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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 | Fund exposures at month-end were 56% long and 20% Short with a net exposure of 36%, down from the previous month. The Monthly Performance Update notes that within the portfolio 'Share Price Index Futures (hedging longs), Henderson Group, Donaco and Seek were all significant detractors from performance. A short in Coca-Cola Amatil (which had a profit warning), and longs in Challenger and Oil Search were the largest positive contributors.' |
| More Information | » View detailed profile of this fund |
