| Report Date | 10 May 2011 |
| Manager | Mathews Capital Partners |
| Fund Name | Mathews Velocity Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | April 2011 |
| Latest Return | -3.24% |
| Latest 6 Months | 22.44% |
| Latest 12 Months | 42.54% |
| Latest 24 Months | 79.42% |
| Annualised Since Inception | 44.48% |
| Inception Date | 01 July 2006 |
| FUM (millions) | AU$104 |
| Fund Overview | The Fund is a general long/short equity fund principally investing in listed securities in Australia and internationally. The Fund may also invest in unlisted securities which are expected to list within six months of purchase. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund has the provision for short sales and the use of derivatives as determined by the Manager.
The Manager does not target a specific investment style. The Manager's investment strategy is based on attempting to pick emerging trends in the equity and commodity markets. |
| Manager Comments | Mathews Capital's Velocity Fund suffered its first monthly fall after nine consecutive positive months but remained up 42.54% over the past 12 months, close to its annualised performance since inception of 44.48%. The Velocity Fund's exposure to coal and gold stocks detracted from performance, while the funds short positions mitigated the losses on the long portfolio.
At the end of April the Fund's gross exposure was 150%, made up of 112% long and 38% short, for a net exposure of 74%, the lowest exposure the fund has held since November 2010 reflecting the manager's caution relating to the strength of the Australian dollar and its impact on the market. The Fund's sector exposure at month-end was 39% coal, 28% Gold, Industrials 14%, Property 12%, Base Metals & Other 8%, and Energy 5%. |
| More Information | » View detailed profile of this fund |
