SUMMARY
The Fund generated a positive return of 1.0% during December capping off a credible 12.4% return for the calendar year and comfortably exceeding its targeted return. By way of comparison, equity markets remained exuberant with a return by the Australian equity market of 2.5% and 16.5% for the 1 month and year respectively, highlighting our conservative positioning which, in hindsight, may have been too cautious. In particular, our Put Options position provided the ability to hold more equities with confidence but were not without a cost. We do not regret this investment and regard them as a useful tool in achieving our target of consistent returns.