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| 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 Star Entertainment (+12.1% mom, +7.4% qoq) which has risen steadily since its interim result in February. QBE Insurance (+7.5% mom, +6.5% qoq) also rallied higher for the month. The main detractor for the month was Trade Me Group (-3.0% mom, -2.4% qoq), which was impacted as its largest shareholder sold down part of its stake in the company. Resmed (-0.8% mom, +8.8% qoq) was also a negative contributor, due to the concerns around continuing production delays for its new mask range. The investment team regards both these companies as attractive investment options and therefore continue to hold them in the portfolio. With the current political risks elevated globally, combined with market uncertainties, the investment team remains focused on downside protection. |
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