| 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 | During the earning season, Woolworths, APN, Vocus and CSL contributed positively to the Fund's performance. However, this contribution was undone by Orocobre, which again cut production guidance. On the short side of the portfolio, the positions in Materials and Telco generated solid returns, although this contribution was largely offset by the drag from stronger defensives, Financials, and index futures. The investment team retains a cautious position with respect to net market exposure and continues to look for stock opportunities. |
| More Information |
