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| Fund Overview | The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy. |
| Manager Comments | The Portfolio returned -0.9% in December. Delft highlighted that, following the results of the US election, the yield curve is steepening as fiscal spending is now likely to accompany ultra low interest rates which they noted typically leads to change in market leadership - Delft currently favour small and value. Delft remain very diversified, with underweight positions in banks and oils and overweight positions in 'true technology' companies and healthcare. Delft like Japan and Asia on valuation, fiscal resilience and improving governance. They see a poor outlook for European profits notwithstanding the 'cheap' market. Notable performers in the portfolio included AES (a US utility company, Shin-Etsu Chemical (Japanese high-end chemicals company), and Discovery (US provider of documentary content). Alibaba fell as investors worried about political interference, and Intel was hit by announcements regarding increased in-sourcing by Apple and Microsoft. The Strategy remains unhedged for AUD$ based investors. |
| More Information |
