Portfolio Performance
Portfolio Overview
The Australian Eagle Trust Long-Short Fund returned +8.32% net of fees in April 2020. Despite continued daily volatility, the market recovered from its lows in late March to return +8.41% for the month.
The portfolio’s largest positive contributions for the month came from long positions in Fortescue Metals Group Ltd, OZ Minerals Ltd and Altium Ltd while largest detractors were short positions in Virgin Money UK, Scentre Group and Boral Ltd.
The Fund had 32 long positions and 25 short positions with largest exposure to medical devices & services and technology stocks. There was relatively less exposure in banking and real estate stocks.
Australian Eagle remains focused on taking long term positions in high quality growth companies with strong balance sheets that will be able to take advantage of weaker competitors once this downturn passes.
Australian Eagle Trust Long Short Fund – Net Monthly Returns
Past performance is not an indicator of future performance.
Fund Objective
The Fund aims to provide capital growth over the longer term through a leveraged investment in Australian securities. Commensurate with this, the objective of the Fund is to outperform the S&P/ASX 100 Accumulation Index over a period of 5 years.
Sean Sequeira CFA
CIO
Australian Eagle Asset Management
Tel: (02) 8252 7563
sean.sequeira@austeagle.com
https://austeagle.com/