| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The Fund's July return was largely achieved across the board with most holdings performing well. Surrey noted much of this is a consequence of the portfolio being structured toward companies with low or even positive correlation to COVID-19. They were particularly pleased with the returns provided by Catapult Group (CAT) and Sezzle (SZL) which they discuss in detail in their latest report. The Fund ended the month with 3% in cash and a diversified portfolio of 27 individual stock positions. By sector, it was most heavily weighted towards the IT and Industrials sectors. Top holdings included Appen Limited, Austal Limited, Imricor Medical Systems, Omni Bridgeway and Xero Limited. |
| More Information |
