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From Benedicte Gravrand, Geneva: One of the winners of the 2007 Australian Hedge Fund Awards (see coverage here) was the K2 Select International Absolute Return Fund (ARF), which won the Best Long Short & Absolute Return Fund Award. It is run by K2 Asset Management, an 8-year old fund management firm based in Melbourne that specialises in absolute return funds, with around A$670m in AUM.

The fund was incepted two years ago, in January 2007, and has returned 24.73% p.a. since (to November 07) and 88.90% in total, comfortably outperforming the targeted 18% return p.a.

Investment process: different stock picking styles and variable levels of currency hedging K2’s investment team does not use a single approach to stock picking, rather, each investment manager brings their own investment style and methodology to the portfolio. Key variables of earnings, valuation and management are examined to determine whether securities are over or undervalued. The investment team must show the ability to pick major investment themes, or ‘catalysts’, in a timely manner. The stock selection process is based on the investment manager’......................

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