| Report Date | 30 January 2020 |
| Manager | Australian Eagle Asset Management |
| Fund Name | Australian Eagle Trust Long-Short Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | December 2019 |
| Latest Return | -1.78% |
| Latest 6 Months | 2.88% |
| Latest 12 Months | 29.82% |
| Latest 24 Months (pa) | 15.82% |
| Annualised Since Inception | 19.46% |
| 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 Long-Short Fund has risen +29.82% over the past 12 months versus the ASX200 Accumulation Index's +23.40%. Since inception in July 2016, the Fund has returned +19.46% p.a. versus the Index's +11.90%. The Fund's Sharpe and Sortino ratios, 1.51 and 2.86 respectively, by contrast with the Index's Sharpe of 1.16 and Sortino of 1.96, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios for performance since inception, 133.2% and 72.3% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets.
The Fund returned -1.78% net of fees in December, outperforming the Index by +0.39%. The largest positive contributions came from long positions in Fortescue Metals Group and Pushpay Holdings and a short position in Whitehaven Coal, while the largest detractors were long positions in Treasury Wine Estates, Japara Healthcare and National Australia Bank.
The Fund had 29 long positions and 21 short positions at the end of the month, with the largest exposure to medical devices & services and technology stocks. There was relatively less exposure in the banking and materials stocks. |
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