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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 June, the fund had a net exposure of 13.90% and a gross exposure of 296.10%. The fund was diversified across a number investment themes and geographies with 113 positions (59 long and 54 short).Top contributors in June were the short position in Slater and Gordon +1.41% (Earnings Risk), long positions in Smartgroup +1.07% (Scarce Growth) and Adairs +0.65% (Scarce Growth). The biggest detractors were the long positions in Flight Centre -0.59% (Scarce Growth), Domino's -0.32% (Scarce Growth) and the short position in Sandfire -0.57% (Commodities). Click below to read the latest Fund's Monthly Report. |
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