The Bennelong Long Short Equity Fund was up +5.69% in January, following on from a return of +11.95% in 2008.
In a month where the Australian equity market outperformed overseas markets in local currency (but dropped -14% in US dollars), most gains were made in short positions taken on stocks that fell due to investor concerns on stock specific issues. The Fund will maintain leverage at current levels (3.2x NAV) while significant volatility remains in the market.
