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| Fund Overview | |
| Manager Comments | The manager found conditions difficult as the market rallied strongly despite a weak earnings growth outlook. Portfolio long positions performed very well in the market rally. However investors tended to invest in stocks with low return on equity and this hurt the fund's short positions. The fund did look to ameliorate this impact where appropriate and in line with the manager's fundamental view. Within sectors the fund did well in Consumer Discretionary and Information Technology and lost value in Healthcare and Staples. The manager sees further domestic rate cuts, an improving growth outlook globally and an increasing allocation to equities as factors supporting the market. However the lack of earnings growth and extended valuations are a concern. |
| More Information | » View detailed profile of this fund |
