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| Fund Overview | The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short. |
| Manager Comments | Average gross capital employed by the Fund was 148.9% long and 29.6% short. Average net exposure over the month was +119.3%. At the end of the month the Fund had 33 long positions and 12 short positions. The Fund's biggest stock exposures at month end were spread across the consumer discretionary, financials and materials sectors. The Fund's monthly report is entitled 'Global Steel Supply & Demand: Putting China In Context'. The Report begins 'There are many amazing statistics borne from China's phenomenal growth story over the last few decades, perhaps none more than those surrounding China's growth in the production and consumption of steel. And certainly for Australia's economy, there are few more important statistics.' The full report is available on the AFM website under the Fund's profile. |
| More Information | » View detailed profile of this fund |
