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| 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 | In January, the Fund's index hedges detracted 106bp. No other short positions lost more than 25bp. The Fund's largest positive contributors were all on the long side and included Sirtex Medical (+56bp), Cynata Therapeutics (+27bp) and Sempcorp Marine Ltd (+30bp). In their latest report, KIS Capital briefly discuss their view on ETFs. KIS feel there is a role for simple and well-structured ETFs to allow investors to decide whether they'd prefer active management or passive/indexed returns from a simply structured ETF such as the SPDR S&P/ASX200 Fund (STW.AU). However, they don't agree that investors should be able to 'point, click and buy' a risk profile and return stream that they don't understand. Two examples they point to are the VelocityShares Daily Inverse VIX Short-Term ETN (XIV.US), which was terminated after it experienced a daily drop of 84% on the 5th of February due to a spike in volatility and its own hedging actions, and VelocityShares Daily 2x VIX Short-Term ETN (TVIX.US). |
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