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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 | Stocks that were at fair, or full value became expensive, and those that were already overvalued, and therefore candidates for the short book, became more so. As such Optimal finds this a considerable dilemma from a portfolio construction perspective as fundamental value investors, being reluctant to short overvalued stocks in the face of the current momentum and weight of money buying. As a result both gross and net exposure of the portfolio remain relatively low at 56% and 3% respectively. |
| More Information | » View detailed profile of this fund |
