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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 -4.7% and a gross exposure of 257.5%. The Fund had 127 positions (55 long and 72 short) that were diversified across multiple investment themes. Top contributors in November were the short position in BHP +1.11% (Commodities) and the long positions in Appen +0.52% (Scarce Growth) and IDP Education +0.51% (Scarce Growth). Biggest detractors were the short positions in OzForex -0.74% (Earnings Risk) and G8 Education -0.58% (Rollup), and a long position in Macquarie -0.30% (Financial Services). Click below to read the latest Fund's Monthly Report. |
| More Information |
