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| Fund Overview | Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments. |
| Manager Comments | Many of the Fund's strong performers corrected in August arising from general profit taking plus some stock specific events. These included Galaxy Resources, Blackham, Aconex, Orocobre, and Mayne Pharma, accounting for half the negative return for the month. All five of these stocks have been significant contributors to the Fund's strong long-term performance and therefore the view on these companies has not changed. At the end of the month, the Fund had 27 long positions and 12 short positions, with a net exposure of 69.1%. The Fund held 30.9% of the portfolio as cash. Click below to read the latest monthly report. |
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