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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 | Commodities and the Australian dollar closed the year at or close to their highs, while the retail sector lagged as consumer savings increased. Meanwhile earnings estimates for industrials fell by 10% over the past 6 months, but the market still seems to have a 12 month forward target of 5,500 - the same as it was in January 2010. In summary Optimal's view is that Australia's double speed economy provides reasonable value but with above average risk: The domestic economy is slowing appreciably while the resources boom (bubble?) is accelerating. |
| More Information | » View detailed profile of this fund |
