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| Fund Overview | The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short. |
| Manager Comments | The top positive contributors for the month were boohoo.com Plc, CarMax Inc., KRUK S.A., PRA Group Inc. and Wizz Air Holdings Plc. However, positions in 51job Inc, Broadleaf Co Ltd, Credito Real S.A. de C.V., Halogen Software, Inc. and Hostelworld Group Plc detracted from the performance. At month-end, the Fund's top 10 holdings accounted for 34.3% of the Fund's assets, with no single name representing more than 5% of the Fund. Cash represented 14.4% of the Fund. |
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