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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 best performing investments were resources related, with Baker Steel Gold Fund up 9.5% and the Terra Capital Natural Resources Fund up 8.1%. The long Australian equities funds were relatively flat, with the standouts being Sandon Capital up 4.4% and the Phoenix Opportunities Fund up 3.0%. The four long/short funds were down 1.2% overall. At the end of January, the Fund held investments in 24 unlisted funds, representing 56% of the total portfolio. The Affluence LIC Fund accounted for 20% of the portfolio and provided exposure to 21 LIC's. The Fund held investments in 6 other listed entities which represented 7% of the total portfolio, with the remaining 17% held in cash. |
| More Information |
