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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 July performance were Millennium Mining, Resolute Mining, Dacian Gold, Infigen Energy and Cardinal Resources, while the five most negative contributors were Syrah Resources, Antipa Minerals, Orocobre Limited, Galaxy Resources and Redflow Limited. The Fund increased its holding in the Consumer Discretionary, Industrials, Material and Telecommunications sectors and reduced its exposure to the Property, Consumer Staples, Financials and Utilities sectors. At month end, the total number of portfolio stocks reduced to 87 holdings and portfolio cash at approximately 1%. Click below to read the latest Fund Manager's commentary on the Fund. |
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