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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 June performance were Dacian Gold, Resolute Mining, Newcrest Mining, Saracen Minerals and Antipa Minerals. While the five most negative contributors were Emerchants Limited, Altura Mining, Medibank Private, MGC Pharmaceuticals and IRESS Limited. Allocations to ASX-100 stocks reduced further from about 15.5% to 15.1% of the Fund's holdings, while stocks outside the ASX-200 continue to account for the bulk of the portfolio's holdings, increasing to about 68% of the Fund's value. By month-end, the total number of portfolio stocks had risen 91 separate holdings and the cash was at approximately 18%, primarily due to fund inflows. Click below to read the latest Fund Manager's commentary on the Fund. |
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