| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | The Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.25 vs the Index's 0.25, worst month of -5.88% vs the Index's -20.65%, maximum drawdown of -11.71% vs the Index's -47.19% and down-capture ratio of 48.66%. Positive contributors in January included Pointsbet, Harvest Technology, Z1P Group, Aussie Broadband and BHP. Detractors included Polynovo, Xero, Charter Hall, Fortescue, Perseus. Kardinia reduced the Fund's net market exposure from 74.0% to 58.7% (85.7% long and 27.0% short) with a new short position in Share Price Index Futures offsetting increased weightings in NAB, Charter Hall, Fortescue Metals and Flight Centre. Kardinia maintain a bias towards stocks that benefit from a re-opening of economies scenario, with Technology, Resources and Banks the largest sector weights. |
| More Information |
