| Report Date | 15 December 2009 |
| Manager | Fortitude Capital |
| Fund Name | Fortitude Capital Absolute Return Trust |
| Strategy | Equity Market Neutral |
| Latest Return Date | November 2009 |
| Latest Return | -0.02% |
| Latest 6 Months | 3.02% |
| Latest 12 Months | 5.44% |
| Latest 24 Months | 17.69% |
| Annualised Since Inception | 10.81% |
| Inception Date | 15 February 2005 |
| FUM (millions) | AU$25 |
| Fund Overview | Fortitude Capital Absolute Return Trust is a multi-strategy market neutral fund specialising in listed Australian equities and derivatives. The core philosophy is the management of risk through a long volatility overlay incorporating listed equity and index derivatives. The multi-strategy approach includes M&A, Yield, Convergence and Long/Short strategies. The portfolio managers adopt an aggressive approach to managing downside risk whilst positioning the portfolio to benefit from positive alpha. |
| Manager Comments | Fortitude's Absolute Return Trust was slightly down in November, only losing 0.0157%, largely due to poor performance in the fund's derivatives book which has been scaled back and restructured to reduce exposure going forward.
The fund is currently heavily weighted towards its Mergers and Acquisitions portfolio which has been benefiting from increased activity. The fund has more than a dozen positions representing around 50% of NAV, the largest holdings being Sino Gold, United Minerals, GRD Limited and Lend Lease Primelife.
The Yield porfolio also performed well, profiting after the Macquarie Airports Tickets settlement date was confirmed, resulting in an immediate price movement. The fund also added to its positions in Skycity Aces, Ale Property Group Notes and TAPS Trust. |
| More Information | » View detailed profile of this fund |
