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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 | The returns for the Fund's underlying investments ranged from negative 10% to positive 4%. In November, the Fund took advantage of market volatility and added to some existing investments. These included the Phoenix Opportunities Fund, Baker Steel Gold Fund, Smallco Broadcap Fund and Smallco Investment Fund, and the Affluence LIC Fund. At the end of November, the Fund held investments in 23 unlisted funds, representing 58% of the total portfolio. The Affluence LIC Fund accounted for 19% of the total portfolio and provided exposure to 21 LIC's. The Fund held investments in 5 other listed entities which represented 6% of the total portfolio, with the remaining 17% held in cash. |
| More Information |
