| 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 | |
| Manager Comments | The largest stock contributor was Open House, a Tokyo based property developer, which reported earnings significantly above market expectations and raised guidance for 2016. Gains were also made from opportunities in European bank recapitalizations and government disposals of banks they were forced to take over in the GFC. The Fund's short position in Aberdeen Asset Management proved to be profitable as the company reported poor flows for their funds and rising costs, which saw the stock fall 8% over the month. Large gains in the basket of high quality US regional banks, were substantially eroded by the long Wells Fargo position. Underperformance also came from German copper smelter Aurubis and their holdings in US healthcare. The Fund began December fully invested. Fund positioning is generally neutral in regard to sectors and countries. Click below to read more. |
| More Information |
