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| Fund Overview | The manager's investment approach is premised on the belief that fundamental factors (such as earnings, cash flow and profit growth) affect stock prices, but that the adoption of quantitative techniques (i.e. computer based models) provides an advantage in assimilating and analysing this information, and building an efficient portfolio. The Fund's portfolio is constructed to be market neutral i.e. it aims to have little or no overall exposure to movements in the equity market. The aim of low exposure to market movements is to enhance the consistency of the portfolio's performance and to provide diversification from other market oriented investments. |
| Manager Comments | This has been achieved with low volatility (as measured by standard deviation) of 8.1% p.a., around half the volatility of the equity market. In addition, the Fund has recorded no correlation (-0.03) to equities. The four fundamental investment factors in our stock selection model, namely Revisions, Value, Quality and Momentum all had positive returns over the quarter. While the Revisions factor provided consistent performance over the quarter, April was largely driven by the Momentum factor which has been the dominant investment theme for the most of this year. While the market paid little attention to our Value and Quality factors in May, these reasserted themselves in June. |
| More Information | » View detailed profile of this fund |
