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| Fund Overview | The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks with up to 50 S&P/ASX-100 positions (up to 25 long positions & 25 short positions). Historically, the strategy has been uncorrelated to traditional asset classes with a negative beta to equity markets. Qato Capital's process is entirely systematic - stock selection and risk management are all employed in a rules based approach. Positions in Qato's long-portfolio and short-portfolio are rotated monthly dependent upon their Q-Score ranking. The strategy employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage. |
| Manager Comments | The ASX-100 rallied aggressively post the US Election moving +5.80% to close up +2.53% for November. Prior to the rally, Qato's Risk Model triggered a risk-on signal and the Fund immediately reduced its short exposure to higher beta companies - those that are most inclined to rally aggressively - with Qato's net exposure shifting from -4% to +18%. Qato's short positions in QBE Insurance, Henderson Group, and Origin Energy rallied the most. Once the risk-on signal had subsided, net exposures were readjusted towards 0%. On this occasion, the Qato Risk Model saved the Fund +1.51% during November. This coupled with July's risk-on trigger, has benefited fund performance by +4.68%. |
| More Information |
