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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 | The rise in bond yields, amplified by Trump's surprise election victory early in November, and with his substantial fiscal promises, has continued to drive the market rotation away from long duration, growth and gold stocks which the Fund has had reasonable exposure to since the fund's inception. The investment team has derisked the portfolio and also repositioned some of the stock holdings. The Fund continues to own key structural theme-led stocks that are expected to perform well over time. At month-end, the Fund had 27 long positions and 6 short positions and cash composed nearly 41% of the portfolio. Click below to read the latest monthly report. |
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