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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 fund manager continues to believe that the key drivers of world equity pricing remain the gradient of the US economic recovery (and if the US will achieve a self-sustaining recovery that is sufficiently strong to put the US on the road to economic and fiscal repair) and whether China can slow without stumbling. More immediately, markets will fluctuate in anticipation of the Fed’s next move and whether it persists with its reckless strategy of printing money. In Australia, the GDP data will improve with the recovery in exports, and while trying to pick the bottom in consumer-related earnings still seems risky, a number of valuations are now attractive on any definition of mid-cycle earnings power. |
| More Information | » View detailed profile of this fund |
