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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 included NRW Holdings (+19.3%), Praemium (+17.5%) and Alliance Aviation Services (+15.2%). Detractors included Mastermyne (-9.0%), Arena REIT (-8.3%) and Emeco (-3.8%). Glenmore noted there were no specific news releases during December for all three detractors and they remain comfortable holders going into reporting season in February. Glenmore believe valuations of equities are elevated, but not extremely so, with numerous stock specific opportunities still present on the ASX. Glenmore have also observed an increase in risk appetite, and noted the Fund has been selectively trimming positions in companies where the stock price has approached Glenmore's valuation. They note the next 12-18 months is highly likely to see an increase in equity market volatility. Currently, the Fund holds around 20% cash and hence is well positioned for any stock specific opportunities that might be created from a market correction. |
| More Information |
