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| Latest Return Date | |
| Latest Return | |
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| Fund Overview | |
| Manager Comments | February saw continuing strength in risk assets with ongoing global expansive monetary policy , a perception Japanese equities have bottomed and possible global equity short covering as debate intensifies on whether the great rotation from bonds to equities has started. The fund's strategies are by design defensive. In other words the fund returns are best when markets are volatile. This normally occurs when equity markets are falling. This relationship with volatility is demonstrated by the fund's high correlation with the VIX volatility index (59%). Over 2013 volatility has fallen and is approaching lows not seen since before the GFC in 2007. This is the dominant explanatory factor as to why the fund returns are more muted this year compared to its previous track record. However, it’s worth noting that the fund’s trading style has still generated positive returns while other defensive assets have fallen substantially in 2013. |
| More Information | » View detailed profile of this fund |
