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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 | At the end of February, the fund had a net exposure of 30.6% and a gross exposure of 252.25%. The fund held 124 positions (56 long and 68 short). Top contributors to performance in February were our long positions in Domino's +1.65% (Scarce Growth), Macquarie +1.37% (Financial Services) and Altium +1.08% (Online). Biggest detractors from performance were our short positions in ASX Index Futures -0.85% and LNG Limited -0.58% (Promoter), and a long position in Intueri -0.85% (Scarce Growth). The Fund looks for stocks with medium to long term tailwinds for longs and headwinds for shorts. Over shorter periods, the Fund can occasionally experience a 'short squeeze' due to investor positioning driving the share prices rather than the fundamentals and if too many investors are short. The Fund expects that these squeezes inevitably run out of steam and fundamentals come back into play. Read the complete Fund Manager's Report now available on the AFM's Fund Profile. |
| More Information | » View detailed profile of this fund |
