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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | Positive contributors in November included Pilbara, Chalice and PolyNovo, offset by declines in the Fund's gold and technology holdings. Paragon noted market rotations are hard to time and in any case are temporary in nature. Their outlook remains constructive. Copper hit 7yr highs and Brent Oil rose +27% during the month, both of which were great tailwinds for Paragon's base metals and oil stock picks. The Fund ended the month with 32 long positions and 5 short positions. |
| More Information |
