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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 | The Aussie market was less impressive when viewed in context of a 5% slump in the $A over the month, the market was actually down in $US terms. The fund continues to tilt the portfolio towards large cap stocks, yield, scarce growth and US$ exposure. We are remain generally short the commodity space. The Aussie market is up 14% since mid-December and as such we are running a relatively low net exposure (23%). Top contributors to performance in January were our long positions in Macquarie +0.71% (Financial Services), Intueri +0.67% (Scarce Growth) and Telstra +0.67% (Sustainable Yield). Biggest detractors from performance were our short positions in LNG Limited -1.23% (Promoter) and Northern Star -0.53% (Gold), whilst our long position in S&P Futures cost -1.30%. Currency wars have continued into February with our own RBA 'unexpectedly' cutting interest rates and aggressively talking down the $A. |
| More Information | » View detailed profile of this fund |
