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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 | The manager believs inflation in China is problematic (most notably in food) as the government further tightened monetary policy measures, twice raising the bank minimum reserve requirements. The Australian economy has continued to slow appreciably, with falls in consumer and business confidence, weaker housing data and falling retail sales, even prior to the effect of the Reserve Bank’s 0.25% increase in the cash rate November. For all that, Optimal would not be surprised to see a December rally, but more for reasons of seasonal statistical bias and liquidity, rather than of strong fundamental conviction. |
| More Information | » View detailed profile of this fund |
