| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | The Fund's low net market exposure, stop loss discipline and a high success rate during reporting season led to the Fund's outperformance of the Index. Kardinia noted at its worst point during the month the ASX300 was down -6.03% whilst the Fund had only fallen -1.27%, demonstrating Kardinia's overarching philosophy of capital protection. A short position in Share Price Index Futures was the biggest positive contributor. The individual short book also made a positive contribution with shorts in financial services stocks the key driver. Other positive contributors included Charter Hall, City Chic, West African Resources, Ramelius Resources and Evolution, the last three of which benefited from strong gold prices. Detractors included A2 Milk, Cleanaway, Rio Tinto and Rhipe. Net equity market exposure was decreased from 40.5% to 20.3% (33.1% long and 12.8% short), with the key changes being the sale of Commonwealth Bank, Chorus and A2 Milk, lower weightings in Westpac, Macquarie Group, Rio Tinto and CSL, partially offset by a reduction in the Fund's short position in Share Price Index Futures contracts. |
| More Information |
