The Fund returned +2.15% net of fees for the month of May 2019. Approaching 3 years of operation, the Fund has returned +19.95% p.a. since inception (Jul 16), outperforming the ASX 100 index by +7.95% p.a. The portfolio’s largest positive contributions for the month came from long positions in Fortescue Metals Group, Xero and National Australia Bank while largest detractors were long positions in Treasury Wine Estates, QBE Insurance Group and OZ Minerals.
The Fund had 30 long positions and 18 short positions with largest exposure to medical devices & services and technology stocks. There was less exposure in the financial services and construction material stocks.