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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | The portfolio gained 17bp due to the convertible bonds strategy on Elders Ltd & PaperlinX Limited. The portfolio's long/short, portfolio hedge and currency class FX hedge strategies lost a total of 85bp in January. The Fund suffered on short positions on Australian banks (NAB.AX, CBA.AX, ANZ.AX) and long position in Comba Telecom. However, the loss in this strategy was minimized by having long positions in two small cap holdings. The portfolio hedge strategy lost 47bp as the Fund did not expect the ECB to be such a strong and cohesive organization to be able to propose QE measures that markets would react positively to. To hedge the fund, and to profit from our expectation of disappointment from the market to the announcement we had purchased index put options. Investments are received in US$ and spot exchanged to A$. The impact of interest rate differentials reduced the performance of the US$ series by 27bp. |
| More Information | » View detailed profile of this fund |
