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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 | Continuing on from last month, market volatility continued to increase. The range of highs and lows on a month by month basis is also expanding. The market continued its theme from last month, with a further sell-off in large capitalisation quality Australian companies. May Performance was negatively impacted, in particular, by the underperforming banking sector. The Q-Score process continues to identify numerous examples of improving fundamentals. Ramsay Healthcare and Aristocrat reported strong first half profit growth that comfortably beat forecasts; and Qantas continued to benefit from an improving operating environment and encouraged investors with the possibility of capital returns or buybacks. Click below to the read the Fund Manager's latest commentary. |
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