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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) performance is 29.60% pa (Index 13.51%) and a Sharpe ratio of 1.53. The Manager's monthly report comments on their approach to market timing. Our approach to market timing is rather simple, we don't have an approach to market timing. We don't take market timing into consideration. This might sound like a recalcitrant or flippant approach to those that are unacquainted with our investment process. But it is a position based on an understanding that proficient market timing expertise is analogous to a broken watch telling you the correct time, it only happens once a day and the reliability and causality of the correctness has nothing to do with accuracy or reliability of the time piece. Our portfolio of business partnerships in either of our open ended funds are not a microcosm of the Australian equity market, they are not a proxy for the Australian economy nor the world economy. They are an array of special profitable businesses that we believe have long term growth pathways managed by competent management teams that carry out their office in the shareholders best interest. |
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