| 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's stronger long investments included their recent purchase of APN, which the Fund was able to make an investment at a discounted valuation. Woolworths also performed strongly, partly in anticipation of capital liberation through the sale of its non-core interests in petrol retailing. Other solid long performers included financials, namely ANZ, Suncorp, Hendersons, and Clydesdale. The Fund has limited long exposure to resources and materials, but its key long holdings in Orocobre and Newcrest also did well. The investment in Vocus Comms, however, detracted from performance for the month. The Fund continues to look for opportunities in the current bullish market, with a strong focus on capital preservation. |
| More Information |
