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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | The Fund returned -7.4% in what Paragon described as a volatile month globally. Despite this, the Fund delivered +15.23% for the quarter vs the Index's -0.44%. Portfolio protection/hedges fell, with both gold and treasuries down -4.2% and -3.0% respectively. Positive contributors for the Fund were Chalice and West African which were more than offset by declines across the Fund's gold, silver and technology holdings. Paragon view the pullback in gold as merely a correction after a strong run. The Fund ended the month with 27 long positions, 5 short positions and a net exposure of 123%. |
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