| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | In August, the Manager sold out of Xero and the UK land developers. Frazis believe Xero has considerable pricing power but believe it to be better to sell and buy cheaper companies that are growing faster. They also allocated to iQiyi, Weibo and Alibaba, reasons for which are given in their latest report. In addition, they added a genetic testing company growing at over 150% per annum; Frazis believe the market for genetic testing has barely been scratched. Finally, Frazis added portfolio hedges in emerging markets in August. The Manager noted they have conducted most of their hedging in the United States where markets are most liquid. They noted this period of outperformance of the United States, and bear markets in many places elsewhere, squeezed the Fund on both sides of the trade. Going forward, Frazis aim to better match their hedging with their exposure, whilst maintaining their usual VIX and index protection. |
| More Information |
