commodity prices.
The fund finished September up 2.49%, with best performance coming from positions in Gryphon Resources, Mineral Resources and Silverlake Resources, while detractors were SPI futures (hedging long positions) and a short in Tabcorp.
The fund remained cautiously position with net equity market exposure increased over the course of the month from 24.3% to 36.1% (56.6% long and 20.5% short). |
| More Information | » View detailed profile of this fund |
