| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| 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 | The Fund held average gross at 110% of NAV, with net short exposure averaging 7% of NAV, avoiding the negative drag from another weak market, and recorded gains on both sides of the ledger. The Fund's long positions strongly outperformed the market, with attribution of +0.8% on average long exposure of 50% of NAV. Key contributors again included some recovery situations in retail (Myer, Metcash, Super Retail Group), Financials (banks and Perpetual), and some bottom-fishing in the energy and commodity groups. The Fund's short positions served as a useful hedge, with attribution of +0.6% % on average short (stock) exposure of 36% of NAV. Click below to read the latest Fund Monthly Report. |
| More Information |
