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| Manager | |
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| Strategy | |
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| Latest Return | |
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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 | For the month of October, REITs and Health Care were the worst performing sectors. This benefited the Fund's performance has it had some short exposure to the Healthcare sector. Also, the Fund was largely unaffected by the headlines in the gaming sector (Crown employees detained in China; Sky City profit warning), and the China-facing growth stocks (Bega/Blackmores). The Fund was negatively affected by continued GBP currency weakness, which impacted two of the Fund's high-conviction longs in Hendersons and Clydesdale Bank. At month-end, the Fund had a gross exposure of 93.9% and net exposure -1.5%. The investment team continues to maintain a defensive posture towards market risk and has positioned the portfolio accordingly. Click below to read the latest Fund monthly report. |
| More Information |
