6.92, page-9

"Does that mean you're fully invested, with no cash?"

Definitely not. Using your own funds at a conservative leveraged % rate is what I am referring to. Being tilt to the hill is not a strategy I would advise in the best of bull markets.

"Fair point, though the PDS claims that the fund can generally borrow at more favourable rates than retail investors. Whether that offsets the fund's fees, I do not know."

Yes thats the attraction. If you can remember the collapse of ACR, they offered returns at an attractive rate in the PDS. It all depends on your opinion as an investor of what will work for you, in the long term.