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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 15.3% and a gross exposure of 235.9%. The fund held 123 positions (52 long and 71 short), that were diversified across multiple investment themes. For the month, the long positions recovered but it was the short positions again that costed the fund. Top contributors were the long positions in Smart Group +1.25% and McMillan Shakespeare +1.18%. A short position in 1-Page added +0.89%. Biggest detractors were the short positions in Worley Parsons -1.80%, Primary Health Care -1.05% and Fortescue -0.57%. Click below to read the latest Fund's Monthly Report. |
| More Information |
