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| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
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| Latest 24 Months (pa) | |
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| 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 | Key contributors in November included Commonwealth Bank, National Australia Bank, Worley, Flight Centre and Qantas. Detractors included Zip Co, Breville Group, Cleanspace, Tesserent and the Fund's Short Book. Kardinia increased their net market exposure from 30.4% to 73.0% (74.1% long and 1.1% short) with the key changes being the closure of most of their Short Book, increased weightings in 're-opener' stocks such as Flight Centre, Worley and the banks, partially offset by a reduction in 'lockdown' stocks such as Kogan and Redbubble. Kardinia maintain a bias towards stocks that benefit from a re-opening of economies scenario. |
| More Information |
