| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years. |
| Manager Comments | The Fund benefited from its holding in Costa Group (+24.1%) which rose after posting strong growth in earnings of 36%. The Fund's two large positions in the REITs sector, namely Charter Hall (+11.9%) and Goodman Group (+9.1%) also delivered solid returns in the month. However, the holding in the US based James Hardie Industries (JHX) fell in the month -5.7% after the company reported 3Q17 results which were below market expectations. Telstra (-3.6%) was also weaker, largely driven by higher tax and depreciation and amortisation charges. With the current political risks elevated globally, combined with market uncertainties, the investment team continues to remain focused on downside protection. |
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