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| Fund Overview | The Fund consists of a concentrated long/short portfolio typically comprising 30 to 40 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. There is a slight bias to large cap stocks in the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. The Fund was launched on 17th August 2011 following the resignation of Portfolio Managers Mark Burgess and Kristiaan Rehder from Herschel Asset Management in late July 2011. While at Herschel Burgess and Rehder had managed the Fund under the name of the Herschel Absolute Return Fund. As a result management of the Fund was transferred to Kardinia Capital, a new boutique fund manager 65% owned by Burgess and Rehder, with the balance owned by Bennelong Funds Management. The Fund's investment strategy and prior track record remains intact. |
| Manager Comments | Global equity markets continued to rally in April despite weakness in economic data from China and the US. A reasonable start to the first quarter earnings season in the US helped drive the S&P500 Index to a new record high. The Australian equity market outperformed as investors chased yield with the All Ordinaries Accumulation Index rising 3.8%. National Australia Bank, ANZ, Telstra and Commonwealth Bank were all large positive contributors to performance, whilst Share Price Index futures contracts (hedging long exposures), Sirius Resources, Rio Tinto and MACA were the largest detractors. The Fund’s net equity market exposure (including derivatives) was kept fairly stable around 35.2% (58.8% long and 23.6% short). |
| More Information | » View detailed profile of this fund |
