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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 top 5 positive contributors were Galaxy Resources, Eden Energy, Gascoyne Resources, MGC Pharmaceuticals and Resolute Mining, while the five most negative contributors were Collins Foods, Fisher & Paykel Healthcare, The Reject Shop, Treasury Wine and Hannans Reward. By month end the total number of portfolio stocks had again reduced slightly to 85 separate holdings, however the portfolio was virtually fully invested with cash at just over 1% reflective of the continued emergence of opportunities. The portfolio significantly increased exposure to their Materials holdings, while Energy, Telecommunications and Health sectors had smaller increases. Financials (ex-property) and Consumer Discretionary holdings reduced while other sector exposures remained relatively stable. Click below to read the latest Fund Manager's commentary on the Fund. |
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