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| Fund Overview | |
| Manager Comments | The Fund's long-term performance remains strong with a since inception (Jan 2003) annual return of 20.82% as compared to the Index of 10.08% p.a with a slightly below Index volatility. The Fund's maximum draw-down is notable at -12.22% as compared to the Index value of -47.19% as is the Fund's Sharpe ratio at 1.25 as compared to 0.43 (Index). Fund performance was weak as several stock specific issues affected returns. The portfolio was impacted primarily by a profit warning on one of the long positions, an earnings miss by another long and a re-rating by the market of some our short exposures in consumer discretionary and healthcare. The Fund did not make any major portfolio adjustments during November. Negative returns in the long book were not fully offset by short position positive returns. The Financials sector returns were profitable in long and short positions whilst consumer discretionary positions were loss making in longs and shorts. |
| More Information | » View detailed profile of this fund |
