| Report Date | 27 October 2010 |
| Manager | Global Trading Strategies |
| Fund Name | Global Trading Strategies Fund (Class A) |
| Strategy | Global Macro |
| Latest Return Date | September 2010 |
| Latest Return | 3.37% |
| Latest 6 Months | -4.07% |
| Latest 12 Months | -1.81% |
| Latest 24 Months | 7.17% |
| Annualised Since Inception | 15.85% |
| Inception Date | 01 June 2005 |
| FUM (millions) | AU$306 |
| Fund Overview | The Fund's strategy focuses on a fundamentally-driven, discretionary approach to trading global markets that seeks to identify turning points in economic cycles, changes in policy direction or geopolitical or climatic events that generate uncertainty about the macroeconomic environment. Each of these opportunities or themes generally last between 12 and 24 months in duration which are actively traded around. The manager has found that markets tend to deviate from fundamentals until there is a catalyst that changes market sentiment and spends a considerable amount of time trying to identify these catalysts. |
| Manager Comments | Global Trading Strategies recorded a gain of +3.37% in September, and their fourth consecutive monthly return above 1%. The main contributor to fund performance was a long position in the Euro, as the recovery in peripheral European bonds gathered pace and economic activity remained strong, and the Euro continued to recover its losses versus the US Dollar from earlier in the year.
Long positions in the Australian Dollar also boosted returns, as did short positions in the Japanese Yen as the Japanese intervened to slow the pace of appreciation of their currency.
Given lingering investor concerns in the US about the Euro, Gold benefitted from a further influx of investors as the Fed readied the printing press again, and positions the fund held in Gold provided around 40bps of return in the month |
| More Information | » View detailed profile of this fund |
