| 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 Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The Fund returned -0.5% in March. Top contributors during the month included Betmakers and People Infrastructure, while a small position in CleanSpace had an amplified negative impact on total fund returns. Surrey noted that, despite the marginal decline last month, they are pleased with the Fund's performance over the past 12 months and since inception, particularly given that this has come at a time of heightened market nervousness and doubt as to what type of returns all asset classes could deliver. Over the period they remained well invested, ending March with 4.5% in cash. The portfolio is well diversified across 31 individual holdings and by sector and size. By sector, Industrials and IT had the greatest weighting. Top holdings at month-end included Auckland International Airports, Betmakers Group, Pointsbet Holdings, Sealink Travel and Uniti Group. |
| More Information |
