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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 sound at 28.49% pa as compared to the ASX 200 Accum Index at 13.51% pa. Up and Down Capture ratios over the same time are 1.13 and 0.26 respectively. After almost six years of what was originally viewed as a radical policy the US Federal Reserve announced last month that it would end its final purchase of bonds. The program of quantitative easing rapidly expanded the Fed's balance sheet. In macroeconomic management, isolating the causality of policy measures is never a conclusive exercise. Objectively however we can safely say the quantitative easing program certainly contributed positively to steering the US economy back to life from the precipice of the GFC. Inflation has remained low, the currency has not lost its allure as the world's most sought after legal tender and unemployment (albeit slowly) has declined to acceptable levels. Despite the end of quantitative easing, the monetary policy of the Fed remains extraordinarily accommodative. |
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