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| Fund Overview | The Fund's portfolio primarily consists of long and short Australian equity positions. The Fund may also invest in other funds managed by BlackRock. Derivative securities, such as futures, forwards, swaps and options, can be used to manage risk and return Key insights into the investment process include: - Analyst Expectations - Relative Valuation - Earnings Quality - Market Signals - Timing Short-Term return enhancing opportunities including: - Dividend reinvestment plans - Manging index changes - Managing cash flows - Arbitrage - Initial public offerings and Seasoned Equity Offerings - Off Market Buybacks |
| Manager Comments | The Australian equity market had a strong fourth quarter, rising 6%. This was driven by reduced fears of a hard landing in China, improved commodity prices and hopes for a resolution to the US fiscal problem. Within the market high yield stocks were strong as investors sought yield. The portfolio benefited from strong consumer cyclical performance with the portfolio benefiting from this strength through holdings in QAN, FLT and SUL. Metals and mining exposures also made a positive contribution to the portfolio through short positions in poorly performing mining stocks. Other positive contributions came from under-weights to insurance and favorable stock selections in healthcare. Within signals Relative Valuation was the strongest contributor with Market Signals the only signal delivering negative return. |
| More Information | » View detailed profile of this fund |
