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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 | Positive contributors in February included Cettire (long), Betmakers (long), Chalice (long), Ionic and Appen (short), marginally offset by declines in OceanaGold and PointsBet. In their latest report, Paragon highlight double-digit-% price rises across food, base metals, timber and house prices, however, their view is that headline CPI numbers are misrepresentative of true inflation. They believe markets are embracing the breadth and strength across Resources and increasingly the prospect of a super-cycle ahead. |
| More Information |
