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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | Fears of a deflationary environment became evident in markets this month. The Deutsche Bank Market Implied US Inflation Index has spent the past year in a range of 2.10% to 2.20%. From the 16th Sept to 30th Sept, this fell from 2.06% to 1.91%. As we write this the index has now slumped to 1.76%. The main driver would appear to be weak data from Europe. There is little question that Mario Draghi, president of ECB, is committed to do whatever it takes to stimulate the European economy and prevent a deflationary situation. The question is: what can he do? Central Bankers do not have an endless series of monetary stimulation policies and methods. At some point, fiscal stimulus, which should have a positive IRR (albeit this can be low), will need to be used to address the situation. In Europe this is not simply a political decision, but a complicated multi country political negotiation where Sovereign balance sheets are in very different states. |
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