The MM&E Capital Takeover Target Fund posted a gain of +3.82% in May, outperforming its benchmark the ASX 300 Index.
1 yr return: -19.23%. Annual (Aug 2005): +7.13%
Individual stock selections were the main contributor to this outperformance. Caltex, benefiting from expected consolidation of the Australian petrol market, IAG and Tower, whose premium incomes are rising due to the recent string of extreme weather events, and APN News & Media, on the back of a recent capital raising, were the standout performers. Asciano also made a positive contribution, as the Fund sold its position for a second profit given the ongoing uncertainty regarding its asset disposal program.
