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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 | Harvest Lane noted the strong run of deal flow continued in May, offering further opportunities for the portfolio to establish positions selectively. A point of interest in the more recent deals announced, however, is that they have seen unusually elevated levels of abandoned transactions. The top contributor for the month was Lynas Corporation. Turning to June, Harvest Lane are looking to close out the financial year on a high and believe the Fund is currently well positioned to do so. Several deals remain in their infancy, which they believe should bode well for continued performance for new and existing investors into financial year end and beyond. |
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