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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. |
| Manager Comments | The Fund's performance in January was contributed by being long Resmed / short Ansell. Specifically, Resmed's 2Q earnings result in late January highlighted a strong revenue performance across all geographies and validated traction in the recent launch of a suite of new products. Also helping performance was long Henderson's / short AMP, while long Caltex / short Metcash again was a top contributor following last month's respective profit upgrade / downgrade announcements. Negative contributors for the month came from long Beach Energy / short AGL Energy largely owing to the fall in oil price, as well as long QBE / short Suncorp despite limited news flow. |
| More Information | » View detailed profile of this fund |
