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| Manager | |
| Fund Name | |
| Strategy | |
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| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
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| 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 main detractor in the month was Telstra (-9.4%), which fell after TPG Telecom announced that it planned to become Australia's 4th mobile network operator after acquiring mobile spectrum assets in a recent Government auction. Wesfarmers (-4.6%) reversed some of its recent gains after it posted weaker than expected Food and Liquor comparable store sales for the March quarter. With the current political risks elevated globally, combined with market uncertainties, the investment team remains focused on downside protection. |
| More Information |
