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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 | The Fund's strong performance in April came from a good spread across 13 stocks, individually returning greater than +1% attribution. These include Chalice, Adriatic, Betmakers, Cettire, and Paragon's copper, gold and battery-EV stockpicks. The Fund ended the month with 36 long positions and 6 short positions. In their latest report, Paragon give their thoughts on Copper's strong fundamentals and its attractive opportunity set. They highlight that, reinforcing Copper's demand outlook, the 'green-theme' remains front and centre globally where they believe Climate transition has the potential to drive US$2t p.a. of infrastructure investments for the next decade; renewable energy systems require 5x more copper than conventional power generation, and EV require 3x more than conventional vehicles. Given Paragon's 'stronger for longer' view in Copper, they've been actively researching 'discovery' and 'developer' stocks as they expect them to vastly outperform. |
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