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| Strategy | |
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| Latest Return | |
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| Fund Overview | The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies. |
| Manager Comments | The Fund has a maximum draw-down of 2.09% since inception in February 2005 and 92% positive months. The Sharpe ratio over this time is 1.15. The Manager notes that they have published a thought piece "Defensive Strategies and Low Volatility". Activity in Mergers and Acquisitions (+0.29%) increased considerably during the month. Several new deals were announced whilst existing deals gained momentum. Yield (+0.11%) spreads continue to compress as participants clamour for yield in a low interest rate environment. The Fund is purposefully avoiding duration exposure and seeks to invest in short dated, high quality exposure and special situations. The Options portfolio (-0.43%) was again a significant detractor. Realised volatility for the month reached a new low. |
| More Information | » View detailed profile of this fund |
