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| Fund Overview | |
| Manager Comments | Australian equities rose strongly during February as markets continued their momentum for most of the month. Locally the economy continues to grind lower, although the Australian equity market was one of the best performing markets globally as investors digested a fairly positive reporting season which seemed to beat or meet consensus expectations. The Fund is particularly defensively placed at present with early half the portfolio option-covered and contract prices are ‘in-the-money’. Additionally, the major bank shares portfolio has been restructured to provide cover against a market pull-back and to maintain our exposure to dividends and franking credits in May and June. Woolworths and Wesfarmers have seen exposures fall as these stocks rallied strongly. The Fund has written call options in Santos and Woodside Petroleum, to generate attractive premium. Meanwhile, the Fund has positions in BHP and Rio Tinto to reduce portfolio risks in the event of commodity weakness. Pricing of Index call options bounced and allowed for some profit taking. In the put options, there is not too much interest in significant portfolio protection as sentiment is confident, buoyed by low interest rates and market momentum. Over the last 12 months has provided an (estimated) yield of 11.34% including franking credits, with a volatility of just under 80% of that of the S&P/ASX 50 volatility. |
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