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| Manager | |
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| Strategy | |
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| Latest Return | |
| Latest 6 Months | |
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| FUM (millions) | |
| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | The Manager particularly noted the increasing equity market volatility, with recent daily trading ranges of over 2% significantly higher than the typical range since 2000 of around 0.9%, and the distortion on valuations created by QE policies which they believe may persist for years. The Fund's exposure at month end was 34% long and 31% short (including derivatives) for a net exposure of just 3%, and gross of 65%, indicating the manager's favouring a low net exposure and hedged approach to managing risk. On past performance this has served the Fund's investors well, as shown by a Sharpe Ratio since inception of 1.82, a maximum drawdown of just 1.38%, and a record of 80% positive monthly performances (Average +0.73%) when the market (average -3.88%) has fallen. |
| More Information | » View detailed profile of this fund |
