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| Fund Overview | The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives as determined by Totus Capital. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%. |
| Manager Comments | Since inception the fund has averaged returns of +1.45% (net) in months in which the ASX was up and +1.63% (net)in months in which the ASX was down. May was a difficult month for many of the long positions as the backup in bond yields globally led investors to dump yield plays around the world and Australia was not spared. The Manager is of the view that the risk to interest rates in Australia post the mining boom remains to the downside and therefore the sell-off in a number of Australian yield plays was probably overdone. A number of high PE "market darling" stocks were also sold off during the month and the Manager used the sell off as an opportunity to add selectively to positions in the online and high growth/high return mid cap space. The fund's short positions in second and third tier mining and mining services stocks continued to deliver strong returns during May while the (more) recently added domestic cyclical shorts also contributed nicely to performance. |
| More Information | » View detailed profile of this fund |
