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| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
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| FUM (millions) | |
| 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 Fund's November performance was driven by a range of different companies, highlighting the Fund's diversity. Surrey have been lifting their position in Catapult (CAT) on the back of a strengthened management team, strong product offering, growing cashflows and valuation. Similarly, the Fund's weightings in Xero (XRO) and Pointsbet (PBH) have been increasing and have been of benefit. Negative contributors included Smart Group (SIQ) and Sezzle (SZL). Surrey remain confident in the long-term prospects of both companies. Surrey noted they remain positive on the outlook for local and global equity markets. They encourage investors to continue watching the US 10-year bond yield which they believe is providing a very positive relative valuation benchmark for stocks |
| More Information |
