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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 five most positive contributors to the fund's January performance were Galaxy Resources, Collins Foods, Treasury Wine Estate, Ramelius Resources and General Mining Corporation. The five most negative contributors were HUB24, Netcomm, Blackmores, Adacel Technologies and Structural Monitors. Three of the top five negative contributors for the month were amongst the Fund's top ten holdings. The total number of portfolio stocks decreased from the previous month's 96 to 89, with portfolio cash sitting at just above 1%. During the month, the Fund's exposure to the Materials, Energy, Industrials and Utilities sectors increased and to the Financials, Consumer Discretionary and Telecommunications sectors decreased, with exposure to other sectors remained relatively stable. Click below to read the latest Fund Manager's commentary on the Fund. |
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