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| Fund Overview | The fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk. The Manager's experience across value, growth and discounted cash flow styles allows them to use a comprehensive approach to investment decisions that applies all three. They also have the patience to seek out only compelling opportunities, rather than settling for relative value. The portfolio is somewhat concentrated, looking to diversify across industries and themes, rather than by trying to stay near an index. The portfolio may at times have a large amount of cash or other protection. However once investments are made turnover may be relatively high in order to lock in gains and avoid losses. |
| Manager Comments | The Sharpe ratio is high at 2.31 and the Up and Down capture ratios of 0.65 and -0.17 are sound. In May the fund was down -0.5% after fees against the backdrop of a small positive return by the Australian equity market. Risk controls continued to serve the Fund well, with the portfolio weathering poor news from four stocks. The portfolio return was also helped by a number of our stocks continuing to do very well. Net exposure was lower by the end of the month as the Fund continued to trim the weights of stocks that had risen strongly, and also exited stocks that were no longer compelling. |
| More Information | » View detailed profile of this fund |
