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| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | The Fund recorded 83% positive months over the last year and a maximum draw-down of -0.71% as compared to the Index at -5.38%. The accelerating slide in energy prices was the big story of the month in the markets, and this dynamic also had a big influence on the Fund's return. Energy and materials stocks dominated our long return attribution of -1.91% on average long exposure of 48%. Similarly, energy and financials were the major source of gains in our short portfolio, with attribution of +1.37% on average short exposure of 31%. |
| More Information | » View detailed profile of this fund |
