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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 prospect of the US Federal Reserves "QE3" ending in this month has seen a spike in volatility, a rally in the US$, a strong bid to government bonds (falling yields) and a sharp correction in many "risk" assets around the globe (US small caps, commodities, junk debt, the A$ to name in few). The fact that IMF is downgrading global growth forecasts (particularly in Europe) and that central bankers appear to be content with "jawboning" markets rather than taking action has added to the excitement. In isolation none of these events is particularly concerning but taken together they look to us like deflation (i.e. falling asset prices). In this kind of environment the ability to protect capital via short selling (which we see as one of our core competencies) becomes increasingly valuable. |
| More Information | » View detailed profile of this fund |
