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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 | Loftus peak believe part of the reason for the Fund's strong performance in recent months lies in the decision to significantly increase their stock weighting during the Q4 sell-off on the basis that the global economic recovery was not so well entrenched as to withstand the aggressive rise in interest rates which was mooted by the US Federal Reserve late last year. Xilinx, Alibaba and Nvidia all contributed positively while Amazon, Baidu and Tencent each detracted slightly. Elsewhere, Loftus Peak noted, they remain focused on the development of 5G for cellular telecommunications which they believe will be a game-changer, impacting infrastructure globally and driving a new wave of connectivity and subsequently productivity. The value of the Fund's US dollar positions increased during the month as the AUD depreciated 2.43% against the USD. As at 28 February 2019, the Fund carried a foreign currency exposure of 99%. |
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