| 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 | Meanwhile the manager's thinking has not changed much from recent months, citing a 'bubble of complacency' along with evidence of consumer mortgage stress (albeit only in certain demographic pockets) despite interest rates at generational lows, with the general consumer slow-down in the June quarter highlighting the broader sensitivity to interest rates. While generally not fans of the Australian consumer economy, the manager benefited from investments in several retail stocks where the discount to their fair value assessment seemed excessive, and where stock prices in the sector had been heavily influenced by short selling, and a deep fear that no local retail business model will survive Amazon's imminent arrival. The Fund's commodity and energy exposure, while small, also generated positive returns, particularly in the emerging lithium sector, while short positions (barring financials) also made a small positive net contribution to performance in July. |
| More Information |
