| 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's underweight position in the Banking sector was a major contributor to performance. Specifically, not holding either Commonwealth Bank (-8.9%) or ANZ Bank (-12.2%) assisted returns following their large falls in the month. Treasury Wine Estates (+8.5%) was an outperformer in May. The company was a beneficiary of a weaker Australian dollar, has strong earnings growth prospects and is one of the few companies in the consumer sector that is unlikely to be impacted by the arrival of Amazon. Conversely, James Hardie Industries (-13.6%) and APN Outdoor Group (-14.8%) detracted from the month's performance. With the current political risks elevated globally, combined with market uncertainties, the investment team remains focused on downside protection. |
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