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| Manager Comments | Two of our largest long positions in April were BC Iron and Skilled Group, while two of our largest short positions were Macquarie Atlas Roads Group and AWE. Following on from March, Momentum (see chart below) was again the best performing investment theme in our model for the month followed by Earnings Revisions and Quality. Value failed to deliver in April and remains out of favour with a market that is firmly focused on Equity income via low risk(beta), large cap, and high dividend yielding stocks. With Momentum capturing share price movements that are based on previous performance, it provides a technical component to our mostly fundamental model. The market is now starting to pay attention to the fundamental Earnings Revisions and Quality components of our model, and the outstanding issue is when the market will start to factor in the fundamental or “true Value” of companies as they continue to stretch further into areas of over and under valuation across the defensive and cyclical sectors. |
| More Information | » View detailed profile of this fund |
