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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 -4.8% and a gross exposure of 270.1%. The Fund had 129 positions (55 long and 74 short) that were diversified across multiple investment themes. Top contributors in December were the long positions in SmartGroup +2.81% (Scarce Growth) and Blackmores +0.62% (Scarce Growth). A short position in Spotless added 2.01% (Earnings Risk). Biggest detractors were the short positions in Orocobre -1.00% (Commodities), Valeant -0.55% (Rollup) and 1-Page -0.37% (Unicorn). Click below to read the latest Fund's Monthly Report. |
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