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| Fund Overview | The Fund is comprised of a concentrated portfolio of securities outside the ASX100. The fund may invest up to 10% in global equities but for this portion typically only invests in New Zealand. Investments are primarily made in ASX listed and other exchange listed Australian securities, however, it may also invest up to 10% in unlisted Australian securities. The Fund is designed for investors seeking medium to long term capital growth who are prepared to accept fluctuations in short term returns. The suggested minimum investment time frame is 3 years. |
| Manager Comments | Key positive contributors in January included Redflux, Redbubble and Oceania Healthcare. Key detractors included Centuria Capital, Omni Bridgeway and City Chic. Prime Value noted the highlight of the month was the takeover offer to Redflex at a 130% premium to the share price - they are a long-term holder and were pleased to see the underlying value reflected in the offer. Looking at the year ahead, Prime Value believe the key theme is likely to be vaccine rollout. As everyone's lives return to normal, the earnings profile of many companies will change dramatically while others will be less affected. To frame this dynamic, they group companies into four types: Unaffected (28% of the portfolio), Negative COVID impact, rebound underway (39%), Negative COVID impact, rebound medium-term (17%), and COVID beneficiaries (8%). This is discussed in more detail in their latest report. |
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