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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 | Bluescope was Qato's best performing long, lifting the Fund's performance by +1.42% in January, as the Company upgraded their earnings outlook due to favourable steel and iron ore prices boosting profitability. In Qato's short book, Carsales was one of the best performing shorts for January, weighed down by expectations for a lower growth profile and as long-term CEO, Greg Roebuck, resigned - the stock fell -7.59% during January. The Fund's short position in Star Entertainment Group contributed +0.34% to the Fund's performance in January. It's fall of -7.86% for the month underperformed the S&P/ASX-100's fall of -0.58% by -7.27%. |
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