Regal Funds Management's Amazon and Tasman funds have returned 4.97% and 4% respectively for July, bringing 2009 YTD performance to 15.97% and 19.94%.
The manager noted that the highlight for the month was the financial sector which contributed strongly, largely through strong bounces in three recently capitalised property trusts, in addition to long positions in the banks. Coal seam gas stocks in the energy sector also contributed positively, whilst on the short side domestic cyclicals suffered as the Australian economy proved to be more resilient than anticipated.
Tasman: 1 year return: -2.88%. Annual: (May 2007) +16.17%
Amazon: 1 year return: +0.29%. Annual: Sept 2005) +21.44%
Both the Amazon and Tasman funds are market neutral, with the Amazon fund based in the Cayman Islands and the Tasman fund domiciled in Australia. Both funds are predominantly invested in Australia, with limited exposure to European stocks.
