| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | |
| Manager Comments | The Fund's main win again came from its oldest thematic holding - the Japanese drugstore chain basket. The long positions in national store chain Welcia and regional player Kusuri no Aoki were increased, but Sundrug and a short position in Sugi were closed. A short position in a highly priced regional player and the long position in national chain Tsuruha were maintained. The other main stock contributor was Japanese automotive manufacturer Mitsubishi Motors. The Fund remains positioned for a continuing bull market, though somewhat more tentatively than in recent months. Nevertheless the Fund remains close to fully invested. For the equity bull market that began in 2009 to end now, before the first rate increase in the cycle, with a backdrop of good economic data and earnings, would be to believe that "this time is different" - and whilst the Manager is always open these possibilities, it is not our base case for now. All assets remain unhedged to the Australian Dollar. |
| More Information | » View detailed profile of this fund |
