| Report Date | 15 December 2010 |
| Manager | Herschel Asset Management |
| Fund Name | Herschel Absolute Return Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | November 2010 |
| Latest Return | 2.02% |
| Latest 6 Months | 5.56% |
| Latest 12 Months | 6.02% |
| Latest 24 Months | 31.03% |
| Annualised Since Inception | 15.40% |
| Inception Date | 01 May 2006 |
| FUM (millions) | AU$32 |
| 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 Australian equity long/short portfolio, which returned +2.02% for the month, made broad based gains, particularly in mid cap resource stocks which benefited from the resources sector as a whole gaining +1.3%, outperforming the industrial sector (which fell 2.02%) for the third consecutive month.
Shorts in Aristocrat Leisure and Platinum Australia made significant contributions. A long position in Adelaide Brighton was the largest detractor from performance. Net equity market exposure was retained at a relatively cautious 36.7% (53.1% long and 16.4% short). |
| More Information | » View detailed profile of this fund |
