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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 | The has recorded very high Sharpe and Sortino ratios of 2.93 (Index 1.40) and 13.88 (Index 2.79) respectively. The Up and Down Capture ratios are 0.83 and -1.20 with the Fund recording up months in all 3 months the market was negative over the preceding 12 months to August. Whilst the peak of the capex cycle in the resource sector is a structural change in the economy, the slowdown in retail activity is but a temporary one. Household consumption is in fact facing the preconditions for almost booming conditions; household debt has been growing at a very slow 2% rate per annum since the GFC. However thanks to a booming property market and a stronger equity market driving growth in household assets, Australian households' net debt position has been solidified. |
| More Information | » View detailed profile of this fund |
