Tactical Global Management Group's (TGA) GTAA Fund reported a gain of +1.30% (AUD share class) and +1.81% (USD share class) in December. The 2008 return for the fund was +0.91% (AUD) and-2.74% (USD).
Although the fund did not take any positions at a broad asset class level during December, individual strategies produced positive results. The fund's equity module benefited from the Japanese market's outperformance (up +3.8%) and short exposure to US equities, while the fixed interest module produced gains due to long US and short Japanese fixed interest exposure (partially offset by losses in short exposure to Australian fixed interest).
Going into 2009 the manager believes opportunities may present themselves in equity and fixed interest markets, due to overvalution or misprising of securities and excessive pessimism.
