TechInvests’ flagship Intercept Capital fund lost just 0.05% in November, protecting almost all of the 14.9% it has gained over the past 12 months. Since inception in March 2004 the fund has generated an annualised post-fee return of 10.1% which compares favourably with its benchmark, the UBS Australia Bank Bill Index, which has generated an annualised return of 6.4% over the same period.
At the end of November the fund was invested in 32 companies the manager considers undervalued and held short positions in 13 companies the manager believes are overvalued. The manager reports that during the month short positions generally contributed positive returns while most long investments detracted from the result.
