The Herschel Absolute Return Fund, an Australian equity long/short fund, reported a December return of +2.04% and an overall 2008 return of +0.30%.
The All Ordinaries Accumulation Index in comparison returned -0.08% in December and was down over 40% in 2008. The fund increased its net equity market exposure, and participated in a number of capital raisings in December. Positive returns from QBE, Crown and Tatts Group were offset by losses on positions on Incitec, CSL and Telstra.
