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| Fund Overview | The Fund consists of a concentrated long/short portfolio typically comprising 30 to 40 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. There is a slight bias to large cap stocks in the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 10 to 15% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. |
| Manager Comments | The Fund's since inception (May 2006) return is 14.11% pa (ASX Accumulation Index 4.18% pa) with a standard deviation of 7.89% pa (Index 14.86%). The Australian equity market maintained its upward momentum in August with the ASX 300 Accumulation Index closing 2.51% higher. The domestic reporting season was mixed with results broadly meeting expectations. Whilst revenue growth remained subdued, ongoing cost cutting and efficiency improvements remained a consistent theme. Long positions in Fox, Seek, Crown, and Mineral Resources were all meaningful positive contributors. The largest detractors from performance were Share Price Index Futures contracts (hedging long positions), QBE and EBOS (New Zealand listed). |
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