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| Fund Overview | |
| Manager Comments | The fund's top active positions were Japanese Drug Stores, US banks and UK water utilities. The Fund's best contributor was one of our longest-term holdings, US chip design services firm Mentor Graphics, which rose almost 10% as the company reported a solid quarterly earnings beat on exceptional sales to its automotive design clients. On a PE of 12 Mentor remains too cheap for a business with such a robust oligopoly industry structure and compared to its peers. The Fund continues to position itself for a bull market. Europe appears to be joining the liquidity party and trends in many emerging markets are showing signs of having bottomed. The Fund is fully invested with some option positions to profit from any further surge. The fund has hedged some of its euro exposure into sterling and USD, and some of its yen back into Australian dollars. |
| More Information | » View detailed profile of this fund |
