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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 | Positive contributors in March included Dacian Gold, Global Geoscience and the Fund's shorts in Invocare, Mineral Resources, Aurizon and Telstra. These were offset by declines in several holdings, driven by the market sell-off, including Orocobre, Cimic, Wattle Heath, Metals X, Echo and Paragon's Cobalt holdings. Paragon ended the month with 30 long and 26 short positions. Paragon's view is that the mood across global markets remains in fear territory, with March exhibiting high levels of volatility once again. In order to best navigate this period of volatility, Paragon increased the Fund's hedges through March and further reduced their net exposure. They also noted that, while ongoing volatility presents certain challenges, they continue to embrace the opportunities that come with it, identifying new stocks for the Fund. |
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