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| Fund Overview | The Fund primarily invests in global equities, either directly or via derivatives, to generate income from dividends and option premiums, and capital growth. Preservation of investors' capital is an overriding priority. The Fund typically has between 15 and 40 holdings (stock and options) and can invest 98% of its assets in international equities, including direct holdings in shares and option positions over shares, which are fully cash backed. The Fund restricts exposure to any individual company to a maximum of 10% of the net assets of the Fund. Cash that is not used to back option positions is restricted to a maximum of 20% of net assets of the Fund. The Fund's derivatives strategy primarily involves the selling of cash-backed put options to purchase stocks at a price in Wingate's fair price range but below current market price. The sale of the put option can result in either purchase of the stock at an acceptable price to Wingate, or the Fund receiving income in the form of the option premium. Importantly all option positions are fully backed by cash holdings and the Fund does not borrow to make investments. In addition, covered call options may be used to sell stocks that are held in the portfolio. |
| Manager Comments | Performance was supported by the weaker Australian dollar as the portfolio's assets are unhedged. Successful stock selection contributed to relative outperformance notwithstanding the Fund's lower than average equity weight. Wingate continues to position the Fund in out-of-favour companies where the combination of quality and value still resides. As a consequence of the market's prolonged upward trend, Wingate's equity weightings remain at the lower end of its long term expected range. The resultant increased cash weighting leaves the Fund well positioned for any market pullback. |
| More Information | » View detailed profile of this fund |
