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| Fund Overview | The Fund's portfolio primarily consists of long and short Australian equity positions. The Fund may also invest in other funds managed by BlackRock. Derivative securities, such as futures, forwards, swaps and options, can be used to manage risk and return Key insights into the investment process include: Analyst Expectations, Relative Valuation, Earnings Quality, Market Signals and Timing. Short-Term return enhancing opportunities including: Dividend reinvestment plans, Manging index changes, Managing cash flows and Arbitrage, Initial public offerings and Seasoned Equity Offerings and Off Market Buybacks. |
| Manager Comments | The S&P/ASX 200 fell 4.5% (5.1% accumulation) in May as investors rotated out of yield stocks and into resources. This followed a 25bp rate cut by the RBA, comments from Federal Reserve officials suggesting that its quantitative easing program of bond purchases could soon be tapered, and a resulting AUD depreciation that saw the AUD/USD cross rate fall below parity to a 20-month low. The leading sector for the month was Information Technology (+4.6%),led by Computershare (+12.7%) which benefited from its USD exposure. Materials (+2.2%) and Energy (+2.1%) also enjoyed positive returns, led by some smaller energy stocks, and companies in base metals and coal. Profit warnings during the month tended to be concentrated in domestic cyclicals and mining service sectors. |
| More Information | » View detailed profile of this fund |
