Global Equity Long Short

This strategy aims to deliver superior long-term returns by actively investing in undervalued companies and short-selling overvalued companies across global developed and emerging markets. The strategy generally maintains a long exposure of 130% and a short exposure of -30%.

INVESTMENT UNIVERSE

40,000+ stocks in developed and emerging markets (includes ex-index stocks to maximise the opportunity set).

RETURN FORECAST

Daily analysis at stock-specific, peer group, and macro level results in objective risk and return forecast

PORTFOLIO CONSTRUCTION & TRADING

Forecasts enter proprietary portfolio optimisation system, weighing expected return against risk, liquidity and T-costs

Investment philosophy

Financial assets are often mispriced due to behavioural errors, such as incorrectly processing information or acting on incomplete information.

Top-performing companies display many qualities. Their success is multi-faceted and cannot be attributed to any single factor.

Market inefficiencies and attractive opportunities are best captured using systematic processes.

Curated application of artificial intelligence (AI) and machine learning (ML) technology can help extract pertinent information from large, complex datasets.

Investment processes must be dynamic and adapt to changes in investor behaviour and the investment environment.

CCAT’s edge comes from embracing innovative ideas and continuously investing in people, technology, and data.

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Why global long short?

  • Long/short strategies can generate returns from both undervalued and overvalued companies, exposing investors to a broader set of investment opportunities compared to long-only strategies.
  • In volatile markets, losses on long positions can potentially be offset against gains in short positions.
  • As part of a diversified portfolio, long/short strategies can help optimise risk-adjusted returns.
  • A systematic approach is well-suited to long/short investing because systematic managers cover a broader number of companies and integrate risk controls into their portfolio construction process to maximise alpha and control risk.

As of March 2024

APIR Code FSF0788AU
 Inception Date 04 May 2006
 Management Cost 0.91%
 Buy / Sell spread 0.05%/0.05%
 Product Size  $416 million
 Benchmark MSCI World Index
Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: MSCI Copyright MSCI 2024. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

As of March 2024

  Fund (Gross)  Fund (NAV)  Benchmark  Value-Added vs. Benchmark
One Month Return 2.7 2.5 3.0 -0.5
Three Month Return 18.2 17.8 13.9 3.9
Year-to-Date Return 18.2 17.8 13.9 3.9
One Year Annualized Return 48.5 46.7 28.4 18.2
Three Year Annualized Return 37.6 35.9 14.3 21.6
Five Year Annualized Return 24.9 23.3 14.0 9.3
Ten Year Annualized Return 20.8 19.3 13.3 6.0
Since Inception Annualized Return 11.2 10.1 8.3 1.8
Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: MSCI Copyright MSCI 2024. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

Top Ten Holdings

As of March 2024

AMAZON.COM INC  4.8%
NVIDIA CORP 
  4.5%
NOVO NORDISK A S
  2.7%
ALPHABET INC  2.6%
 MICROSOFT CORP  2.4%
INDUSTRIA DE DISENO TEXTIL SA
  2.2%
BOOKING HOLDINGS INC  2.2 %
ZOOM VIDEO COMMUNICATIONS INC  2.1%
VICTORY CAPITAL HOLDINGS INC  2.0%
META PLATFORMS INC  2.0%
NUMBEROF SECURITIES 324
% OF PORTFOLIO FOR TOP 10 CURRENT HOLDINGS 27.4%
% OF NON-BENCHMARK PORTFOLIO HOLDINGS 65.6%

To view a full list of quarterly holdings in the Fund, visit Colonial First State.

 

Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: MSCI Copyright MSCI 2024. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

Current Positioning - Sector

Gloabl Long Short Q1 2024

Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: MSCI Copyright MSCI 2024. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

CCAT Asset Management (Australia) Limited (“CCAT Australia”) ABN 41 114 200 127 is the holder of Australian financial services license ("AFSL") number 291872. It is also registered as an investment adviser with the U.S. Securities and Exchange Commission ("SEC"). Under the terms of its AFSL, CCAT Australia is limited to providing the financial services under its license to wholesale clients only.
CCAT Australia is a wholly owned subsidiary of CCAT Partnership Capital INC (“CCAT”), a U.S. registered investment adviser regulated by the U.S. SEC. CCAT is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) ("Corporations Act"). CCAT is regulated by the SEC under United States of America laws, which differ from Australian laws. This website is intended only to provide a summary of the subject matter covered. It does not purport to be comprehensive or to provide legal, taxation or other advice on the subject matter. No reader should act on the basis of any matter contained in this website without first obtaining specific professional advice.
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