CaptainSorry just saw your post nowAvg forward rate actually...

Captain

Sorry just saw your post now

Avg forward rate actually needs to be 85.18 (pg 16 of presentation)

The previous fund manager advised me that the equity hedges are in the range of 80 - 90.

I have no doubt that some of the hedges (the ones in the low 80s) would now be closed off but the hedges closer to 90 probably need the spot rate to go into the low 90s for all hedges to be closed off.

The forward rate is dependent on the interest rate differentials also (pg 16 presentation)

The AUD is now at 87.54, up 1.48%

Cheers