Freehold Absolute Return Fund - March performance numbers and newsletter
The Freehold Absolute Return Fund generated a mild +0.23% return over the month of March 2015, amid generally weaker real estate and infrastructure markets. We are maintaining a cautious approach to the markets we focus on. We hold a mild net short position in the Fund reflecting concerns that interest rate ‘tailwinds’ are going to meet ‘earnings headwinds’, creating volatility and a mild correction. Please find attached the newsletter for the month, where we review: • The likelihood of an office construction cycle in Australia • Leverage issues within the Australian retail industry • Our negative view on freight and rail company, Aurizon Group (AZJ) Newsletter link: (VIEW LINK)
Tim has 22 years’ experience in the investment and securities markets. Tim was a partner of Goldman Sachs JBWere and during his 15-year tenure at the firm had senior experience across all areas of equities investing. Tim was Head of Australian...
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