Herschel Asset Management's Absolute Return Fund was down -1.46% in January, in a month where the Fund's net exposure was reduced to 25.1% (26.9% long and 1.8% short).
Until this month net exposure had been steadily increasing since September. Gains were recorded in positions in CSL, Woolworths, Tatts and Nufarm, while losses were made on Origin Energy, QBE Insurance, Telstra and Westpac, in another month of weak equity markets. This result follows on from a return of +0.30% in 2008.
