The Austral Equity Fund recorded another month of small positive returns, up +1.24% in May, as it begins to increase its equity exposure.
1 yr return: +7.45%. Annual (Aug 1997): +13.28%
At month end the Fund still held a significant cash position (32.8%), however during the month the Fund moderately increased its equity exposure (5.6% in M&A and 8.8% in long positions at month end) as signs emerge of decreasing volatility in global markets.
