| Report Date | 02 May 2019 |
| Manager | Frazis Capital Partners |
| Fund Name | Frazis Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | March 2019 |
| Latest Return | 2.90% |
| Latest 6 Months | -9.89% |
| Latest 12 Months | 18.53% |
| Latest 24 Months (pa) | |
| Annualised Since Inception | -12.77% |
| Inception Date | 01 July 2018 |
| FUM (millions) | AU$4.1 |
| Fund Overview | The Frazis Fund is a thematic long/short global equity fund, with a macro overlay. The portfolio pairs high conviction, concentrated, long-term equity investments, with asymmetric, proprietary hedging strategies, to create a unique and highly differentiated return profile.
The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies:
1) Growth stocks that are really value stocks;
2) Traditional deep value;
3) The life sciences;
4) Miners and drillers expanding production into supply deficits;
5) Global special situations;
The manager uses a macro overlay to manage exposure, hedging in three ways:
1) Direct shorts
2) Upside exposure to the VIX index
3) Index optionality
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| Manager Comments | The Frazis Fund rose +2.9% in March, outperforming AFM's Global Equity Index by +1.67% and taking quarterly performance to +18.94% versus the Index's +11.50%.
The Fund's short positions contributed a modest +0.1% during the month. In their latest report Frazis discuss their views and outlook on a number of the Fund's holdings, including Cooper Energy, Lundin Petroleum, Bluebird and Amazon.
Frazis noted they have maintained a low gross and net position throughout the quarter. They point out that many of the largest US tech stocks, which comprise the bulk of the US stock indices, are still below their 2018 highs. Frazis believe a continued rally there would cause the market to break to new highs.
In addition, they highlight the reassertion of risk as part of their focus. Frazis say they'll continue to use hedges like those described in their March report to isolate value creation from the market.
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