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| Fund Overview | The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers. |
| Manager Comments | Key contributors to performance in February included Ellume (unlisted) and Scout Security (SCT). Key detractors included Comms Group (CCG) and Spacetalk (SPA). Equitable Investors noted the Fund's listed investments had a strong month with mostly pleasing half-year financial reports. NAV benefited from a revaluation of the unlisted holding in digital diagnostics company Ellume. Reporting season highlights included a significant turnaround in earnings at iSelect (ISU) and the resumption of dividends at Empired (EPD). More broadly, Equitable Investors counted 1.6 upgrades to consensus EPS expectations for every downgrade during February among stocks in their 'FIT' universe (essentially non-mining companies with market caps less than $5 billion). Equitable Investors' view is that rising interest rates are creating volatility in business valuations reliant on cash flows not forecast (or hoped) to drop through until many years in the future. They expect equities broadly to be choppy in the short-term as this shift in rates plays out. |
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