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| Fund Overview | |
| Manager Comments | The S&P/ASX200 Accumulation Index finished down ‐2.21% in March putting an end to a nine month positive streak. Within the Aussie Index, Australian banks continued to perform relatively well and again it was resources that lead the market lower. Of note,both BHP and RIO fell by more than 10%. Concerns out of Cyprus, namely the treatment of bank deposits, and the possible ramifications for other debt ridden European economies forced risk back into the spotlight. Commodity price declines also weighed heavily on our market as lower demand lead to lower spot pricing. The manager makes the following comments regarding each of the strategies; Convergence was the best performing strategy for the month (+0.26%). The Wesfarmers position was the biggest contributor again due to an increase in the value of the protection as the share price fell in line with the market. Long/Short generated a loss for the month (‐0.10%). Gains from holding a long position in Treasury Wines were offset by losses from being long Newcrest Mining and Downer EDI. Mergers and Acquisitions added +0.12% for the month. The best performers were Real Estate Capital Partners USA Property Trust and Challenger Infrastructure Fund. The protective Options strategy was also a small detractor for the month (‐0.04%). Volatility around the Cyprus situation produced good returns, but as the market grew more comfortable with the situation and the Aussie market approached a four day holiday weekend option prices were marked down aggressively. The Yield book provided a positive return of +0.17%. All hybrid instruments were positive for the month but the Macquarie Convertible Preference Security was the biggest contributor with only three months left to run until redemption or conversion, subject to some mandatory conversion conditions. |
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