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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | Top contributors included Phoslock Environment Technologies, Magellan Financial Group, Dicker Data, People Infrastructure, AP Eagers, Alliance Aviation Services and Fiducian Group. Key detractors included Stanmore Coal and Jumbo Interactive. Glenmore noted they were surprised by the magnitude of the rebound in 2019. They believe the most likely driver of the rebound is the view that we will have continued low inflation and low interest rates for the foreseeable future. Glenmore's approach in this environment has been to sell or trim holdings where they believe valuations have become stretched and remain very selective with regards to the quality of businesses they are invested in. |
| More Information |
