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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 | November was a very strong month for the Fund. Loftus Peak noted markets were encouraged by the toning down of the tit-for-tat rhetoric by the US administration which was focused on other pressing issues (impeachment), however most of the Fund's return came as key themes in which Loftus Peak have invested play out. Their decision to deploy cash in October on weakness in key names was rewarded. Top contributors included Alibaba, Apple, Alphabet, Netflix, Microsoft and Xilinx. There were no detractors for the month. The Australian dollar depreciated -1.8% over the month against the US dollar which meant the value of the Fund's US dollar positions increased. As at 30 November 2019, the Fund carried a foreign currency exposure of 97%. The Fund was 93% invested in 20 holdings with the balance in cash at month end. |
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