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| Fund Overview | The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives as determined by Totus Capital. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%. |
| Manager Comments | Up and down capture ratios were notable at 0.85 and -1.47 as was the Sharpe ratio at 1.97. The Monthly Performance comments that 'The fund went into April with relatively large exposure to tech (bricks to clicks), high PE stocks (scarce growth) and US$ earners all of which were hit to varying degrees over the month by the aggressive rotation out of crowded "winners" into cheaper "laggards" as well as the ongoing strength in the Aussie dollar. The market was unimpressed with the growth in costs reported by Google (our 2nd largest position) which cost the fund just over 0.5%. Adding to the pain was a takeover bid for one of our "structurally challenged" short positions Goodman Fielder and the cost of our index hedging which together cost the fund another 1%.' |
| More Information | » View detailed profile of this fund |
