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| 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 | Surrey noted that throughout reporting season they have noticed the majority of companies have been on the front foot and upfront with shareholders since the COVID-19 outbreak. This contributed to there being no material earnings surprises within the portfolio. While the Fund had a significant number of positive contributors during the month, on the negative side the fund's gold positions were the main detractors. However, Surrey emphasised that they are very comfortable with each of the Fund's gold holdings and expect them to recover. Looking forward, Surrey are watching the US elections given the divided policies of both candidates. They remain confident in each of their holdings and in the ability of the global economy to recover. The Fund's top holdings at month-end included Austal Limited, Imricor Medical Systems, Omni Bridgeway, Pointsbet and Xero Limited. By sector, the Fund was most heavily weighted towards the IT and industrials sectors. The Fund ended the month with 10% cash and 27 individual stock positions. |
| More Information |
