The Prime Value Growth Fund (PVGF) recorded a loss of -4.9% in November, bringing its YTD performance to -33.1%. The Prime Value Imputation Fund (PVIF) also posted a loss of -8.3% in November, making its YTD performance -41.2%. Both funds invest in a long portfolio of predominantly Australian listed equities.
The PVGF outperformed the S&P/ASX300 Index (-6.3% in November), which Prime Value attributed to the fund's underweight positions in Australian financial and consumer discretionary stocks, while at the same time holding cash in negative market conditions. Although optimistic about investment prospects in 2009, the fund will remain cautious in the near term.
The PVIF underperformed the S&P/ASX300 Index, mostly due to the fund's overweight position to Australian industrial stocks, although this was somewhat offset by the fund's cash holding.
