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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 | Markets remained volatile in June with a number of asset classes (e.g. gold, bonds) reacting violently to news that the US Federal Reserve was considering \'tapering\' its program of quantitative easing (QE). That trend has continued into July with markets reacting just as violently to news this week that the Fed may not be \'tapering\' after all. This kind of volatility can present opportunities for a nimble absolute return fund. The Manager is sticking to their general investment road-map which is as follows: •Global growth remains subdued, an environment that should suit \'big and boring\' companies (long positions) over \'small and sexy\' ones (short positions). • Even if QE is not ending it may be reaching the limits of its effectiveness in some regions. • The mining boom in Australia is over and as such so is the era of a high Aussie dollar and Australia's (relatively) high interest rates. • Gaining exposure to the US economy and the US$ (at least in a relative sense). |
| More Information | » View detailed profile of this fund |
