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| Fund Overview | The Fund is long-only with a bottom-up focus. It has a concentrated portfolio of 15-35 stocks (target 25). Maximum cash holding of 10% with an aim to be fully invested. Airlie employs a prudent investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price. It is jointly managed by Matt Williams and Emma Fisher. Matt has over 25 years' investment experience and formerly held the role of Head of Equities and Portfolio Manager at Perpetual Investments. Emma has over 8 years' investment experience and has previously worked as an investment analyst within the Australian equities team at Fidelity International and, prior to that, at Nomura Securities. |
| Manager Comments | Airlie noted the Fund's outperformance in the first half of 2020 was partly driven by their focus on financial strength as many Australian companies were forced into equity raises, often at substantial discounts to already beaten-down share prices. They believe their focus on balance sheet strength typically pays off during times of crisis. Mineral Resources was the Fund's strongest performer over the year, with the share price rising +127% in 2020. This was driven largely by the uplift in iron ore prices, as well as management articulating long-term plans to substantially increase iron ore production in WA. Other positive contributors included James Hardie, Nick Scali and Metcash. Key detractors over the year included Medibank Private, Aurizon and Suncorp. Airlie feel there is plenty of 'value' in the portfolio yet to be fully appreciated by the market. They believe Australia is well placed relative to the rest of the world, and so they expect continuation of strong economic conditions during the first half of CY21. They think worries about the 'cliff edge' of reduced stimulus are misplaced given the extraordinary surge in household savings. |
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