| 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 month's performance was largely driven by the Fund's long positions. The stock shorts basically broke even and the short index futures position was a substantial drag on performance. Key contributors during the month included a number of stocks, which have been in the portfolio for some time. These included Clydesdale Bank, Henderson Group, and CSL. Woolworths also continued to drive strong returns, although the Fund has now reduced its position as the stock price approached the upper end of the Fund's fair value range. |
| More Information |
