| 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 short positions in the financial and healthcare sectors made positive contributions to the month's performance. Also, the Henderson/Janus merger closed on schedule, and the stock was a positive contributor to returns. However, one of the Fund's international-facing financials, CYBG, did less well following its earnings report and pre-UK election uncertainty. The investment team continues to actively position the Fund to be slightly net short beta exposure, and the long positions remain tactically weighted to stocks which feature little dependence on the domestic economy, strong balance sheets and free cash flows, and defensive valuations. |
| More Information |
