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| Fund Overview | The investment process involves a combination of top-down analysis with fundamental bottom-up qualitative and quantitative research to derive a risk-adjusted discounted cash flow (DCF) valuation of companies in the target universe. The investment team will generally buy stocks from the pool of securities that are trading below Loftus Peaks' valuation and sell them when they are trading above Loftus Peak's valuation. The approach allows for both fundamental accounting information as well as market-oriented inputs to be factored into the portfolio construction process. Loftus Peak's model typically does not rely on leverage to deliver investment returns and specifically takes into account risk in the valuation process. Capital preservation can be managed by holding up to 50% cash. Index and currency options and futures may also be used to manage risk. |
| Manager Comments | The Fund returned -5.49% in December, with the largest detractors being Nvidia, Alibaba and Baidu. Key contributors included Tencent, Broadcom and Qualcomm. The value of the Fund's USD positions rose after the AUD depreciated 3.75% against the USD during the month. As at 31 December 2018, the Fund carried a foreign currency exposure of 99%. The Fund is 94% invested in 22 holdings which the manager considers likely outperformers. The balance is cash. The Fund's top 5 holdings are Tencent (7.7% of the portfolio), Apple (7.4%), Nvidia (7.3%), Alibaba (7.1%) and Qualcomm (6.8%). |
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