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| FUM (millions) | |
| Fund Overview | The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers. |
| Manager Comments | Dragonfly has been marking time in the past few months with catalysts ahead but none in the recent period. A key winner from April, Energy World Corp (EWC), retraced in May. The month's best performers, Maggie Beer Holdings (MBH) and Earlypay (EPY), both put out encouraging updates on their operating and financial performance during the month. Equitable Investors are looking out for opportunities to buy small stocks they like on short-term weakness caused by tax loss selling in June (which was already underway in May). They also believe the Fund's unlisted investments, in particular, have some exciting catalysts coming up over the next six months. They noted oscillating inflation expectations are something to keep an eye on for the broader market and they explore the implications further in this update. |
| More Information |
