| Report Date | 14 November 2010 |
| Manager | Herschel Asset Management |
| Fund Name | Herschel Absolute Return Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | October 2010 |
| Latest Return | 2.19% |
| Latest 6 Months | -1.07% |
| Latest 12 Months | 3.63% |
| Latest 24 Months | 27.39% |
| Annualised Since Inception | 14.80% |
| Inception Date | 01 May 2006 |
| FUM (millions) | AU$33 |
| 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 benefited from firming commodity prices, an appreciating Australian dollar and strong Asian markets which all provided impetus, with the resources sector adding 5.2% for the month.
Cockatoo Coal and Rio Tinto were the largest positive contributors to the fund's performance, whilst shorts in ASX and Share Price Index Futures (hedging longs) were the largest detractors. Net equity market exposure was kept relatively stable at 37.4% (54.3% long and 16.9% short).
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| More Information | » View detailed profile of this fund |
