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| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | The Sharpe and Sortino ratios were 2.22 and 4.98 respectively as compared to 1.61 and 3.27 for the ASX 200 Accumulation Index respectively. The low volatility nature of the Fund is indicated by the Up and Down Capture ratios of 0.24 and -0.12 respectively. The Fund has also achieved 85% positive months since inception in September 2008. The Trust's performance in July featured very strong returns from stock selection, although the Fund's net short exposure to a sharply rising market held back overall returns. At a stock level, the Fund's long positions performed strongly, with positive attribution of +3.4%, on long market exposure averaging 54% of NAV, or around double the overall market's gain on an equivalent exposure basis. This more than offset the cost of insuring our portfolio against downside risk. |
| More Information | » View detailed profile of this fund |
