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| Fund Overview | The Fund is long-only with a bottom-up focus. It has a concentrated portfolio of 15-35 stocks (target 25). Maximum cash holding of 10% with an aim to be fully invested. Airlie employs a prudent investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price. It is jointly managed by Matt Williams and Emma Fisher. Matt has over 25 years' investment experience and formerly held the role of Head of Equities and Portfolio Manager at Perpetual Investments. Emma has over 8 years' investment experience and has previously worked as an investment analyst within the Australian equities team at Fidelity International and, prior to that, at Nomura Securities. |
| Manager Comments | The Airlie Australian Share Fund returned -3.42% in September, to take 12 month performance to -2.93% against a loss of -10.21% for the ASX200 Total Return Index (TRI). Over the last 12 months the fund has recorded an upcapture ratio of 111% by returning 34% in the 7 positive months, whilst avoiding the worst of the 5 drawdown months with a downcapture ratio of 88%. Over the September quarter, which incorporated the reporting season, the fund rose 1.21% to outperform the ASX TRI which fell -0.44%. The fund's exposure to the building materials sector both at home and in the US via holdings in Reece and James Hardie (up 40% and 20% respectively) provided solid returns, whilst on the negative side weak energy markets negatively impacted holding in Origin (-18%) and Ampol (-18%). Commenting on the reporting season Portfolio Managers Matt Williams and Emma Fisher noted that it was 'one for the ages' as COVID19 wreaked havoc on global economies, and the average ASX200 company saw earnings per share in the 2nd half of FY2020 fall by 38%, with financials, REITS and energy stocks bearing the brunt of the crisis. On the positive side retail, iron ore, and technology thrived. Goverment spending, opening of borders and the possibility of a vaccine in 2021 could see sentiment and performance improve going forward. In particular the managers noted that the lack of spending alternatives, particularly overseas travel which accounts for approx. $40 billion p.a. or ~12% of retail sales, could help offset negative themes such as the staged withdrawal of stimulus spending. |
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