18 Dec 2012 - Performance Report: Merricks Soft Commodity Fund

By: Australian Fund Monitors

Report Date	17 December 2012
Manager	Merricks Capital
Fund Name	Merricks Soft Commodity Fund
Strategy	Commodities/CTA
Latest Return Date	November 2012
Latest Return	0.76%
Latest 6 Months	0.07%
Latest 12 Months	2.15%
Latest 24 Months	10.87%
Annualised Since Inception	10.02%
Inception Date	01 January 2008
FUM (millions)	AU$83
Fund Overview	The Merricks Capital Soft Commodities Fund focuses on Soft Commodities and allows investors to get direct exposure to Soft Commodities which includes, wheat, corn, soy oil, canola oil, and sugar. The Merricks Capital team have a long history and involvement in the Soft Commodities sector and bring these years of specialised knowledge and experience to managing the Fund. The objective of the Fund is to find outstanding investment opportunities in the Soft Commodities sector and to also take advantage of mispricing between commodities. All investments are based on bottom up fundamental research and the Fund limits directional exposure of its investments through a strict process of portfolio construction and risk management. Trading strategies include calendar spreads, substitute spreads and basis trades and the Merricks Capital trading platform allows the Fund to trade on all markets (including ASX, CBOT, Euronext and Malaysia).
Manager Comments	The Merricks Soft Commodity Fund returned 0.76% in November driven largely by the seasonal convergence of geographic wheat spreads. The long Palm Oil, short Soybean oil position performed well to the middle of the month before giving up gains however the manager remains highly convicted in the position.
More Information	» View detailed profile of this fund

Fund Monitors Pty Ltd

18 Dec 2012 - Performance Report: Merricks Soft Commodity Fund