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| Fund Overview | The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be undervalued. They will assess the attractiveness of potential investments using a number of common industry based measured, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the managers form a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment. If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves. |
| Manager Comments | Prime Media (PRT) is one company highlighted in the Fund's latest report. PRT was initially purchased at a discount to its discounted cash flows at 28 cents. Collins St believe that media reform legislation will have a material impact on the sector, with particular benefit to PRT, and anticipate significant consolidation in the industry now that many of the barriers have been removed. Collins St invest in a concentrated portfolio of quality ASX listed securities, yet continue to watch the broader index from a distance with a mix of fascination and scepticism. They also remain vigilant about the issues that may affect the Fund's holdings, and remain focused on the companies that they own for investors. It should also be noted that the Fund stands out as one of the few with zero management fees, charging performance fees only, enabling Collins St to only profit when investors do. |
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