| Report Date | 14 December 2009 |
| Manager | Antares Managed Investments |
| Fund Name | Antares Lodestar Absolute Return Trust |
| Strategy | Equity Long/Short |
| Latest Return Date | November 2009 |
| Latest Return | 0.85% |
| Latest 6 Months | 23.34% |
| Latest 12 Months | 24.41% |
| Latest 24 Months | -3.67% |
| Annualised Since Inception | 1.53% |
| Inception Date | 01 March 2007 |
| FUM (millions) | AU$129 |
| Fund Overview | The Trust is an absolute return fund. It aims to provide investors with superior absolute returns in both rising and falling Australian equity markets over the medium to long term. Returns are likely to be less volatile than sharemarket indices over the medium term. The Trust aims to outperform the 90 Day Bank Bill rate over rolling five-year periods. |
| Manager Comments | Antares' Lodestar Absolute Return Trust reported a 0.85% gain in November with a diverse range of holdings contributing to the result. Conditional bids for AXA and Transurban helped to push their share prices higher, while JB HiFi's aggressive expansion plans and increased sales volumes saw their shares continue to rise. Detractors included Westpac where funding costs are increasing and Graincorp which was sold down due to an anticipated poor finish to the harvest season.
Looking ahead, the manager believes that the market has or will soon be entering a growth phase. As part of this the 'hope' of a recovery that was behind the rally over the last few months will be replaced by actual earnings growth and the 'hope' multiples may fade back to more mid cycle, or normal, earnings multiples. Rather than backing broad macro economic cycles success will come down to individual stock picking as relative earnings dominate stock selection outcomes. |
| More Information | » View detailed profile of this fund |
