Asia Pacific Asset Management's Absolute Equity - Asia Fund, which was consolidated with APAM's Absolute Equity - Australia Fund at the end of January, lost -0.31% in February.
The manager carried out some significant portfolio rebalancing during February as a result of the consolidation. The Fund reduced its exposure to Australian assets, while significantly increasing exposure to Asian hybrids, as well as China-related equity markets. Negative returns came from falls in the markets in Japan and Singapore, although China A-shares gained +4.63%. No specific sector recorded a gain, in fact financials, healthcare, consumer staples and industrials each lost over -10%.
