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| 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 | The month's performance was again strongly dictated through Long/Short trading (-1.26%) largely caused by the collapse of a planned asset sale by Stonewall Resources. The Initial Public Offer (IPO) of Australian Careers Network was also a drawdown within the Long/Short strategy as the market became more cautious of vocational education and training businesses after a competitor had a major downgrade. As part of the ongoing risk management process, the Manager has continued to unwind some of the smaller, less liquid positions where price and time stop losses have been triggered. Mergers and Acquisitions was the most profitable strategy for the month (+0.25%). The Option overlay was profitable (+0.19%) due to increasing levels of volatility. The strong moves in industrial names provided positive returns from Wesfarmers, Westpac, Stockland and Macquarie Group. Rio Tinto and Newcrest were the best of the resources positions against some under-performance from Woodside Petroleum Ltd and BHP Biliton. |
| More Information | » View detailed profile of this fund |
