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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 contributions in May came from Global Geoscience (Phase 1 primary feasibility study upgrade), Seven Group (profit guidance upgrade), Aristocrat (profit guidance upgrade), Kidman (binding offtake with Tesla), Sino Gas (takeover offer) and Paragon's Telstra short (profit guidance downgrade). These were offset by declines in Jupiter Mines, Wattle Heath, Cann Group, Global Energy and the Fund's Nanosonics short. At the end of May the portfolio had 29 long positions, 10 short positions and 22.3% cash. Paragon noted the Fund continues to be impacted by short-term volatility, however the long-term outlook of the Fund's key stock positions remains strong. Read Paragon's latest report for their updates on some of the key stock catalysts that occurred in May, supporting the Fund's overall outlook. These include Aristocrat (long), Global Geoscience (long), Kidman (long) and Telstra (short). |
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