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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 | The largest contributors to the year's performance were Fortescue Metals Group, Newcrest, Vocus Communications and Flight Centre. The main detractors included TPG Telecom, Domino's Pizza Enterprises, South32 and Fisher & Paykel Healthcare. Throughout the year, the Fund trimmed or sold out of a number of high PE names, but maintained positions in companies in which the company fundamentals justified doing so. The investment team remains confident that these fundamentals will dictate returns over the long-term and therefore comfortable with the Fund's holdings. In more general terms, the Fund benefitted from an underweight position in bond proxies, such as REITs, Infrastructure, and Utilities stocks. On the other hand, the Fund's performance was hindered by an overweight exposure to the Healthcare sector, specifically through positions in Ramsay Health Care and Fisher & Paykel Healthcare, and from its exposure to the Retail sector, where a number of names held underperformed. |
| More Information |
