| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | A key influence on the Fund's performance during the month was the earnings reporting season. Some of the out-of-favour stocks (e.g. Woolworths) at or close to an earnings inflection point, and with low risk of disappointment, worked out well for the fund. In hedging portfolio risk, the Fund selectively short-sold some outperforming and high-multiple defensives, where the risk of an earnings miss was high, e.g. Realestate. At month-end, the Fund had gross exposure of 94% and net short exposure of 22%. The Fund continues to maintain a defensive focus. Click below to read the latest Fund monthly report. |
| More Information |
