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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 | The Fund had a gross exposure of 82.30% and net exposure of -15.80%. The Fund's long positions did a very solid job, with portfolio attribution of 2.94% on average long exposure of 33% of Fund NAV (a return of over 9% if grossed-up to 100% long exposure), but this good work was offset by losses on our shorts and derivative hedge positions. |
| More Information | » View detailed profile of this fund |
