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| Fund Overview | |
| Manager Comments | At month-end Fund gross exposure was 132%, net exposure 101% and a VaR of 1.05% (95th percentile with a 1 day holding period using a 1 year look back). The best performing Indian stocks held by the fund were Rural Electrification Corp and Canara Bank. The tactic of writing out of the money calls over a portion of the Fund's positions has been maintained, so as to generate income from the high implied volatility, while still leaving substantial room to participate in the slower share price rises expected from here as the market calms down. Other stock gains came from idiosyncratic stock performance. Japanese printer manufacturer, Seiko Epson, in which the Fund has been building a position, rallied 9.7% after presentations to analysts saw a string of earnings estimate upgrades. Semperit, an Austrian industrial rubber products producer, rose 8.7% after announcing a capacity expansion to take advantage of higher margins. The Fund remains fully invested, with similar levels of low regional biases and a focus on stock specific ideas. The Australian dollar's rally has continued, dampening absolute returns, with the Fund's partial hedge providing some offset. |
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