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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 | From the active position in the ex-20 stocks, Star Entertainment Group and Ramsay Health Care were the biggest two detractors. However, this portfolio benefited from a position in Fortescue Metals Group, which was one of the best performing stocks on the ASX over the month. With lofty expectations baked into share prices, it will be important to be invested in companies that can achieve what is expected of them. The investment team believes that for the Fund, this involves attempting to gain conviction in earnings delivery at the individual stock level. Click below to read the latest Fund Report. |
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