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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 are notable at 1.6 and -0.50 respectively. The current market setup is potentially favourable for a nimble long short manager. We have the possibility of QE ending in the USA next month, volatility is so low at present that the risk from here is more than likely to the upside and corporate activity (such as IPO's, placements) is still very strong. with events such as the IPO of Medibank (due to list before xmas) capable of moving the performance needle for a small fund like ours. Top contributors to performance in August were our long positions in McMillan Shakespeare +1.13% & Intueri Education +0.94% (scarce growth). Index Futures positions also contributed +1.00%. Biggest detractors from performance were our long positions in Fortescue Metals -0.76% (deleveraging), Mint Wireless -0.69% (cashless society) & Henderson Group -0.34% (financial services). |
| More Information | » View detailed profile of this fund |
