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| Fund Overview | The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks by generally holding up to 50 S&P/ASX-100 positions (up to 25 long positions & 25 short positions). Historically, the strategy has been uncorrelated to traditional asset classes with a negative beta to equity markets. Qato Capital's process is entirely systematic - stock selection and risk management are all employed in a rules based approach. Positions in Qato's long-portfolio and short-portfolio are rotated monthly dependent upon their Q-Score ranking. The strategy employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage. |
| Manager Comments | The Fund was heavily exposed to the Real Estate sector which ended up +4.74% in November, with long positions in Stockland (+3.98%), Charter Hall (+8.79%), Investa Office Fund (+7.14%), Dexus (+6.04), Lendlease (-1.91%), and GPT (+6.29%), whilst having just one short position - Westfield Retail Trust (+7.85%). In the IT sector, the fund's short in Link Market Services (+3.4%) countered most of Computershare's return (+5.71%). Qato's short in Santos offset most of the gains in the Fund's long position in Origin Energy, however, Qato successfully selected the only energy company that fell during the month - Oil Search (-4.88%). Other positive and negative contributors included a long in James Hardie (+8.06%), short Graincorp (-4.91%), short TPG Telecomm (+10.19%), short Dulux (+9.42%) and long ALS (-12.66%). |
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