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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 made numerous adjustments to the portfolio during the month, including adding to their larger holdings such as Auckland International Airport and Mineral Resources while introducing new names into the Fund such as AP Aegers. They discuss some of their changes in further detail in their latest report. The Fund ended November with 31 individual holdings and 2% in cash. Surrey noted the portfolio overall continues to be positioned for positive risk adjusted returns over the long-term. Surrey remain positive on the outlook driven by COVID-19 recovery, fiscal and monetary stimulus, low inflation, refreshed balance sheets, re-energised management teams and continued low government bond yields. |
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