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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 | The Fund's return of -0.93% for the trailing six months fell behind the benchmark's return of 1.23%. The biggest distractor for this underperformance was the Fund's underweight stance to the Resources sector, and within Resources, it was mainly the gold sub-sector that was to blame. Other detractors over the six months included their positions in intellectual property services firm IPH, hotel group Mantra, tourism operator Flight Centre, and Henderson Group, a UK-based fund manager which fell on the Brexit vote. In respect of ex-20 stocks, the Fund's continues to remain attracted to the long-term 'growth compounders' like Ramsay Health Care and Domino's Pizza that form the core of the portfolio. Click below to read the latest Fund Report. |
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