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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 | Glenmore noted March was a much quieter month in terms of news flows following reporting season in February. Most of the stock price moves were not announcement related but rather driven by investors fully digesting the results and outlooks of the companies that reported in February. Top contributors included Jumbo Interactive (+24.6%), Dicker Data (+23.1%), Charter Hall Group (+16.7%), Bravura Solutions (+7.9%), Arena REIT (+7.8%), Auckland International Airport (+6.4%) and Pinnacle Investment Management (+5.1%). Detractors included Fiducian Group (-5.0%), Worley Parsons (-5.0%) and Stanmore Coal (-3.3%) despite no actual news flow released for these companies during the month. Whilst the rally in equities has clearly seen valuations become more expensive (albeit from oversold levels in late 2018), Glenmore believe equities are likely to be supported given the outlook is for a combination of softening economic growth and benign monetary policy. They see that economic conditions are sufficiently healthy to allow companies to execute on their growth strategies. Overall, Glenmore emphasised that they are long term investors and remain very comfortable with the earnings outlooks for all of their investments. |
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