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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 | The Fund had another strong month in November driven by solid contributions from Long holdings in Paragon's electric vehicle theme, along with Cann Group, Origin, Agrimin, Cimic, Lynas, Dacian Gold and Global Energy. At the end of the month the Fund had 39 long and 15 short positions. Paragon's latest report discusses the increased global support for legalisation of medicinal cannabis and the subsequent investment opportunities. They note the cannabis market is likely to be $1b - $2b p.a. by 2025, however, they expect this will be dwarfed by the export market (cumulative $20b+ p.a. to $30b+ p.a.). Paragon initiated its position in Cann Group, Australia's leading medical cannabis producer, in August 2017 and remain long the stock. |
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