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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 performance over the quarter was due to a number of portfolio's largest ex-20 positions. This included Aristocrat Leisure, hospital operator Ramsay Health Care, wine producer Treasury Wine Estates, and travel retailer Flight Centre. All these companies delivered strong full year financial results and they were received positively by the market. The Fund's active investment also benefited from its aversion to REITs and Utilities. The biggest detractor for the month was an overweight position in TPG Telecom in the active investment portfolio of the Fund. Click below to read the latest Fund Report. |
| More Information |
