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| 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 Fund is characterised by low risk with a Sortino Ratio of 5.39 (ASX Accumulation Index 0.06) and high reward-to-risk with a Sharpe Ratio of 1.81 (Index 0.12). All data is since the Fund inception in September 2008. Major contributors to the Fund's return in August were on the Long side (+1.04% attribution) industrials, media, resources, energy and property and on the negative side, food and transport. On the short side (-0.75%) positives were healthcare and on the negative side, energy, healthcare, staples and index futures. In Australia, that second derivative issue has been very relevant, with significant pro-cyclical portfolio positioning through the recent earnings season. The Manager notes that they have a lot of sympathy with a beta tilt, so ridiculous have many defensive yield valuations become. They are still surprised by the extent to which investors have been prepared to 'look across the valley', such that many earnings reports that were very weak in absolute terms, with cautious or no guidance prompting earnings downgrades, have only resulted in stock price strength. |
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