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Regal Long Short Australian Equity Fund

Regal Long Short Australian Equity Fund. The Regal Long Short Australian Equity Fund was up 2.89% for the month of April, outperforming the Australian market which was down. The highlight for the month was the Basic Materials sector where alpha was made on both long and short positions.

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Regal Long Short Australian Equity Fund

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  1. Regal Long Short Australian Equity Fund The Regal Long Short Australian Equity Fund was up 2.89% for the month of April, outperforming the Australian market which was down. The highlight for the month was the Basic Materials sector where alpha was made on both long and short positions. On the long side Equinox received two takeover offers which saw the stock up 38%, following weak market performance. Guildford Coal continued to rally after announcing a Mongolian Coal acquisition at the end of March. On the short side there were two particular standouts being Leighton Holdings, which fell after a downgrade and capital raising we had been anticipating for some time, and Bluescope Steel, which reacted negatively to the rise in the Australian Dollar and renewed speculation around the impact of a carbon price. OUTLOOK The rapid appreciation of the Australian Dollar in the last month has applied a further brake to corporate profitability and we expect this factor to feature heavily in some outlook comments during the May confession season. We consequently expect earnings expectations for some Australian manufacturers and offshore earners to be downgraded over the next few months. We therefore see good opportunities existing on both the long and short side.

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