| 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 | Several of the Fund's long investments that contributed positively in December, gave up much of their gains in January, including Henderson, Clydesdale, APN and Orocobre. The first two stocks confronted a severe headwind in the form of further weakness in the GBP. Other solid long performers included Woolworths, Newcrest, Link and Vocus Communications. A number of the fund's core shorts in retail and financials worked well for the month. However, the early stage (and small) short markers in materials were a drag on performance. The investment team retains a cautious position with respect to net market exposure and continues to focus on stock opportunities. |
| More Information |
