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| Fund Overview | The fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk. The Manager's experience across value, growth and discounted cash flow styles allows them to use a comprehensive approach to investment decisions that applies all three. They also have the patience to seek out only compelling opportunities, rather than settling for relative value. The portfolio is somewhat concentrated, looking to diversify across industries and themes, rather than by trying to stay near an index. The portfolio may at times have a large amount of cash or other protection. However once investments are made turnover may be relatively high in order to lock in gains and avoid losses. |
| Manager Comments | The Manager's month-end exposure was net 79%, gross 10%,VAR 1.0%, with a beta of 0.53 for the portfolio. Over the last few months, as the market has risen, the Fund has been building their short positions. Some of the highs for the month came from strong gains in Netcomm Wireless (NTC) and from the Product Launch Companies. The biggest driver in the listed group of product launch companies was Catapult. However Greencross (GXL) and G8 Education were negative contributors to the Fund's performance. Read the Fund Manager's Monthly Commentary, now available on the Australian Fund Monitors website. |
| More Information | » View detailed profile of this fund |
