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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 Fund has a Sharpe ratio of 2.26 (Index 0.38) and Sortino of 5.08 (Index 0.48) with the Up and Down Capture ratio of 0.27 and -0.12 respectively. Interestingly, since inception, the Fund was up in 79% of months that the ASX recorded a negative return. Our long portfolio performed better than the market, with negative attribution of -2.35% on average long market exposure at 46.6% of fund NAV. Our short positions did well, with positive attribution of +3.2% on average short exposure at 59% of NAV. Our short portfolio included a number of financial and defensive yield stocks which, difficult as these positions have been to put on in the face of financial repression and the associated over-reach for coupon income, proved highly effective in hedging market risk. |
| More Information | » View detailed profile of this fund |
