| 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 | |
| Manager Comments | The strong absolute Fund returns in March owed mostly to the weakness of the Australian dollar, with global markets down 1.5% in US dollar terms. Among global markets, China did best, with Japan and Germany among the few others to post gains on a constant currency basis. The Fund's overweight to these countries, and its underweight to most other emerging markets, as well as Australia and North America, accounted for most of its geographical outperformance. The main detractors were Canara (one of our Indian Banks), and Japanese electrical engineering firm Kyudenko. Both positions have been cut. Active macro-hedges in rates and currencies also made modest contributions and helped limit volatility. The Fund closed the month fully invested, with the main features being overweight positions in China and India, Japan and Europe. The Fund has a small short position in the Australian dollar and initiated a long position in New Zealand short term rates to protect against interest rate and macroeconomic risks Read the latest Fund Manager's Report on the AFM website. |
| More Information |
