| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | |
| Manager Comments | Fund performance was flat for the month with solid earnings results from several long positions offset by results from the short portfolio which were largely not as poor as expected. The market rally over the past 6 months has been largely driven by large cap stocks with good dividend yields and lower than average risk. Recently the rally has broadened and value has start move higher. The Fund has maintained its focus on high return on equity, quality businesses but several large cap, high yield, low beta stocks are trading at premiums to long term valuations. The Fund reduced its exposure in some stocks that have run ahead of their fundamental valuation. The manager notes that recent performance has run ahead of earnings and that evidence of a earnings growth recovery will be needed to justify recent market strength. |
| More Information | » View detailed profile of this fund |
