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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 | October's underperformance was driven by many of the Fund's holdings performing poorly for the month across sectors and market cap spectrum. Main contributors to the negative result in October were declines in Mayne Pharma, Netcomm Wireless, Aconex, Link Administration Holdings, Smartgroup and our gold holdings. At the end of the month, the Fund had 26 long positions and 11 short positions. Click below to read the latest monthly report. |
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