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| Fund Overview | The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. There is a slight bias to large cap stocks in the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. |
| Manager Comments | The Manager's Report notes that Seek, Henderson, Westpac, Ramsay Health Care and James Hardie were all significant contributors to performance, whilst Share Price Index Futures (hedging long positions), Amcor and Ansell were the major detractors. The Fund's 12 month performance was in line with the market at 10.27% as compared to 10.56% however this was achieved with approximately one-third of the Index volatility (4.15% and 11.49% Index). The fund's Sharpe ratio was notable at 1.76 (0.71 Index). |
| More Information | » View detailed profile of this fund |
