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| Fund Overview | |
| Manager Comments | Once again, May proved to be a tough month for the S&P/ASX200 Index, finishing down 5.1%. A slew of profit warnings concentrated mainly across the domestic cyclical and mining services sectors dented investor confidence whilst some weak domestic economic data together with a surprise RBA rate cut further eroded sentiment. A breakdown in the AUDUSD (-7.3%) and rising bond yields (US 10 year bond yield +46bps to 2.13% and Australia 10 year bond yield +27bps to 3.36%) saw a rotation out of yield names and into resources. The portfolio had a pleasing month, with both the long and short portfolios positively contributing to performance. The long portfolio returned 30% of the total return with the shorts delivering 70%, mainly on the back of strong performances from some of the longs which have USD exposure whilst the sell off across domestic cyclicals helped our short portfolio. |
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