AR Capital Management's (ARCM) Ascot Fund ended 2008 on a positive note, recording a December return of +0.51%, bringing annual performance to +6.02%.
ARCM noted negative returns in banking stocks, and the poor handling of the Commonwealth Bank capital raising, as a major drag on performance in December. This offset positive returns in Paperlinx (long and short), Australian Agriculture and JB Hi-Fi (both long), amongst others. ARCM remains cautious for 2009, particularly in taking long positions, believing growth and earnings estimates will continue to be scaled back.
