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| Fund Overview | The fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk. The Manager's experience across value, growth and discounted cash flow styles allows them to use a comprehensive approach to investment decisions that applies all three. They also have the patience to seek out only compelling opportunities, rather than settling for relative value. The portfolio is somewhat concentrated, looking to diversify across industries and themes, rather than by trying to stay near an index. The portfolio may at times have a large amount of cash or other protection. However once investments are made turnover may be relatively high in order to lock in gains and avoid losses. |
| Manager Comments | The Manager notes that the portfolio has been close to flat over the last 6 months, however the stocks continue to operate very well with the expectation that strong performance will be reflected in the share prices soon enough. For example, Lend Lease (EML) rose 7.0% in December. Despite its share price run over the year, it is only on a P/E of 13.4x for FY16. With almost half of its earnings coming from overseas it is a beneficiary of the Australian Dollar fall. Nonetheless, Yowie Group (YOW) fell 13.5% this month, although the Manager notes that the company's products have had a great deal of interest by US retailers due to a lack of market competition. NetComm Wireless (NTC) also fell 14.3%. |
| More Information | » View detailed profile of this fund |
