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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 | Xilinx, a company which makes products used in data centres globally to speed up response time, was the largest contributor in January. Loftus Peak noted the company has positioned itself to benefit from the growth in data centre workload, autonomous vehicles and the upcoming 5G roll-out. Other top contributors included Alibaba and Amazon. Key detractors included Geely, Tesla and Qualcomm. The Australian dollar appreciated +3.57% over the month against the US dollar, negatively impacting the value of the Fund's US dollar holdings. As at 31 January 2019, the Fund carried a foreign currency exposure of 99%. |
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