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| Strategy | |
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| FUM (millions) | |
| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | During the month, gains were consistently distributed across the portfolio. Key contributors included Mineral Resources and Cleanspace. Catapult and Tassal Group were the main detractors. The Fund's top holdings at month-end included Auckland International Airports, Mineral Resources, Omni Bridgeway, Pointsbet and Uniti Group. The portfolio was most heavily weighted towards the Industrials and IT sectors. Surrey hold an optimistic outlook for 2021, with both directors of Surrey Asset Management continuing to reinvest money into the Fund over the last quarter. They noted they were particularly active towards the end of the year as they took advantage of stocks they believed were mispriced. This lays the foundation for the 2021 portfolio and is also a further reflection of Surrey's favourable outlook for markets. The Fund finished the year with 1% in cash. |
| More Information |
