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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | The Paragon Australian Long Short Fund rose +9.4% in July, outperforming the ASX200 Accumulation Index by +6.46% and taking annualised performance since inception in February 2013 to +10.87% versus the Index's +9.22%. Positive contributors came from gold holdings including Alacer Gold, as well as iSignthis, Xero, Agrimin and a short position in Pilbara. Paragon believe the move in gold, particularly the moves in their gold longs, are still in their infancy. Paragon noted they continue to be very constructive on gold, especially A$ gold. They added that gold particularly benefits from accommodative monetary policy (namely low and falling cash rates), quantitative easing (QE), falling bond rates (namely negative or approaching negative real rates) and global market volatility, all four of which arose in the last month. Paragon believe the best returns will be made in identifying key stocks that meet particular criteria:
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