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| Fund Overview | The investment process involves a combination of top-down analysis with fundamental bottom-up qualitative and quantitative research to derive a risk-adjusted discounted cash flow (DCF) valuation of companies in the target universe. The investment team will generally buy stocks from the pool of securities that are trading below Loftus Peaks' valuation and sell them when they are trading above Loftus Peak's valuation. The approach allows for both fundamental accounting information as well as market-oriented inputs to be factored into the portfolio construction process. Loftus Peak's model typically does not rely on leverage to deliver investment returns and specifically takes into account risk in the valuation process. Capital preservation can be managed by holding up to 50% cash. Index and currency options and futures may also be used to manage risk. |
| Manager Comments | Top contributors in August included Qualcomm, Roku and Microsoft. Detractors included Netflix, Xilinx and Tencent. Loftus Peak noted the high volatility in August led to some negative moves in companies with exposure to China's Huawei. They believe the choppy market will ultimately calm with underlying growth in the Fund's core positions coming to the fore. The Australian dollar depreciated -2.3% over the month against the US dollar, which meant the value of the Fund's US dollar positions increased. As at 31 August 2019, the Fund carried a foreign currency exposure of 95%. |
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