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| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | The Fund was 45.0% long and 30.4% short for net exposure of 14.6% as at month-end. The manager comments that they 'still think that 2014 looms as less about a one-way bet on equities and the impact of financial repression on risk assets, and much more about stock selection and risk management. After the large gains in equity markets last year, it may just be that investment allocations are much more 'all-in' than commonly thought. Investors seem to struggle to defend their more over-owned and popular market leaders even at these lower price levels, and an air of caution may pervade for a while longer through what may well be a challenging earnings season through February.' |
| More Information | » View detailed profile of this fund |
