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| Fund Overview | |
| Manager Comments | Taken as a whole, global stocks in local currency terms were volatile, but largely unchanged by month end. The Australian dollar fell 7.7% against the US dollar. The decision to remain unhedged accounted for all the Fund's gains and a little more. The Fund's top thematic contribution came from a tilt to US financial stocks, led by Wells Fargo and a basket of regional banks. A long-short position in Asian gambling stocks also added performance, as did a basket of stocks expected to benefit from a revival in leverage buyouts. Outside these themes, the largest individual gains came from Irish packaging company Smurfit Kappa; US shoe maker Crocs; Korean cable shopping network GS Home Shopping; US health company Herbalife; Pakistan's Lucky Cement; and US hard disk maker Western Digital. From a macroeconomic perspective, the month saw little improvement in underlying data, but increasing fears about how markets would react to any reduction in the rate of US money printing. The Manager expects nervousness and risk aversion to remain high, and since month end has trimmed net exposure and gone substantially underweight emerging markets. |
| More Information | » View detailed profile of this fund |
