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| 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 positive performance came from the Fund's holdings in financials (ANZ, Clydesdale, Suncorp, Hendersons), resources (Orocobre) and materials. During the month, the Fund initiated a new long position in APN, which has rationalised itself down to two attractive media exposures in radio and outdoor advertising and at a discounted valuation arising from technical pressure around its recent capital raising. Hedging the market risk through short selling was successful in the interest-rate sensitive stocks. The Fund had slightly positive net market exposure (+2.4% of NAV) at month-end and retains some scepticism about the sustainability of the 'Trump bump'. Click below to read the latest Fund monthly report. |
| More Information |
