| Report Date | 08 December 2009 |
| Manager | Austral Capital |
| Fund Name | Austral Equity Fund |
| Strategy | Event Driven |
| Latest Return Date | November 2009 |
| Latest Return | 0.78% |
| Latest 6 Months | 10.30% |
| Latest 12 Months | 15.51% |
| Latest 24 Months | 16.07% |
| Annualised Since Inception | 13.61% |
| Inception Date | 01 September 1997 |
| FUM (millions) | AU$18 |
| Fund Overview | Austral Equity Fund invests primarily in the securities of Australian companies that are, or may be, involved in special situations or corporate events. Such events may include equity and hybrid security issues, block trades, mergers and takeovers, de-mergers, reconstructions, recapitalisations and spin-offs. The fund also invests generally in equity, debt and other securities, and opportunistically in the securities of companies undergoing significant changes involving management, shareholders or the underlying business., The fund has the flexibility to invest (both long and short) in a wide range of investment instruments including, but not limited to, all types of equity, debt and hybrid securities, foreign exchange, options, warrants, futures and derivatives. |
| Manager Comments | The Austral Equity Fund finished the month up 0.78%, mainly attributed to a moderate increase in the value of its interest rate securities holdings and equity long positions. The fund also benefitted from an increase in the value of Polaris Metals' securities after takeover bids from Mineral resources and Lion-Asia Resources.
The fund had a minor net borrowing position at the end of the month, however the manager says that the fund will be in a siginificant net cash position following receipt of proceeds from the redemption of Macquarie Airports Tickets securities on December 31, 2009. |
| More Information | » View detailed profile of this fund |
