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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 Manager Monthly report comments 'The S&P/ASX200 index finished the March quarter up 0.8% the Australian market's worst start to the calendar year since 2010. March's performance is largely at odds with some of the acclaim greeting the February reporting season(characterized as the 'best in five years'), suggesting that investors are not entirely convinced. Earnings have been re-rated about as far as they can be as a result of interest rate suppression and liquidity creation. Early-stage normalisation of the term end of the yield curve is occurring. For equity prices to advance further, growth has to step up, and the signs on that remain mixed at best.' |
| More Information | » View detailed profile of this fund |
