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| Fund Overview | The fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk. The Manager's experience across value, growth and discounted cash flow styles allows them to use a comprehensive approach to investment decisions that applies all three. They also have the patience to seek out only compelling opportunities, rather than settling for relative value. The portfolio is somewhat concentrated, looking to diversify across industries and themes, rather than by trying to stay near an index. The portfolio may at times have a large amount of cash or other protection. However once investments are made turnover may be relatively high in order to lock in gains and avoid losses. |
| Manager Comments | The Manager notes that while November was a poor result, it was significantly better than the market which deteriorated badly towards the end of the month. We were helped by not owning resources and by shorting a couple of mining services stocks. The portfolio was very active during November, as we closed/opened Event Driven opportunities and added to some of our Outlook Driven stocks in weakness. The most significant trade of the month was exiting Technology One, one of our Outlook Driven stocks, which had gone up 113% over the 20 months that we owned it. |
| More Information | » View detailed profile of this fund |
