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| Fund Overview | The Fund places a high priority on capital preservation, and have an absolute return focus in accepting market risk. The Manager employs a comprehensive approach to making investment decisions utilising value, growth and discounted cash flow styles. The portfolio is somewhat concentrated and the manager looks to diversify the portfolio across industries and themes rather than staying near an index. The portfolio may at times have a large amount of cash or other protection. |
| Manager Comments | At the end of the month the portfolio had nine Outlook Driven stocks, nine Event Driven stocks and two sets of Pairs Trades. Gross exposure was 71% and our net exposure was 61%. The portfolio continues to avoid well covered defensives, preferring cash if there is no better alternative. It has no Telstra, consumer staples or utilities. However, the manager would be happy to invest in yield stocks with reliable growth at the right price as a result the Fund owns only one bank, NAB (apart from a CBA/Westpac pair trade). At the other end of the risk spectrum, there are no large miners and the Fund continues to look for more growth stocks with compelling valuations. |
| More Information | » View detailed profile of this fund |
