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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 | October's volatility saw KIS reduce gross exposure and increase activity. Long exposure to gold companies such as Evolution Mining and Newcrest mining helped, contributing 29bp and 14bp respectively. The Fund's smaller companies impacted negatively, detracting -283bp across all names. This was mostly offset by a short bias across large caps (+94bp) and index hedges (+134bp). KIS noted October presented investors with one of the toughest months since 2008. They believe we are entering a corporate buyback period in the US equity market and that the higher yields in the US will temper further borrowing to fund these buy backs. KIS don't expect yields to increase any further over the short to medium term. |
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