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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 | Long positions in Northern Star (+15.79%) and Evolution Mining (+7.81%) added considerable value to the Fund in June despite spot gold falling -3.49%, whilst the lagging Materials sector contributed to the underperformance of Qato's long book. Of the strong performing oil stocks, Qato's machine learning model held a long position in Santos, adding value to the long book as it rallied on news of an updated dividend policy. The two best contributing positions to Qato's short book were Telstra (-5.80%) and TPG Telecomm (-7.18%) as the telecommunications sector overall fell -5.77%. Qato believe this was due to the detrimental effects of increased production, the NBN rollout and reduced margins. |
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