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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. 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 | Top contributors to performance in June were long our positions in Intueri Education +0.79% (scarce growth) and Burson +0.32% (scarce growth) and a short position in Monadelphous +0.35% (mining capex bubble). Biggest detractors from performance were our long positions in Flight Centre -1.24% (scarce growth) and Tiger Resources -0.76% (scarcity) and a short position in Liquefied Natural Gas-1.10% (promoter). The ASX300 Accumulation Index is now up just 2.86% for the first half of the 2014 calendar year, making the stellar returns of 2013 harder to come by. However, we view this as a healthy period of market consolidation and remain cautiously optimistic for an improved second half. |
| More Information | » View detailed profile of this fund |
