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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 March, the fund had a net exposure of 21.70% and a gross exposure of 279.90%. The fund is diversified across a number investment themes and geographies with 123 positions (55 long and 68 short) at the end of March. The average market cap of stocks in the portfolio is $20.15 billion. Top contributors were the long positions in 1-Page +1.9% (Online) and Altium +0.61% (Online). The short position in G8 Education added +0.83% (Promoter). Biggest detractors were the short positions in Ardent -0.25% (Earnings Risk) and in long position in Greencross -0.26% (Scarce Growth). Read the latest Fund Manager's Report now available on the AFM website. |
| More Information |
