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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 for December came from battery minerals (Pilbara), base metals (EM2) and precious metals (WAF & Investigator) holdings. Paragon noted supportive drivers for precious metals remain, with US real rates resuming a downtrend of -1.08%, coupled with US$ breaking 2-yr lows of 89.5c, pushing cycle lows. Gains in gold, silver, copper and Brent Oil collectively represent great tailwinds for the portfolio going into 2021. Paragon believe unprecedented US Fed monetary stimulus and US fiscal stimulus has markets well placed to continue their secular bull run into 2021. As at the end of December, the portfolio was most heavily weighted towards Electric Vehicles, Technology, Base Metals and Gold. |
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