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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | Positive contributors in October included Praemium Limited (+37.2%), Pioneer Credit (+20.5), HFA Holdings (13.8%) and Macquarie Atlas Roads (+9.8%). Glenmore's outlook on each of these companies over the next 3-5 years is positive. The only detractor of note was Pacific Current (-8.7%) after it sold its 40% stake in Investors Mutual (IML), the company's largest earnings contributor, to Natixis Global Asset Management at a sale price which was below market expectations. However, Glenmore's view is that Pacific Current remains attractively priced despite near-term uncertainty. |
| More Information |
