| 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 significantly outperform in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.24 vs the Index's 0.27, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 48.66%. The Fund's down-capture ratio indicates that, on average, the Fund has fallen less than half as much as the market during the market's negative months. The Fund returned -0.36% in March. Positive contributors included Cyprium Metals, NAB, Bluescope Steel, Graincorp and Pentanet. Detractors included Zip Co, Fortescue, Proteomics and Nickel Mines. The Short Book also detracted from performance. Kardinia kept their net market exposure relatively steady at 68.4% (87.1% long and 18.7% short) with new positions including Cyprium and Webjet offset by reduced positions in some resource holdings and the sale of Independence Group. They maintain a bias towards stocks that benefit from a re-opening of economies scenario, with Banks, Resources and Technology the largest sector weights. |
| More Information |
