| 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 Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | Positive contributors included Nickel Mines, Star Entertainment, CBA, NAB and Aussie Broadband. Key detractors included Harvest Tech, Temple and Webster, Flight Centre and Kogan. The short book was also a detractor to performance. Kardinia reduced net market exposure to 30.4% (55.3% long and 24.9% short) in the face of US election uncertainty, with the key changes being a reduction in the size of long positions, partially offset by some initial public offerings and an increase in weighting of Commonwealth Bank. Kardinia maintain a bias towards stocks that benefit from a re-opening of economies scenario. They believe good progress is being made on potential vaccines and treatments and Governments will increasingly move towards a 'living with the virus' approach as the economic damage from lockdowns becomes apparent. |
| More Information |
