St Helens Capital's (SHC) two absolute return funds, the SHC Arran Fund and the SHC Ailsa Fund, reported gains of +1.27% and +1.51% respectively in December. Both funds significantly outperformed the ASX200 in 2008 (-38.97%), the Arran Fund returning -5.44% and the Ailsa Fund -3.70%.
Both funds, which are Australian equity long/short funds, had a net long exposure in December and gained positive returns from positions in BHP and Wooloworths, among others. Negative returns came from positions in QBE and RIO, among others.
Looking forward into 2009 the manager is cautious in outlook, however is still hopeful there will be some positive catalysts to reverse some of the 2008 declines.
