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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | The Fund returned -2.5% in January. Paragon noted markets corrected in the last week of the month on excessive optimism, leaving global and local indices mixed. Positive contributors included Pilbara, PointsBet and DeGrey (short), offset by declines in gold and technology holdings impacted by the market sell-off. Paragon's view is that monetary and fiscal stimulus tailwinds remain, with Biden proposing new spending plans at approx. US$2t. They believe the strength in markets is analogous to the recovery and expansion from March 2009 lows. They reiterated their view that this equities bull market is early-stage (and not late). |
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