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| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
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| Latest 24 Months | |
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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 | Two key macro factors took the fund's return down, being the surprising collapse in energy prices and unprecedented decline in bond yields. Extreme volatility in the energy sector continued in December, and led to some contagion in the wider commodity complex. Specifically, a broad range of positive long positions were overwhelmed by losses from small exposure to energy and metals. Elsewhere, the fund realised solid gains in a number of non-bank financials, but hedging these against banks proved too costly, despite the implications of the Murray report for bank sector capital and forward ROE being essentially negative. |
| More Information | » View detailed profile of this fund |
