13 Feb 2013 - NAOS Long Short Equities Fund

By: Australian Fund Monitors

Report Date	11 February 2013
Manager	Naos Asset Management
Fund Name	NAOS Long Short Equities Fund
Strategy	Equity 130/30
Latest Return Date	January 2013
Latest Return	21.44%
Latest 6 Months	36.80%
Latest 12 Months	42.04%
Latest 24 Months	-3.75%
Annualised Since Inception	2.81%
Inception Date	24 January 2005
FUM (millions)	AU$3.29
Fund Overview	The NAOS Long Short Equities Fund (previously known as the NAOS Absolute Return Fund) has an investment objective of generating outperformance of the benchmark All Ordinaries Accumulation Index over the medium to long term. The fund is primarily (min. 85%) a ASX300 domestic equities fund which has a 130/30 long/short structure (long bias). The fund also has an ex-ASX300 element limited to 15% of NAV. The fund looks to generate alpha on the short side through positions primarily made up of exchange traded funds. Individual stock exposure is +/- 17% of NAV.
Manager Comments	The NAOS Long Short Equity Fund delivered a very strong return over January of 21.4% bringing the 12 month return to 42.02%. The Fund recorded a good profits from its holdings in financials, consumer discretionary, materials and Healthcare. At the company level strong contributions (either long or short) came from Pharmaxis, Ten Network, Cokal Ltd and Maverick Drilling and Exploration. The manager did not comment on losing positions over January. In terms of market performance the manager notes that small caps have not yet generated meaningful returns. Small caps have under-performed the All Ordinaries Accumulation Index by 15% over the last 12 months. Markets will look to the February reporting season to see if earnings will support valuations in the short term.
More Information	» View detailed profile of this fund

Fund Monitors Pty Ltd

13 Feb 2013 - NAOS Long Short Equities Fund