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| Fund Overview | Our investment objectives are: 1) To minimise the risk of permanent capital loss 2) Generate a net return of 10% through the economic cycle An unconstrained, concentrated approach focused on superior risk-adjusted returns. The investment strategy: - targets long-term capital growth in a prudent manner, with an emphasis on capital preservation and low volatility in returns - aims to outperform in markets where equities are down - diversifies investments across asset classes and duration to reduce risk while maintaining relatively concentrated exposure to attractive investment opportunities - is an application of the Manager's investment process, that has no institutional constraints and is completely benchmark unaware |
| Manager Comments | As at the end of November, the Fund comprised 38% CRE debt, 52% equities and 10% cash. During the month Datt Capital increased the Fund's position in Adriatic Metals which they believe is chronically undervalued due to an over exaggerated perception of sovereign risk. Top equity performers included Adriatic Metals and Afterpay, while Lynas and Alice Queen were the main equity detractors. Datt Capital believe they are well positioned leading into the new year given the Fund's cash holdings and the portfolio's skew towards opportunities which the manager considers ripe for consolidation. They noted all of their holdings hold high quality and desirable assets which the manager feels reduces their potential downside over time and provides them positive leverage in instances where a sector may be in decline overall. |
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