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| Fund Overview | The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research. |
| Manager Comments | The Fund's capacity to significantly outperform in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.59 vs the Index's 0.62, maximum drawdown of -7.10% vs the Index's -26.75%, and down-capture ratio of 21.15%. Positive contributors during December included City Chic Collective (long), Fortescue Metals (long), Iluka (long) and Terracom (long). Key detractors included Electro Optic Systems (long) and Mesoblast (long). With the start of a global inoculation phase, APSEC are of the view that economies will reflate faster than expected. They have started positioning the portfolio into relative value, commodities and long yield beneficiaries, keeping in mind that markets could revert. Cost push inflation is what they are looking out for, and they expect this will set the stage for higher bond yields if they accelerate. |
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