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| Fund Overview | The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns. |
| Manager Comments | In response to the August sell-off, the number of stocks in the portfolio fell from 89 to 67 and cash increased from under 1% to 23%. Sector allocations in the Fund mostly reduced across, with only Financials, Energy and Utilities showing small proportional increases. At the end of August the stocks that met the Fund's absolute and relative performance hurdles has risen from 9.1% to 9.6% of the liquid stocks on the ASX. Over 23% of the portfolio was invested in the top 10 holdings, with over 3.0% in Blackmores Limited and UXC Limited. Click below to read the latest Fund Manager's commentary on the Fund. |
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