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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | The Fund combines a passive investment in the ASX20 Index and an actively managed investment in Australian listed stocks outside this index. Currently, the Fund's passive position in the ASX20 Index has a weighting of 60%, thus the Fund's largest positions will typically dictate overall portfolio performance. Divergence in the performance of the Fund from the ASX300 will arise from relative performance of the Fund's active investment in ex-20 stocks. At the end of August, the Fund's weightings increased in the Consumer Staples, Health Care, Industrials and Materials sectors, while weightings were decreased in the Telco's, Utilities, Financials and REIT's sectors. |
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