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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 | The Up and Down Capture ratios were 1.44 and -0.5 respectively and the Sharpe ratio 2.00 over the previous twelve months. The Fund's performance has been impacted by the re-emergence of private equity and corporate interest in a number of under-performing businesses (of the type we generally look to short) as well as a general rotation out of many quality businesses that had performed well for us into "laggards" such as gold mining shares and domestics cyclicals which we have tended to avoid (or short). Top contributors to performance in July were long our positions in Healthscope +2.53% (ageing population), Intueri Education +0.79% (scarce growth) and Flight Centre +0.76% (scarce growth). |
| More Information | » View detailed profile of this fund |
