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| Fund Overview | The investment manager believes that key intangible assets (such as Brands, Patents, Licenses, Logistical capability,a Captive client base) are the most difficult to replicate and that these key assets enable companies to entrench their products/services in the marketplace. |
| Manager Comments | The December reporting season saw a continuation of the trend of SGH ICE franchise companies reporting more certain growth. The portfolio reported 12% pa median earnings growth as opposed to the overall market median of -9%. The fund's February return was below relevant benchmarks as most of the companies had recorded strong price gains leading into the reporting season.Top 5 contributors over the month were Seek, REA Group, Seven, Acrux and Amcom. Aurizon's results disappointed leading to a reduced weighting in the portfolio. Amongst others the fund also reduced it's holding in Seek and REA despite strong results as the share prices had moved up reducing future IRR potential |
| More Information | » View detailed profile of this fund |
