| 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 | The Fund enjoyed strong gains in stocks such as Orica and Aurizon that have been beaten up by exposure to the commodity complex, and which offered very substantial valuation discounts and/or self-help stories. However, the Fund's holding in Hendersons and Clydesdale Bank was a substantial drag on performance during the month, but have done much better so far in October. At month-end, the Fund had a gross exposure of 94.6% and net exposure 3.8%. Click below to read the latest Fund monthly report. |
| More Information |
