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| Fund Overview | - Australian and International Equity Long/Short - Global Fixed Income Long/Short - Global Macro - Commodity Alpha - Alpha Transport The Fund's goal is to provide investors with a source of consistent, risk-controlled, absolute returns that are over time, expected to have low correlations with the returns of major asset classes. The Fund aims to achieve a return of 8% p.a. before fees, above the RBA Cash Rate Target over rolling 3 year periods. In order to achieve its expected return objective, the Fund will target a total expected risk of between 4-6% p.a. over the same rolling 3 year period. |
| Manager Comments | The Multi Opportunity Fund delivered a small negative performance in May with Global Equity Market Neutral, European equity long/short, and International Alpha Transport strategies adding value. Australian Equity Market Neutral, Global Macro, and Fixed Income Global Alpha strategies detracted. The Australian equity market fell -5.1% in May as investors rotated out of yield stocks and into resources. The leading sector for the month was Information Technology, led by Computershare, which benefited from its USD exposure. Materials and Energy also enjoyed positive returns, led by some smaller energy stocks, and companies in base metals and coal. Performance of the Australian equity long/short strategy was hurt by the rebound in small/mid cap resources which had been sold down heavily in April, by the out-performance of USD exposed stocks, and by several significant stock specific profit warnings. Our short positions accounted for most of the under-performance with mineral sands miner Iluka Resources and uranium miner Paladin Energy among the biggest detractors. |
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