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| Fund Overview | The Fund does not invest directly into any asset class, rather, it invests in investment managers which satisfy Affluence Funds Management's investment criteria; its investment philosophy is based on a formula developed by CEO/Portfolio Manager Daryl Wilson since the start of his career in 1999. The Fund targets total returns of at least 5% above inflation over rolling 3 year periods with volatility of returns less than 50% of the ASX200 Index. The Fund also aims to provide investors with a distribution yield of at least 5% p.a. Finally, the Fund aims to outperform the Australian stock market (S&P/ASX 200 Accumulation Index) by at least 5% in any year in which that index delivers a negative return. To ensure appropriate diversity of managers and limit the potential for conflicts of interest, no more than 20% of the Fund will be invested with any one manager. Affluence seeks to achieve the Funds' investment objective by choosing attractively priced investments overseen by quality managers. The Fund uses a number of processes to identify potential investments including quantitative screens for investments which meet historical performance, volatility and other criteria. They also use a number of external researchers and information sources to assist in this process. |
| Manager Comments | Of the Fund's 25 unlisted fund investments, 16 provided positive returns. The Affluence LIC Fund was the biggest positive contributor to performance, with other strong results from the Cromwell Direct Property Fund, the Microequities Deep Value Microcap Fund, and the Smallco Broadcap Fund. The largest detractors were the Totus Capital Alpha Fund and the Auscap Long Short Australian Equities Fund. In September, the Fund invested into two new funds, the KIS Capital Asia Long Short Fund and the Heathley Direct Medical Fund No.1. The unlisted funds represented 60% of the portfolio. The Fund's exposure to 23 listed investment companies and 5 other listed entities, represented 24% of the portfolio. The rest of the balance (16%) was held in cash. Click below to read the latest Fund Manager's report. |
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