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| Fund Overview | Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives. |
| Manager Comments | Harvest Lane noted December was a comparatively quiet period by contrast with previous months, with numerous positions reaching their maturity in the early weeks of the month. A handful of new opportunities arose, although they say the month was largely characterised by adding to existing positions where low cash levels had previously prevented Harvest Lane from reaching their preferred exposure levels. Overall, Harvest Lane say the portfolio is highly prospective moving into 2019 and believe the future returns have the potential to equal or eclipse those of recent times. |
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