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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 | The Fund returned -8.7% in October. This return was driven by a large number of portfolio stocks falling by more than 5% despite no company-specific announcements. Glenmore noted sentiment was the dominant driver of stock prices during the month, with the result that most stocks' prices declined regardless of business quality and earnings growth prospects. In particular, small/mid cap stocks (which the Fund has a strong exposure to) were sold off much more than larger cap stocks, with the Small Ords Accumulation Index declining -9.6%. Glenmore added that it is frustrating to see good quality businesses falling 10-20% on no news, however, they believe at times investors must be willing to incur periods of underperformance in order to achieve above average long-term returns. Key detractors included Pinnacle Investment Management (-30.6%), WorleyParsons (-24.7%) and Navigator Global Investments (-16%). Glenmore remain confident in the composition of the portfolio. Importantly, they noted that during the month there were no negative announcements regarding operational performance from any of the Fund's investments. |
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