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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The Surrey Australian Equities Fund returned -1.69% after fees in October, taking performance CYTD to +19.42%. The portfolio ended the period with 37 individual stock holdings and a cash balance of 6%. The Fund's top holdings included Cooper Energy Ltd (COE), IMF Group (IMF), Jumbo Interactive (JIN), Smart Group (SIQ) and Xero Limited (XRO). The majority of the Fund's holdings have a market capitalisation of less than $1bn, with the Industrials and IT sectors carrying the greatest weighting. Surrey Asset Management noted that, overall, they remain pleased with the operational performance of the companies within their portfolio. Some exceptions include Costa Group (CGC) and IMF Bentham (IMF). The Manager has reduced the Fund's exposure to Costa Group and noted they don't believe the current IMF share price represents its true long-term value. While IMF and CGC negatively impacted the Fund's performance, Surrey Asset Management remain comfortable with both positions at current levels. They discuss both in detail in their latest monthly report while also highlighting the franking credits they received by retaining the Fund's holding in GBST (GBT) into its final takeover. |
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