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| Fund Overview | The objective of the Fund is to identify undervalued Microcap companies, invest in them and, through a medium to long term commitment, attempt to deliver superior investment returns. The Fund invests primarily in ASX listed Microcap companies, which at the time of initial investment are generally below a market capitalisation of A$250 million. The Fund may also invest in companies with a higher market capitalisation, but these will be limited to no more than 20% of the assets of the Fund. At times the Fund may invest in pre-IPO securities that are due to be listed on the ASX within 3-6 months, and have lodged a prospectus with ASIC. These investments will also be limited to no more than 10% of the assets of the Fund. The Fund will be limited to investing no more than 20% of the Fund's assets in any one security or company. The Fund will make investments with a medium to long term time horizon of between 3-5+ years. The Fund will not speculate in derivatives. It will be permitted to hold other securities that are directly associated with a particular investment such as options granted with a specific company issue etc. The Fund will not engage in short selling or stock lending. The Fund will not hold financial debt of any kind. |
| Manager Comments | Since inception (March 2009) the fund has returned an annualised 29.82% (Index 14.89) with a volatility of 15.09% (Index 12.63%). The Sharpe ratio is 1.58 and the Up and Down Capture ratios 1.18 and 0.25 respectively. Notable given the Fund's investment in microcaps is the Fund's average negative return of -2.22 (index -3.00%) and maximum draw-down of 10.86% (Index 15.13%). The month saw no changes to our Fund's constituents. We continued to accumulate the top 5 positions which now make up approximately 40% of the Fund's asset value. These top 5 business partnerships represent our best investments within the context of a risk/reward relationship. |
| More Information | » View detailed profile of this fund |
