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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 Sharpe and Sortino ratios over the last year are 1.40 (0.41) and 2.95 (0.55) respectively with the Up and Down Capture ratios 0.59 and -0.36. At month-end the Fund had a net exposure of 5.9% and a gross exposure of 211%. We discussed the reasons for our cautious portfolio positioning in our last monthly (the end of QE in the USA, pressure on emerging market currency and commodity markets, US $ and Bond market strength) and despite the sharp rebound in some equity markets (particularly the US) many of these conditions are still in place (or intensifying) as we sit here in mid-November. Volumes (and share prices) in the mid cap space appear to be sliding with investors increasingly gravitating to a small number of (extremely expensive) growth stocks while at the large cap end banks and yield plays have been bid back up aggressively. |
| More Information | » View detailed profile of this fund |
