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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 month-end,the Fund had a net exposure of -23.0% and a gross exposure of 293.2%. The Fund was diversified across a number investment themes and geographies with 131 positions (55 long and 76 short). Top contributors in September were the short positions in LNG Limited +3.11% (Promoter) and Woodside +0.98% (Energy). A long position in SmartGroup added +0.82% (Scarce Growth). Biggest detractors were the short positions in Northern Star -1.14% (Gold), Newcrest -0.75% (Gold) and Spotless -0.46% (Earnings Risk). Click below to read the latest Fund's Monthly Report. |
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