The Boris Johnson led Conservative Party, in securing an 80 seat majority in the United Kingdom (UK) parliament, has won a mandate to “Get Brexit done”. But what does this mean for UK equities and Australian equities with exposure to the UK economy? And are there still opportunities in UK exposed companies given some of the considerable moves following the election

The Fund returned 1.1% net of fees during October 2019. This compares with the All Ordinaries Accumulation Index return of negative 0.4%. Average gross capital employed by the Fund was 120.4% long and 7.9% short. Average net exposure over the month was 112.5%. Over the month the Fund had on average 29 long positions and 5 short positions. The Fund’s biggest stock exposures at month end were spread across the real estate, consumer, financials, communication services and materials sectors

The Fund returned 2.2% net of fees during September 2019. This compares with the All Ordinaries Accumulation Index return of 2.1%. Average gross capital employed by the Fund was 115.9% long and 8.5% short. Average net exposure over the month was 107.4%. Over the month the Fund had on average 28 long positions and 7 short positions. The Fund’s biggest stock exposures at month end were spread across the real estate, consumer, financials, communication services and materials sectors

The Fund returned negative 3.7% net of fees during August 2019. This compares with the All Ordinaries Accumulation Index return of negative 2.2%. Average gross capital employed by the Fund was 102.9% long and 13.2% short. Average net exposure over the month was 89.7%. Over the month the Fund had on average 28 long positions and 9 short positions. The Fund’s biggest stock exposures at month end were spread across the real estate, consumer, communication services, financials and materials sectors

The Fund returned 5.5% net of fees during July 2019. This compares with the All Ordinaries Accumulation Index return of 3.0%. Average gross capital employed by the Fund was 124.8% long and 12.2% short. Average net exposure over the month was 112.6%. Over the month the Fund had on average 38 long positions and 9 short positions. The Fund’s biggest stock exposures at month end were spread across the real estate, consumer, financials, communication services and materials sectors

The Fund returned negative 3.2% net of fees during June 2019. This compares with the All Ordinaries Accumulation Index return of 3.4%. Average gross capital employed by the Fund was 138.7% long and 13.5% short. Average net exposure over the month was 125.2%. Over the month the Fund had on average 38 long positions and 10 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, real estate, consumer, communication services and materials sectors.

The Fund returned 3.8% net of fees during May 2019. This compares with the All Ordinaries Accumulation Index return of 1.7%. Average gross capital employed by the Fund was 124.7% long and 9.2% short. Average net exposure over the month was 115.5%. Over the month the Fund had on average 36 long positions and 10 short positions. The Fund’s biggest stock exposures at month end were spread across the real estate, consumer, communication services, financials and materials sectors.

The Fund returned 2.0% net of fees during April 2019. This compares with the All Ordinaries Accumulation Index return of 2.5%. Average gross capital employed by the Fund was 112.7% long and 6.6% short. Average net exposure over the month was 106.1%. Over the month the Fund had on average 35 long positions and 7 short positions. The Fund’s biggest stock exposures at month end were spread across the real estate, communication services, consumer, financials and materials sectors

The Fund returned 3.1% net of fees during March 2019. This compares with the All Ordinaries Accumulation Index return of 0.7%. Average gross capital employed by the Fund was 99.7% long and 4.1% short. Average net exposure over the month was 95.6%. Over the month the Fund had on average 34 long positions and 9 short positions. The Fund’s biggest stock exposures at month end were spread across communication services, consumer, financials, materials and real estate sectors

The Fund returned 1.2% net of fees during February 2019. This compares with the All Ordinaries Accumulation Index return of 6.1%. Average gross capital employed by the Fund was 91.0% long and 6.1% short. Average net exposure over the month was 84.9%. Over the month the Fund had on average 31 long positions and 4 short positions. The Fund’s biggest stock exposures at month end were spread across the communication services, consumer, financials, materials and real estate sectors.