| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 83.80% and net exposure of -7.0%. The Fund maintained net short risk settings through the month, but the Fund's return was generated entirely by their long positions, with net attribution of 1.4% on average long exposure of 36% of NAV. The long positions included a number of solid performers,as well as small positions in two stocks which were subject to takeover offers, in iiNet and PanAust. In both cases, strategic buyers appear to see value in areas that the equity market does not. Click below to read the latest Fund Manager's review of the Fund and the Market. |
| More Information |
