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| Fund Overview | The fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk. The Manager's experience across value, growth and discounted cash flow styles allows them to use a comprehensive approach to investment decisions that applies all three. They also have the patience to seek out only compelling opportunities, rather than settling for relative value. The portfolio is somewhat concentrated, looking to diversify across industries and themes, rather than by trying to stay near an index. The portfolio may at times have a large amount of cash or other protection. However once investments are made turnover may be relatively high in order to lock in gains and avoid losses. |
| Manager Comments | Monash Absolute Investment Fund returned -4.0% during September, a very weak month for domestic equities, which fell 5.4%. The Fund's annual return was 8.27% (ASX 200 Accum 5.93%). Volatility was 8.32% as compared to 10.17% for the Index. The negative return was not due to any bad news associated with our stocks, nor due to exposure to sectors perceived to be stretched, such as high yield financials and resources. It was primarily because our market exposure was relatively high in a falling market. While the market has had a decent recovery over the last couple of years, it has not been pushed by investor euphoria. We do not see the market as being particularly expensive. Before this month, it was merely on the expensive side of fair and now it is around fair value. |
| More Information | » View detailed profile of this fund |
