| 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 | Since inception in May 2006, the Fund has returned +8.77% p.a. with an annualised volatility of 7.66%. By contrast, the Index has returned +5.99% p.a. with an annualised volatility of 14.48% over the same period. The Fund's capacity to perform well in falling and volatile markets is highlighted by its Sortino ratio (since inception) of 1.22 vs the Index's 0.25 and down-capture ratio (since inception) of 48.7%. Key contributors for the month included Fenix Resources, Fortescue Metals, Harvest Technology, MACA and Xero. Detractors included Worley, Flight Centre, Ardent Leisure, Qantas and the Fund's short book. Kardinia highlighted in their latest report that a key contributor to the equity market's performance in CY20 has been global central bank monetary policy, including interest rate cuts and quantitative easing by the RBA. They expect this policy support to continue in CY21. |
| More Information |
