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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | Top contributors in July included Mineral Resources and Temple and Webster. Key detractors included Polynovo, Integral Diagnostics and Fiducian Group. Polynovo released a brief trading update in July which was in line with Glenmore's expectations, with the key takeaway being that strong sales growth has continued despite COVID-19 having some impact on opening new accounts. Glenmore noted the Australian economy continues to be significantly assisted by government stimulus and they see the removal of that stimulus (e.g. JobKeeper and JobSeeker) to be a risk over the next 12-18 months. Despite this, they believe the portfolio's companies are well positioned to navigate the current environment. |
| More Information |
