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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 | The number of portfolio stocks increased from 67 to 82 and portfolio cash decrease from over 23% to less than 1% such that at month end the portfolio is fully invested. Relatively to the All Ordinaries Index, the portfolio held significantly higher allocations in Consumer Discretionary, Energy, Consumer Staples and Information Technology and lower allocations in Financials, Property, Telecommunications and Utilities.The top 10 holdings accounted for over 29% of the portfolio. Click below to read the latest Fund Manager's commentary on the Fund. |
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