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| Fund Overview | The Fund does not invest directly into any asset class, rather, it invests in investment managers which satisfy Affluence Funds Management's investment criteria; its investment philosophy is based on a formula developed by CEO/Portfolio Manager Daryl Wilson since the start of his career in 1999. The Fund targets total returns of at least 5% above inflation over rolling 3 year periods with volatility of returns less than 50% of the ASX200 Index. The Fund also aims to provide investors with a distribution yield of at least 5% p.a. Finally, the Fund aims to outperform the Australian stock market (S&P/ASX 200 Accumulation Index) by at least 5% in any year in which that index delivers a negative return. To ensure appropriate diversity of managers and limit the potential for conflicts of interest, no more than 20% of the Fund will be invested with any one manager. Affluence seeks to achieve the Funds' investment objective by choosing attractively priced investments overseen by quality managers. The Fund uses a number of processes to identify potential investments including quantitative screens for investments which meet historical performance, volatility and other criteria. They also use a number of external researchers and information sources to assist in this process. |
| Manager Comments | Almost all of the Fund's investments delivered positive returns in March. The biggest contribution ca came from smaller company funds as markets recovered. The biggest detractors were couple of funds with overseas exposure and mostly due to an appreciating Australian dollar. The Fund portfolio continues to be conservatively placed. At 31 March, the Affluence Fund held investments in 17 unlisted funds, which represented 66% of the total portfolio. It also held 22 smaller investments in listed investment companies and securities, representing 15% of the portfolio. The rest of the balance was held in cash (19%). The Fund is actively looking to deploy part of that cash and have another 34 investments in advanced stages of due diligence. Click below to read the latest Fund Manager's report. |
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