All three funds run by MM&E Capital recorded positive results in June with the Takeover Target Fund reporting the largest increase of +1.66%. The manager's other two funds, Investment Trusts 1 and 2, each reported a gain of +0.71%.
Takeover Target 1 yr return: -8.9%. Annual (Aug.2005) +8%
Trust #1 1 yr return: -2.6%. Annual (July 2002) +8.1%
Trust #2 1 yr return: -2.7%. Annual (July 2004) +7.4%
The Takeover Target fund benefitted from the sale of a holding in Caltex following the company's profit upgrade as well as improving value in Seek and Asciano. During the month the fund took new positions in RIO, Eastern Star Gas and Fairfax Convertible Preferences.
