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| Latest Return | |
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| FUM (millions) | |
| Fund Overview | The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies. |
| Manager Comments | Mergers and Acquisitions was the best performing strategy (+0.28% net return). Wotif.com Holdings Limited produced good returns as a result of receiving both ACCC and shareholders' approval for Expedia to acquire them. The New Zealand Commerce Commission approval was the last remaining condition and this was received shortly after month end with the scheme consideration due to settle in mid‐November. The Funds Options Overlay was the main detractor from performance (‐0.37%). Woodside Petroleum Ltd Woolworths Ltd and National Australia Bank Ltd all suffered losses from both theta; a loss of option value as it approaches expiry, and vega; the change in an option price due to moves in the volatility. This was particularly the case later in the month when implied volatility was sold down as a result of the market recovery. |
| More Information | » View detailed profile of this fund |
