| Report Date | 07 March 2017 |
| Manager | Paragon Funds Management |
| Fund Name | Paragon Australian Long Short Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | February 2017 |
| Latest Return | -5.00% |
| Latest 6 Months | -14.37% |
| Latest 12 Months | 9.96% |
| Latest 24 Months | 13.31% |
| Annualised Since Inception | 13.63% |
| Inception Date | 28 February 2013 |
| FUM (millions) | AU$79.9 |
| Fund Overview | The Fund is a concentrated long/short Australian equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's own research process and active portfolio management is overlaid with risk management and an overarching focus on capital preservation.
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.
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| Manager Comments | The Paragon Australian Long Short Fund returned -5.0% for the month of February and +9.96% for the latest 12 months. Since inception, the Fund has an annualised return of 13.63% p.a. vs the ASX 200 Accumulation Index's 7.48% p.a. Main contributors to the result in February were gains in Clean TeQ, however, offset by a large fall in Orocobre (surprise production downgrade), and corrections post capital raisings in both Galaxy and Blackham Resources. At the end of the month, the Fund had 31 long positions and 11 short positions. |
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