| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | |
| Manager Comments | Global equity markets had a strong month in April, fuelled mainly by the Bank of Japan’s announcement of a massive expansion of money supply in an effort to stimulate inflation. The S&P/ASX 200 got caught up in the excitement and ended up 4.5%. The focus of the local market rally was primarily dividend yield which drove Telcos up 10%, Financials up 9%, REITs up 8% and Staples up 7% whilst Resources were sold off heavily. Gains in Health Care and Consumer Staples were equally offset by losses in Consumer Discretionary and Utilities. The Fund's long portfolio was up over 6% for the month but the short portfolio losses neutralised the net position. This was a disappointing outcome as the fund continues to be impacted by exogenous factors rather than fundamental factors. The manager is conscious that some investors have disregarded the equity risk premium concept resulting in valuation premiums in some stocks being unjustified in the manager's opinion. Further the manager regards the current market conditions as challenging for fundamental investors but expects that the Fund have by now withstood the majority of thematic headwinds and expect an element of reversion to be forthcoming, enabling the Fund to regain lost ground. Locally, the economy is marked by weak business and consumer confidence which is reflected in some recent downgrades and softer outlook commentaries. Equity markets are looking through FY 2013 earnings and the market is starting to see some earnings softness occurring in the FY 2014 outlook. |
| More Information | » View detailed profile of this fund |
