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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The strategy targets special situations with limited downside and positive return skew. Making it an effective defensive allocation."
The Harvest Lane Absolute Return Fund delivered strong performance in December 2023, generating 2.55% for the month and 4.85% for the quarter. Since inception in July 2013, the fund has achieved an annualized return of 8.59% with low volatility and minimal correlation to traditional markets. The fund employs a highly selective merger arbitrage strategy, investing only in special circumstances where management believes there is limited risk of capital loss and a positive return skew. The strategy focuses on corporate events and merger opportunities with strong risk-return profiles. With a beta of 0.234 to the ASX 200 and positive returns in 69% of months since inception, the fund demonstrates its defensive characteristics. The manager charges performance fees only on returns above the RBA Cash Rate, aligning interests with investors. The fund's low correlation with other investments makes it suitable for defensive portfolio allocation or as a standalone lower-risk alternative to growth investments.
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