| 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 manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | The Fund's up-capture ratio (since inception) of 237.1% indicates that, on average, it has returned more than twice as much as the market during the market's positive months. The Fund has achieved up-capture ratios over the past 12 and 24 months of 355.9% and 271.6% respectively. Frazis noted that there was a further sell-off in growth stocks that seems to have stabilised. Multiples are down approximately 50% from the start of the year, using estimates for 2021. They added that the latest fall was triggered by a US inflation print of 4%. Frazis believe that inflation is likely to benefit the Fund's companies as they all have extensive pricing power. Frazis' view is that, irrespective of the growth vs value debate, the value of the portfolio's companies will be driven by fundamentals as they increase their user base, gross profit dollars, and in the case of life sciences, bring additional treatment to market. |
| More Information |
