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| Manager | |
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| Strategy | |
| Latest Return Date | |
| Latest Return | |
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| Latest 24 Months | |
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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 | Over the quarter the Fund has returned +18.62%, beating the Index by +7.12%. Loftus Peak noted performance was supported by deploying cash towards companies that were trading at the lower end of their valuation range in the December quarter and taking profits as markets found their strength in the March quarter. Top contributors included Apple, Nvidia and Qualcomm. Detractors included Autodesk, Anritsu and Tesla. The Australian dollar depreciated -0.15% over the month against the US dollar, which meant the value of the Fund's US dollar positions increased. As at 31 March 2019, the Fund carried a foreign currency exposure of 99%. The Fund is 82% invested in 20 holdings with the balance in cash. |
| More Information |
