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| Fund Overview | |
| Manager Comments | The manager reported stabilising influences across share markets over the month with diminishing global tail risks. The US fiscal ‘cliff’ was avoided, Japan announced a strong stimulus package and Chinese Purchasing Managers Index (PMI) data was pleasingly robust. Commodity markets continued their improvement with a 2.5% price rise in Australia’s basket of exports. However domestic economic data continues to lag the rest of the world with flat building approvals, a small rise in the unemployment rate, largely unchanged consumer sentiment and modest capital spending by corporates. Despite the weak environment, industrial shares have been in a bull-market since June last year with mining and resource-linked shares joining in as the iron ore price rebounded from October. Cheaper money, excess liquidity, attractive dividend yields and now finally the prospect of some earnings per share growth has assisted momentum. Within the fund the better performers for the month were Magellan, News Corporation and ANZ, while detractors included Sirtex, Sydney Airport and PanAust. Most of the short positions detracted over the period. Some profits were harvested in winning positions of the past six months including Sirtex and Ainsworth, as elevated portfolio positions were trimmed to more appropriate levels. The manager also reduced some stock specific short positions on the view that the market would turn its attention towards lagging stocks. At month-end, exposures were long 118.9%, short 22.9% and net long 96.0% |
| More Information | » View detailed profile of this fund |
