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The manager's view of the macro economic and risk environment is central to portfolio positioning and market exposure. A daily scoring of various factors including growth and market sentiment affects portfolio exposure. The portfolio is split between stock driven longer term holdings in secular growth companies (up to 80%) and shorter term tactical trading ideas (up to 50%). Around 30 growth companies are normally held, which characteristically have high quality management, high market share, attractive shareholder returns and returns on invested cash and strong balance sheets. The 10 to 15 tactical ideas are typically leading companies in cyclical sectors and the manager uses these to increase portfolio beta depending on his outlook.
The fund is always net long, but net (typically max 85%) and gross exposures (typically 120% to 140%) are variable in line with the manager's views, whilst portfolio cash can be raised aggressively. When bearish any market exposure can be hedged out fully and even when the manager is bullish he may retain some hedging as insurance against market falls. Various derivatives strategies are employed to enhance returns and hedge out risk, including buying index futures, index and stock options and selling calls on portfolio stocks.