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| Fund Overview | The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies. |
| Manager Comments | The Fund continues to deliver steady returns within a low risk framework with 88% positive months, a maximum draw-down of 2.09% (ASX 200 Acc Index 47.19%) and downside deviation of 1.31 (Index 10.80) since inception in March 2005. Yield was the best performing strategy for the month (+0.14%). The Transpacific Step-Up Preference shares were the strongest performer after the issuer announced that they are seeking to sell their New Zealand waste management business and potentially use the proceeds to redeem the notes. The Long/Short strategy had a strong month (+0.11%) in light of a flood of capital raising that were undertaken mostly by small and mid-tier companies. As with many of the stronger monthly market moves, the Options strategy was again a draw-down (-0.12%). The S&P/ASX200 index puts and calls were a cost to the Fund as realisable volatility was lower than the implied volatility paid to own the market protection. |
| More Information | » View detailed profile of this fund |
