The Antares Lodestar Absolute Return Trust lost -0.76% in January. The broader market in comparison, after being down by more than -10% at one point, ended the month down -4.88%.
During January the Trust significantly decreased its exposure to the market, with net exposure reduced from 43% to 15% and gross exposure down from 63% to 43%. This reduction was mostly made up of long positions, as short positions were increased slightly to 10%. In terms of the Trust's performance in January, positive returns were achieved from positions in Leighton Holdings, Macquarie Group and Flight Centre, which were offset by negative returns in Challenger Group, A J Lucas and NAB.
