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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 | The top contributor for December was Resolute Mining (+38bp contribution). The main detractor was a 45bp loss in the Fund's long position in GTN Ltd/GTN.AX. There were no other loss contributors of more than 20bp. The use of short index futures also generated a profit, helping offset the loss on the Fund's net long equity positions. Futures hedges generated 32bp. KIS noted December saw some capitulation among retail investors who had been quite stubborn reducing risk. This, they believe, sets up for some near term market stability. While their base case is that they expect more bear market behaviour in 2019, KIS say they are reminded that positioning can bring about very sharp rallies which can shake out handy shorts. In their view, 2019 will certainly provide some continued volatility. |
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