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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 has a Sharpe ratio of 2.33 and a maximum draw-down of 0.19% over the last twelve months as compared to the S&P/ASX 200 Accumulation Index draw-down of 6.72%. The Manager comments that 'Two very important market fundamentals were reinforced during the month: a) The market does not always go up and the timing of declines is difficult to predict; and b) Each Merger and Acquisition deal is unique and should be priced on the risks inherent in each deal.' Despite the GNC loss, Mergers and Acquisitions contributed +0.24% to the Fund's performance for the month. Positive contributions came from the Trust Company scheme of arrangement with Perpetual after the scheme was approved by shareholders and similarly Clough Resources. The Options portfolio contributed +0.15% of performance on the back of a small increase in volatility. Positions in over-sold industrial companies provided opportunities through significant short term share price rallies. |
| More Information | » View detailed profile of this fund |
