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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | Suffice it to say we still believe that globally long dated bonds do not offer value, money on deposit is a waste of opportunity, credit spreads are too tight to reflect normal default risk and equity volatility cannot remain this low forever. These are all observations of markets that have been strongly influenced by the liquidity that has been put into markets by various central banks. These are asset classes you can easily lose money on in tightening liquidity conditions. More importantly, our view is that these assets are now so artificially priced you are unlikely to make a decent return even if central banks keep the liquidity tap on. On the subject of when will the liquidity tap be closed; as inflationary signs begin to appear in wages and consumer price indices the various central banks will be forced to reduce the flow of money. We watch carefully for a tick up in these barometers. |
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