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| Fund Overview | The fund targets a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long and 15 short equally weighted positions). The turnover is generally averaged around 30% of the total portfolio each month. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy. |
| Manager Comments | The Fund lagged the S&P/ASX-100's return in April as a result of intra month volatility, with the Australian market whipsawing throughout the month. The banking sector continued to feel pressure as a result of increased regulatory capital requirements, which led to ongoing capital raising fears. This negatively impacted sentiment and caused these positions in the Fund to underperform the S&P/ASX-100 significantly. The Fund was long in Qantas as it ranked favourably on Qato's fundamental Q-Score analysis due to the business' improving fundamentals. For the calendar year to date Qantas has delivered a 40% return to investors in the Fund and was the Fund's top performing position in April. The Fund was short in Metcash which fell -14.4% and Bluescope which fell -14.3% generating significant alpha. Click the Manager's Report to read the complete review |
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