| Report Date | 06 December 2019 |
| Manager | Australian Eagle Asset Management |
| Fund Name | Australian Eagle Trust Long-Short Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | November 2019 |
| Latest Return | 3.80% |
| Latest 6 Months | 11.63% |
| Latest 12 Months | 35.12% |
| Latest 24 Months (pa) | 17.50% |
| Annualised Since Inception | 20.61% |
| Inception Date | 27 June 2016 |
| FUM (millions) | |
| Fund Overview | The Australian Eagle Trust Long-Short Fund aims to achieve strong double digit returns by allowing clients to access Australian Eagle's demonstrated historical strength in constructing Australian share portfolios applied to a long-short product. Using a combination of Australian Eagle's actual long investment performance in conjunction with a short selling discipline, suggests that this product can provide strong investment returns along with an alpha performance that is negatively correlated to the broader Australian equity market. |
| Manager Comments | The Australian Eagle Trust Long-Short Fund rose +3.80% in November, outperforming the ASX200 Accumulation Index by +0.52% and taking annualised performance since inception in July 2016 to +20.61% versus the Index's +12.93%. The Fund's up-capture and down-capture ratios, 133.2% and 71.0% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets since inception. The Fund's Sortino ratio of 3.04 versus the Index's 2.18 also highlights the Fund's capacity to avoid the market's downside volatility over the long-term.
The portfolio's largest positive contributions for the month came from long positions in Xero, Cochlear and CSL, while the largest detractors were short positions in Virgin Money UK plc, Caltex Australia and a long position in National Australia Bank. The Fund had 30 long positions and 19 short positions with largest exposure to medical devices & services and technology stocks. There was relatively less exposure to the financial services and materials stocks. |
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