We are active, high conviction investors in Australian and international shares. As an absolute return manager, Watermark offers a proven alternative to traditional long-only funds. Absolute return strategies are more active in profiting from the mis-pricing of shares and are less reliant on a rising share market. Our investment process allows greater flexibility in managing share market risks through the investment cycle as short positions are a natural hedge when shares fall in value. Watermark is one of a handful of Australian investors with a proven track record in managing large long/short portfolios. Our flagship fund, the Australian Leaders Fund Ltd, has been amongst the best performing funds in its investment class.