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| Fund Overview | The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short. |
| Manager Comments | Average net exposure over the month was +119.4%, with gross longs at 145.6% and gross shorts at 26.2%. At month end the Fund had 30 long positions and 5 short positions. The Fund's biggest exposures at month end were in the consumer discretionary, financials and telecommunications sectors. The Manager notes that '...the Christmas Grinch almost stole the traditional December rally for 2013. Despite a large negative move at the start of the month, the All Ordinaries Accumulation Index managed to finish up 0.92%. The 4.6% fall in the first couple of weeks created a buying opportunity, particularly in strong, defensive businesses where declining share prices appeared to reflect an unwind of the \'carry trade\' in the Australian market rather than any change in the underlying fundamentals of the companies.' |
| More Information | » View detailed profile of this fund |
