| 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 | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | The gains on the portfolio were driven by long positions this month, on aggregate the Fund made 1.4x as much money on long positions as the losses it suffered on the short. Positive contributors included MedAdvisor (+0.31%), Fairfax Media (+0.24%) and Base Resources Ltd (+0.21%). Detractors included Range International Ltd (-0.39%), HSCEI Index (-0.23%) and a2 Milk Company Ltd (-0.22%). The Manager's report highlights the advantages of running a carefully risk managed portfolio in the face of a protracted bull market. KIS noted that the largest drawdown experienced by an investor in the Fund since inception was -2.6%, this is contrasted against drawdowns experience over the same period by several indices - S&P ASX200 -17.7%, Hang Seng -32.1%, HSCEI -45.1% and S&P500 -17%. |
| More Information |
