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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 | In March the Fund returned -1.53%. Top contributors included a long position in Avita Medical Ltd (+164bp profit) and a long position in Elixinol Global Ltd (+32bp profit). The largest detractor was a long position in GCL Poly/3800.HK (-39bp contribution). During the month KIS travelled to China and met with several Chinese company management teams. They believe sentiment has clearly improved from only 3 months ago. In their view, management across industries were optimistic and much less concerned about the trade war. In addition, they noted the Chinese Communist Party's targeted stimulus has also driven sentiment higher. |
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