The listed hedge fund had already watched the credit crunch start to unfold when it listed in January 2008 at $1 a share, but rather than profit from short-selling opportunities, it preserved capital by sitting on a large cash position. It held 69 per cent of its portfolio in cash and fixed interest during January this year and has delivered a loss of only 11.2 per cent since inception against a benchmark loss of 43.3 per cent over the past 13 months. While the fund has been criticised for charging fees for this strategy, its directors point to high portfolio turnover in the invested portion of the fund. Its top holdings have a sharp focus on financials, including ASX, National Australia Bank, Everest Financial Group and Westpac. Like all listed financials, WAM's share price has faltered over the past year, although the fall has been minor in comparison to several of its peers that are scooting around the single-cent mark. The fund has taken part in the recent spate of capital raisings and says it sees several attractive valuation opportunities in the current market.