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| Strategy | |
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| Latest Return | |
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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 | Qato's long portfolio had a mining bias for April, most of which benefited from bounding commodity prices. Positive contributors from the sector included South32 (+15.88%), Bluescope Steel (+9.47%) and Rio Tinto (+10.27%). In Healthcare, CSL (+9.69%) contributed positively, whilst accounting software provider Xero also added value. Qato noted that, given the broad-based rally in the ASX100, the short book found generating positive performance difficult by comparison with the long portfolio. One laggard of the broader market highlighted by Qato was packaging company Amcor, retracing -2.79% in April and -11.67% over the past 6 months. |
| More Information |
