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| Fund Overview | Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives. |
| Manager Comments | After a strong start to 2019, the portfolio lost some ground in March returning -2.01%. Harvest Lane say the loss came from a rare deal break in Eclipx Group (ECX.ASX). The remainder of the portfolio largely traded in line with expectations as the positions matured across their respective transactions. Harvest lane noted March saw yet another month of strong deal flow which underpins their expectations that the portfolio can keep achieving new highs before long. Five new positions were added during the month. Some positions were entered on the back of entirely new transactions being announced whereas others reflected prior monitored opportunities that simply offered better entry points on a risk-adjusted return basis. |
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