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| Fund Overview | The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%. |
| Manager Comments | This annualised return was comfortably ahead of the broader Australian market return of 5.3% including dividends. In a year in which many asset classes experienced an uptick in volatility it is pleasing that the fund was able to deliver absolute returns from both the long (+7%) and short (+6%) side of the book. It is also pleasing that the contribution to returns was relatively broad based with no single stock or theme impacting returns by >5% during the year. Top contributors to performance in December were the short positions in LNG Limited +1.42% (Promoter) and Metcash +1.09% (Structural Change). Long position in 1-Page added 0.69% (Online). Biggest detractors from performance were long positions in Estia Health -3.62% (Ageing Population) and Flight Centre -0.57% (Scarce Growth), whilst the short position in a litigious stock promoter detracted -1.30%. |
| More Information | » View detailed profile of this fund |
