| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | MHOR looks for investment that exhibit the following set of characteristics: -Opportunity - to take advantage of growth and positive alignment with industry themes and trends. -Quality business - competitively advantaged product or service offering. -Financial flexibility - appropriately resourced to capture its opportunity. -Management - with the vision and capability to bring it all together. -Fundamentally undervalued. MHOR also considers labour standards, environmental, social and ethical considerations when making investment decisions but only to the extent that these factors impact the assessment of risk or return. The minimum suggested investment timeframe is 3-5 years. |
| Manager Comments | Positive contributors included SPZ, NWH & IMD. Notable detractors were TBH & DUB. The Fund exited the month with 32 stocks and 10% cash. MHOR noted the portfolio performed in line with the market during the downdraft. They went into results season with a target list of potential actionable ideas and, from this list and others, deployed 10% of the fund's cash throughout the season. This allowed MHOR to gain conviction on some stocks and top up holdings, as well as rotate into new ideas and away from stocks where MHOR's assessment had changed. Cyclical stocks caught MHOR's attention the most, they noted. The Mining Services Sector remains foremost in their thinking with much repaired balance sheets, improved operational visibility, reasonable valuation and consensus expectation framework as well as a more limited competitor set than the prior resources peak. This sector remains MHOR's largest overweight. With respect to valuation and expectation, MHOR found Media and Retail to be interesting ahead of results. |
| More Information |
