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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 | Since inception the Paragon Fund has returned +37.5% after fees vs. the market (All Ordinaries Accumulation Index) +13.7%. Key drivers of the Paragon Fund performance for December included solid returns from industrial firms Qantas, Orora, Brambles and emerging healthcare firm Nanosonics, offset by falls across our smaller company holdings. At the end of December the fund had 27 long positions and 11 short positions. |
| More Information | » View detailed profile of this fund |
