The Fund returned 0.9% net of fees during January 2019. This compares with the All Ordinaries Accumulation Index return of 4.0%. Average gross capital employed by the Fund was 93.1% long and 11.2% short. Average net exposure over the month was 81.9%. Over the month the Fund had on average 32 long positions and 6 short positions. The Fund’s biggest stock exposures at month end were spread across the communication services, consumer, financials, materials and real estate sectors.

The Fund returned negative 4.5% net of fees during December 2018. This compares with the All Ordinaries Accumulation Index return of negative 0.5%. Average gross capital employed by the Fund was 110.6% long and 9.6% short. Average net exposure over the month was 101.0%. Over the month the Fund had on average 34 long positions and 7 short positions. The Fund’s biggest stock exposures at month end were spread across the communication services, consumer, financials and real estate sectors

The Fund returned negative 2.33% net of fees during November 2018. This compares with the All Ordinaries Accumulation Index return of negative 2.24%. Average gross capital employed by the Fund was 114.3% long and 4.2% short. Average net exposure over the month was 110.1%. Over the month the Fund had on average 39 long positions and 5 short positions. The Fund’s biggest stock exposures at month end were spread across the communication services, consumer, financials and real estate sectors.

The Fund returned negative 7.09% net of fees during October 2018. This compares with the All Ordinaries Accumulation Index return of negative 6.47%. Average gross capital employed by the Fund was 95.7% long and 7.1% short. Average net exposure over the month was 88.6%. Over the month the Fund had on average 35 long positions and 6 short positions. The Fund’s biggest stock exposures at month end were spread across the communication services, consumer, financials and real estate sectors

The Fund returned negative 2.85% net of fees during September 2018. This compares with the All Ordinaries Accumulation Index return of negative 1.06%. Average gross capital employed by the Fund was 91.2% long and 5.9% short. Average net exposure over the month was 85.3%. Over the month the Fund had on average 32 long positions and 5 short positions. The Fund’s biggest stock exposures at month end were spread across the communication services, consumer, financials and real estate sectors

The Fund returned negative 0.99% net of fees during August 2018. This compares with the All Ordinaries Accumulation Index return of 1.71%. Average gross capital employed by the Fund was 87.8% long and 18.7% short. Average net exposure over the month was 69.1%. Over the month the Fund had on average 27 long positions and 8 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer, financials and real estate sectors

The Fund returned 1.02% net of fees during July 2018. This compares with the All Ordinaries Accumulation Index return of 1.22%. Average gross capital employed by the Fund was 83.8% long and 31.8% short. Average net exposure over the month was 52.0%. Over the month the Fund had on average 24 long positions and 13 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer, financials and real estate sectors

The Fund returned 0.39% net of fees during June 2018. This compares with the All Ordinaries Accumulation Index return of 2.95%. Average gross capital employed by the Fund was 83.1% long and 38.3% short. Average net exposure over the month was 44.8%. Over the month the Fund had on average 26 long positions and 16 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer, financials and real estate sectors.

The Fund returned 2.11% net of fees during May 2018. This compares with the All Ordinaries Accumulation Index return of 1.40%. Average gross capital employed by the Fund was 88.1% long and 27.4% short. Average net exposure over the month was 60.7%. Over the month the Fund had on average 26 long positions and 15 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer, financials and real estate sectors

The Fund returned 1.75% net of fees during April 2018. This compares with the All Ordinaries Accumulation Index return of 3.49%. Average gross capital employed by the Fund was 104.0% long and 15.7% short. Average net exposure over the month was 88.3%. Over the month the Fund had on average 27 long positions and 11 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer, financials and real estate sectors.

The Fund returned negative 0.56% net of fees during March 2018. This compares with the All Ordinaries Accumulation Index return of negative 3.55%. Average gross capital employed by the Fund was 110.8% long and 8.5% short. Average net exposure over the month was 102.3%. Over the month the Fund had on average 26 long positions and 9 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer, financials and real estate sectors