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| Fund Overview | - Australian and International Equity Long/Short - Global Fixed Income Long/Short - Global Macro - Commodity Alpha - Alpha Transport The Fund's goal is to provide investors with a source of consistent, risk-controlled, absolute returns that are over time, expected to have low correlations with the returns of major asset classes. The Fund aims to achieve a return of 8% p.a. before fees, above the RBA Cash Rate Target over rolling 3 year periods. In order to achieve its expected return objective, the Fund will target a total expected risk of between 4-6% p.a. over the same rolling 3 year period. |
| Manager Comments | The Fund's absolute return mandate is shown by the maximum draw-down of 9.45% and 80 % positive months as compared to the Index of draw-down of 47.19% and 65% positive months. The Multi Opportunity Fund delivered positive performance in the third quarter, despite under-performing the cash benchmark. The Global equity long/short and Australian Equity long/short strategies added value while our Fixed Income Global Alpha strategy was flat. Both the Global Macro strategy and International Alpha Transport detracted. The fund returned 0.25% for the quarter versus the RBA cash benchmark return of 0.66%, delivering an excess return of -0.41%. The Australian equity selection strategy outperformed the market in the third quarter due to strong performance in July. This early performance was on the back of geo-political tensions lifting the oil price and a rally in domestic cyclicals. In September the strategy under-performed the market. The rally of domestic cyclicals rally following the reporting season impacted our positioning negatively, with the primary detractors being building materials. |
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