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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | Performance for September was driven by several positions from the Fund's Electric Vehicle thematic, New Century Zinc and Lend Lease, and short positions in Newcrest, Telstra, Select Harvest and Perpetual. At the end of the month the Fund had 36 long and 14 short positions. Paragon noted that the Fund's Electric Vehicle (EV) thematic has been its best contributor to date and, in their view, is a theme with significant growth potential. The latest report details global sentiment surrounding the transition from internal combustion engines to EV and, consequently, several automobile companies' significant investments in Lithium and Cobalt. While Paragon expects Lithium and Cobalt to perform strongly going forward, they have also forecast bull markets in Copper, Graphite/Graphene and Nickel. Paragon believes the Fund is well positioned in these sectors. |
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