| 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 long investments generated around 30bps of return, on average long exposure of 58% of NAV. Many of the long investments are heavily weighted to stocks that have little dependence on the domestic economy or are otherwise desynchronised from it, including offshore financials Clydesdale and Henderson, CSL, Orocobre, and even Woolworths. The stock shorts and the short index futures position both cost the Fund, slightly more than 10 bps of performance, but the investment team believes that it is crucial to have portfolio insurance after a year of such stellar market gains. |
| More Information |
