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| Fund Overview | |
| Manager Comments | Two of the Fund's largest long positions in March were McMillan Shakespeare and Sirtex Medical, while two of the largest short positions were Transpacific Industries and Duet. Momentum was the best performing investment theme in our model for the month followed by Quality with small contributions from Earnings Revisions and Value. Momentum captures share price movements that are based on previous performance over the longer and short terms. With most of the performance coming from the longer term component of this factor, stock prices in March continued to follow a low risk high yield theme as risk appetite clearly stays out of favour. While this theme has been continuing for some time, the manager is starting to see a more discerning market with increased focus on the underlying fundamental Quality of stocks and their ability to maintain dividend policies. While the market is less concerned with Earnings Revisions and Value themes at this point, the performance from shorter term Momentum themes particularly across the defensive sectors indicates that the market is beginning to be more selective with stocks where valuations are stretched and earnings growth remains weak. |
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