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| Manager | |
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| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | September's return was again all about stock selection. The Fund was slightly net long invested during the month, with average net exposure around 13% of NAV, and derived no benefit from the further fall in the market. In the Long positions, the positive key contributors by sector were commercial services, chemicals, media and energy. In the Short positions, the positive contributors were energy, steel, healthcare and index futures. The negative contributors were banks, utilities, infrastructure and wealth management. Click below to read the latest Fund Manager's commentary on the Fund and market outlook. |
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