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| Fund Overview | The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research. |
| Manager Comments | The Fund's superior performance in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.28 vs the Index's 0.70, worst month of -5.58% vs the Index's -20.65%, maximum drawdown of -7.26% vs the Index's -26.75%, and down-capture ratio of 21.15%. The Fund has also outperformed the Index in 9 out of 10 of the Index's worst months since the Fund's inception, most notably rising +17.2% in March 2020 when the Index fell -20.7%. The Fund returned -0.50% in April. Positive contributors included Cleanaway Waste Management (Long), Commonwealth Bank (Long), Deterra Royalties (Long), and Terracom (Long). Key detractors included Beach Energy (Long), Mesoblast (Long), Origin Energy (Long), and Whitehaven Coal (Long). |
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