The Antares Lodestar Absolute Return Trust returned -1.44% in December, compared to the Australian sharemarket which lost -0.3% in the same period. The fund outperformed the market for most of the month, but was adversely impacted by a late market rally leading into the New Year.
Positive returns were generated from strategies in Challenger Financial, Felix Resources and Centennial Coal, offset by poor performance in Clough, BHP and Bradken. Overall the fund returned -23.6% in 2008, most of the loss occurring in the last quarter. The fund lowered its market exposure towards the end of December, remaining cautious for 2009, although the manager has noted a number of positive indicators in its outlook.
