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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 July, the Fund had a net exposure of 37.5% and a gross exposure of 261.0%. The Fund was diversified across a number investment themes and geographies with 114 positions (53 long and 61 short).No single position contributed more than 1% to the July performance. Top contributors in July were their short positions in LNG +0.95% (promoter) and Newcrest +0.72% (Gold). A long position in CSL added +0.64% (USD Beneficiary). The biggest detractors were the short positions in S&P Futures -0.65%, G8 Education -0.27% (Promoter) and Nanosonics -0.24% (Earnings Risk). Click below to read the latest Fund's Monthly Report. |
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