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| Fund Overview | Paragon accepts that markets are not always efficient in pricing information into securities and that no one investment style works in every stage of the investment cycle. Subsequently Paragon adopts a top down thematic led approach to identify companies exhibiting sustainable or improving returns on capital driven by volume growth, pricing power and competitive advantages. Paragon utilises both quantitative analysis to provide probability weighted high/low/base case valuations and qualitative analysis in assessing management, the business model and likely direction of returns. Paragon will allocate assets to each investment opportunity based on a risk/reward profile. Positions have defined investment parameters and risk limits, which are then monitored on an ongoing basis. |
| Manager Comments | The Sharpe and Sortino ratios were 1.98 and 5.90 for the previous year with the Fund recording Up and Down Capture ratios of 1.31 and -0.65 respectively. Key drivers of the Paragon Fund performance for September included solid returns from LNG Ltd, short positions in the major Banks, Rio Tinto, Syrah Resources and Sirius Resources, offset by falls in Orocobre, G8 Education and TFS Corp. At the end of September the fund had 17 long positions and 12 short positions. The Fund's Monthly Report is headed Resources - Paragon's perspective and is on the AFM website under the Fund's profile. |
| More Information | » View detailed profile of this fund |
