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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 -17.1% and a gross exposure of 295.1%. The fund held 130 positions (47 long and 83 short), that were diversified across multiple investment themes. Top contributors in February were the short positions in Valeant +1.75% (Roll-Up) and 1-Page +0.73% (Earnings Risk). A long position in Altium added +0.72% (Online). Biggest detractors were the long position in Macquarie -1.35% (Financial Services) and a short position in Primary Health Care -1.35% (Earnings Risk). An unnamed short position also detracted -1.25%. Click below to read the latest Fund's Monthly Report. |
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