Auscap Long Short Australian Equities Fund (Platform Class)
About this Fund
|FUND MANAGER||Auscap Asset Management|
|ASSET CLASS||AUSTRALIAN EQUITIES|
|INVESTMENT STYLE||The Fund invests in fundamental, value-driven, long and short positions, primarily in listed Australian equities.|
|INVESTMENT PROFILE||The Fund seeks to generate strong absolute returns in excess of the Benchmark.|
|CURRENCY MANAGEMENT||Active management|
|BENCHMARK||ASX All Ordinaries Accumulation Index|
|FUND SIZE||ASX All Ordinaries Accumulation Index|
|NO. OF HOLDINGS||25-45|
|FEES||1.5% p.a. (excl. GST) or 1.5375% p.a. (incl. GST net of RITC)|
Benefits of investing in the Fund
For investors seeking exposure to a portfolio comprised of primarily listed Australian equities, the Fund:
Value driven investment philosophy
Auscap is a value-based, long short equities manager.
The Fund targets attractive total
return opportunities through disciplined investing. Auscap aims to preserve
capital and generate long-term, compounding returns. Generating these returns
is dependent on a number of assumptions which may not eventuate, including
sufficient attractive investment opportunities, the market's recognition of the
value of these opportunities in line with Auscap's expectations and the ability
of Auscap to limit the number and impact of errors in analysis, assessment and
execution of its investment strategy.
The Fund is
a high conviction portfolio that is typically invested in 25-45 positions. The
Fund is long biased, however may be net long, short or neutral depending on the
strategies being employed by Auscap at the relevant time. Auscap will allocate
capital in accordance with expected performance and risk measures.
selling will be used to expand the range of available investment opportunities
and achieve returns when the value of a security is expected to fall. See
section 4.7 of the PDS for more information on short selling, and section 5 for the risks
associated with short selling.
seek to achieve investment returns by investing the Fund's capital in
securities it believes will appreciate in value, whilst shorting securities it
considers will depreciate in value. The typical asset classes invested in are
listed Australian equities denominated in Australian dollars and cash. From
time to time, the Fund may invest in other asset classes.
Disciplined risk management is a key focus for Auscap. Auscap's risk management process includes:
Auscap's risk management process is dependent on its ability to properly assess and reduce risk where appropriate. This may or may not be successful.
How we invest your money
The typical asset classes invested in are listed Australian equities denominated in Australian dollars and cash. From time to time, the Fund may invest in other asset classes.
The Fund may be geared up to 200% gross long and gross short and up to 150% net long or net short.
Exchange-traded derivatives, including futures, may be used by the Fund for hedging and non-hedging purposes such as:
Auscap will be engaged in the short sale of securities, enabling the Fund to profit from falls in the value of companies which it believes are overpriced. Short positions may also be entered into for risk management purposes. By holding long positions as well as short positions, the Fund typically has reduced correlation to movements in equity markets.
Auscap reasonably expects to be able to realise at least 80% of the Fund's assets at the value ascribed to those assets in calculating the Fund's NAV within 10 days (subject to any relevant transaction costs).