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| Fund Overview | The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short. |
| Manager Comments | Average gross capital employed by the Fund was 161.7% long and 45.2% short. Average net exposure over the month was +116.5%. At the end of the month the Fund had 29 long positions and 11 short positions. The Fund’s biggest exposures at month end were spread across the consumer discretionary, industrials, property trust (financials subset), healthcare & materials sectors. The Fund’s positive performance was a result of exposure to a number of particular sectors. On the long side, the Fund was invested in select property trusts, telcos and utilities for their strong growing dividends and earnings certainty. The Fund also had positions in the media and consumer discretionary space as a play on a slowly recovering east coast economy. On the short side the Fund had select positions in the healthcare space where high expectations had not been met through the reporting season. The Fund has largely avoided sectors with a high degree of uncertainty and low visibility around future earnings, such as the mining sector. |
| More Information | » View detailed profile of this fund |
