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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 22bp in February due to the Long Short strategy. The Fund's long names contributed 314bp whilst the short positions costed 299bp. On a market cap basis, the Fund's main long was in small caps, which created a profit of 85bp. The most notable contributors in small cap names were Freelancer (FLN. AX) at 24bp and Nirvana Asia Ltd. (1438.HK) at 16bp. HK was an unsuccessful Hong Kong IPO which created a great opportunity to buy value being the cheapest death care service provider in the region and cheap on a global scale. The Portfolio Hedge, Arbitrage, Convertible Bonds and Special Situations Strategies did not make any substantial impact, sum costing the fund 10bp as a total. The impact of interest rate differentials reduced the performance of the US$ series by 25bp. Read the complete Fund Manager's commentary on the AFM website. |
| More Information | » View detailed profile of this fund |
