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| Fund Overview | The Fund makes investments with a medium to long term time horizon of between 12 months to 3-5 years in the companies it selects for investment. The Fund invests 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 used the past month to purchase additional stakes in some of the best businesses in the utilities sector and telecommunications, taking advantage of weaker share prices in those sectors. The Fund also exited Webjet Ltd (ASX:WEB) after a holding period that dates back to the Fund’s inception. The manager notes that they are admirers of Webjet as a business, its management and the board but the decision to dis-invest was based on the fact that it was trading well above intrinsic value. In terms of outlook the Australian economy is poised for an interesting year. A number of industries like construction, manufacturing, and to a lesser extent retailing are experiencing difficult operating climates. Across the services sector there are pockets of buoyancy whilst the mining sector, despite the negative headlines, is still providing a supportive role in economic growth. The overall mix of these scenarios means domestic 2013 GDP is likely to come in below trend growth rate of 3%, and hover between 2.0% to 2.6%. |
| More Information | » View detailed profile of this fund |
