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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 used the daily fluctuations throughout the month to reduce exposures such as Xero (XRO) and Imricor (IMR) while adding to holdings in stocks such as Auckland Airports and initiating new positions in companies including Cleanspace (CSX) and Betmakers (BET). Surrey expect these changed to position the Fund positively for the future. Top contributors during the month included Cleanspace (CSX) and Xero (XRO). Detractors included Catapult (CAT) and Omni Bridgeway (OBL), both of which were caught up around the ongoing spread of COVID-19 in Europe and the US. Surrey remain comfortable with the investment positions of both CAT and OBL over the medium term. The portfolio overall continues to be positioned for positive risk adjusted returns. Surrey noted they remain positive about the outlook for continued outperformance. |
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