Referring to the fact that the ASX accumulation index rose 3.93% in June, the manager noted that their performance had been adversely affected by large positions in RIO Tinto (rights issue) and Nufarm (profit downgrade). On the positive side positions in Atlas Iron and JB Hi-Fi made positive contributions.
1 year return: +0.92%. Annual (May.2006): +15.5%
Net market exposure was relatively steady at 54%, 64% long and 10% short.
Herschel's Australian equity long short fund has approximately $15m in FUM, and has an annualised return since inception in May 2006 of 15.5%.
