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| 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 entered January with a net short exposure. In the longs, the Resources, REITs and Communication Services sectors were key contributors for the month. In the shorts, the Index futures, energy and healthcare sectors were the key contributors for the month. The Fund did give back some ground from stock-specific investments in the retail, media, and utility sectors. The portfolio team believes market volatility is here to stay and therefore they plan to continue looking for stock opportunities, without embracing higher levels of market risk. Click below to read the latest Fund Monthly Report. |
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