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| Fund Overview | |
| Manager Comments | The manager notes that market tone was dominated by a resurgence in uncertainty in Europe, and for the Euro, caused by the Italian election deadlock and fears the US economic recovery might falter in the face of mandated cuts to government spending. Both issues may continue to be a factor in March, especially the Italian stalemate. Weak economies throughout Europe mean support for the anti-establishment parties, focused on ending austerity and leaving Euro is on the rise, with potentially unpredictable economic and market consequences. In terms of the fund the manager recorded losses on four Indian bank positions which offset large gains made in other markets, especially Thailand and Japan. Under-performance also came from the tilt to emerging markets over developed markets and a European bank over-weight. Gains were made on a range of Japanese holdings as well as on Manilla Water and two Hong Kong holdings. Gains were also made on some short positions in Europe and Asia. The fund reduced its net investment level over the period as it seemed strong inflows has left stocks, particularly in Europe and emerging markets over-extended. The fund remains un-hedged into $A but does have some of the fund's yen exposure hedged into $US. The fund also has a short US bonds and long German bonds position in the fixed interest portion of the portfolio. |
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