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| Fund Overview | The Fund strategy is to invest in companies generating positive earnings (EBITDA) for at least 2 years with a stable management and track record for delivering value to shareholders. |
| Manager Comments | The fund reduced its its cash balances during the month to end at 3.5% from 9.0% previously. In terms of holdings there were notable increases in the Software and Services and Commercial Services sectors. The Healthcare and Equipment sector was notable as a reduced exposure. The fund has completed its fourth calendar year and has out-performed the Index each calendar year since inception in March 2009. The manager notes that despite the strong rally in share prices and improved sentiment the outlook for the domestic and international economy has not changed meaningfully. Rather it is the flow of funds from other asset classes that is driving the equity market. However current equity prices are not necessarily over-priced. |
| More Information | » View detailed profile of this fund |
