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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | According to the investment team, the market is currently behaving true to form, where companies that are outperforming earnings expectations, upgrading guidance, or making accretive acquisitions or investments, are generally seeing their share prices respond accordingly. This was the case for a number of the ex-20 stocks in the portfolio for May. The top contributors for the month were Aristocrat Leisure, Fisher & Paykel Healthcare and Eclipx Group. The Fund continues to be selective to uncover stocks that can lead to outperformance and favor high quality and growing companies that can outperform in terms of earnings. Click below to read the latest Fund Report. |
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