The Wallace Australia Opportunities Fund (WAOF) returned +1.71% in December, bringing its 2008 return to +48.9%. This fund has now produced positive returns for every month since March 2008.
The fund's long/short strategy returned +0.937% for December, mainly attributed to net short positions in financial and consumer staples stocks, and a small net long position in industrials. This was partially offset by the fund's net long exposure in material stocks. The event driven strategy returned +0.777% in December, with the fund taking advantage of short term trading opportunities.
