| Report Date | 08 December 2009 |
| Manager | AR Capital Management |
| Fund Name | AR Capital - Ascot Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | November 2009 |
| Latest Return | 0.15% |
| Latest 6 Months | 16.54% |
| Latest 12 Months | 19.97% |
| Latest 24 Months | 27.19% |
| Annualised Since Inception | 14.75% |
| Inception Date | 01 August 2005 |
| FUM (millions) | AU$76 |
| Fund Overview | The Ascot Fund is an absolute return fund with long/short capability, investing in Australian/NZ equities, derivatives and hybrid instruments with a focus on the ASX 200. Fundamental analysis, market timing and risk management are essential components of the fund's strategy. The fund manager, AR Capital Management (ARCM), has an investment team with over 50 years' aggregate market experience, and the owners of ARCM account for approximately 20% of the total units in the fund. |
| Manager Comments | AR Capital's Ascot Fund returned a positive 0.15% for the month as the fund was caught out with a conservative stance while waiting for events in the middle east to play out, so missing out on the almost 3% upward swing on November 30. Performance was also impacted by a poor response to a Qantas investor briefing late in the month, dragging the result down.
Stocks making a positive contribution to performance included RIO, BHP, AMP and Willmott Forests, which had been a negative performer in October.
The manager's view is that the 'obvious' trades which were available through the second and third quarters of this year are no longer on offer. Now stock selection will be driven by earnings growth and catalysts, instead of the macro indicators that have largely influenced market movements over the last year. As a consequnce, the manager is more comfortable holding both meaningful long and short positions than they have been for some time. |
| More Information | » View detailed profile of this fund |
