Aims to enhance returns through a range of investment strategies including long/short positions, active trading along with the ability to use exchange traded derivatives.

To outperform the S&P/ASX 200 Total Return Index (Benchmark) (after fees) over rolling five-year periods.

Benefits of investing in the Antares Capital High Growth Shares Fund

The benefits of investing in this Fund include:

• Long term track record of managing client money in this type of investment strategy;
  
• The Fund uses a range of innovative techniques to enhance returns for investors; and
  
• The Fund is supported by a large investment team focused on bottom-up proprietary stock analysis.
  

Risk level

High-Very High

While the Fund offers investors the potential for higher returns over the long term compared to funds investing in other types of assets such as fixed income or cash, the high level of volatility in the Fund means the likelihood of the value of your investment going down over the short term is relatively higher.

Investor suitability

The Fund is actively managed and its returns may be volatile when compared with the benchmark return. As such, it may suit investors who are willing to accept higher risk in exchange for the potential opportunity to earn greater returns.

Fund description

The Antares High Growth Shares Fund is an actively managed portfolio of Australian equities listed, or expected to be listed on the Australian share market investing in both long and short positions. The Fund uses active trading, along with the ability to use exchange traded derivatives with the aim of enhancing returns for investors.

Key features

• One of Australia's first long/short equity funds with a strong track record of outperformance since inception in 1999
  
• It uses a range of innovative investment techniques to enhance returns for investors
  
• The Fund is supported by a large investment team focused on bottom-up, proprietary stock analysis
  

Investment approach

Antares follows a bottom-up investment process, which means investment decisions are made by undertaking in-depth proprietary research and analysis of individual companies and securities.

The Fund can hold short positions in shares totalling up to 25% of the value of the Fund's net assets. The Fund can use the proceeds from short selling to make additional investments in other shares up to 25% of the value of the Fund's net assets (enhanced long positions) enabling the Fund to have a gross market exposure up to a maximum of 150%.

Investment process

Our equities analysts undertake systematic bottom-up research, focusing on eight factors we believe drive company valuations over the longer term:

• Earnings
  
• Returns
  
• Management
  
• ESG
  
• Industry structure
  
• Balance sheet
  
• Competitive advantage
  
• Cashflow generation
  

As an outcome of our research effort, analysts produce an absolute valuation and a 12-month price target for each stock. The valuation is calculated using a standardised methodology and provides the analyst with a reference point. The target price represents Antares' best estimate of the value to which we expect the share price to move towards over the next 12 months.

About Antares

Antares is a dedicated asset management business managing more than $35.6bn on behalf of Australian investors, with $6.6bn in Australian equities and more than $29.0bn in fixed income (as at 30 June 2018).

At Antares we are wholly focussed on delivering performance for investors through an investment approach underpinned by dedication, experience and discipline. We recognise and are ready for market uncertainty, and believe great performance is achieved through a focus on both risk and return. Antares consists of two divisions - Antares Equities (formerly Portfolio Partners and Aviva Investors) and Antares Fixed Income (formerly National Specialist Investment Management).

How we invest your money

Asset allocation ranges

• Australian equities (Long): 90-125%

• Australian equities (Short): 0-25%

• Cash and cash equivalents: 0-10%

Leverage

The Fund may become leveraged through borrowing, the use of derivatives and short selling. The net equity market exposure of the Fund cannot exceed 100% of the net asset value (NAV) of the Fund.

Derivatives

The Fund only deals in exchange traded derivatives listed with the Australian Securities Exchange (ASX). They are mostly used as an alternative to buying or selling assets directly, and can be used for the purpose of generating or indirectly enhancing returns, risk management or portfolio management.

Short selling

The Fund engages in short selling as part of its investment strategy. The aim of short selling is generally to sell a security with the expectation of buying it back, at a later time, at a lower price and therefore enhance the return of the Fund. The Fund can hold short positions in securities up to a maximum of 25% of the Fund's NAV.