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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 April, the fund had a net exposure of 31.0% and a gross exposure of 298.0%. The fund was diversified across a number investment themes and geographies with 124 positions (57 long and 67 short). Top contributors in April were the long positions in Smartgroup +1.23% (Scarce Growth) and Altium +0.67% (Online). The short position in Metcash added +0.71% (Structural Change). Biggest detractors were the short position in LNG -2.10% (Promoter), and long positions in Healthscope -0.55% (Ageing Population) and Ramsay Health -0.55% (Ageing Population). Click below to read the complete Fund Manager's Report & AFM Fund Review. |
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