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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 | KIS noted with relatively sharp declines in equities they suffered on many of their long positions, however, none of these losses were significant in their own right. Two of the Fund's largest three profitable investments came from long positions contributing 31bp between them. The Fund also benefited from a short position in Challenger Finance where KIS had concerns about their expansion into Japan and the impact of rising yields, especially on weaker credits, could have on their portfolio of assets. KIS also noted that their discipline of maintaining a hedged portfolio using index to rebalance any significant difference between the Fund's stock longs and shorts contributed 57bp. In their latest commentary, KIS discuss what they believe to be two key drivers of the Australian market's performance in March - the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, and Labor's suggested changes to the dividend imputations/credit system. |
| More Information |
