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| Manager Comments | At month-end Fund exposures were 101% net, 153% gross with a VaR of 1.17%. The Fund's largest (gross) exposure was US Banks at 17.8%. The Performance Report comments 'April proved to be another month of consolidation for global markets, with volatility in most asset classes diminishing, especially currencies. Market momentum also saw preferences rotate from higher quality growth companies, to cheaper, lower quality names. The Fund's biggest win came from its overweight exposure to the global automotive industry, focussed mostly on two Canadian components makers, Linamar and Magna, although US car dealer Asbury also made a contribution. The view at Morphic has long been that car parts makers are better businesses than branded car assemblers. The former's steady re-rating compared to car firms seems to be confirming this view, although how much more mileage remains in the trade is less clear. The Fund closed the month still fully invested, with limited regional biases other than the overweight India versus other emerging markets. The Fund substantially cut its interest rate hedges during the month and in early May closed these out completely. The continuing rise of the Australian dollar was partially offset by the Fund having hedging over part of its US Dollar exposure.' |
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