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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | The Fund returned -1.67% in December, outperforming the Index by +0.5%. Top contributors included Moelis Australia (+10.2%), Polynovo (+10.1%), Magellan Financial Group (+8.5%), NRW Holdings and Stanmore Coal. Key detractors included Jumbo Interactive (-27.3%), Phoslock Environmental Technologies (-10.1%), VGI Partners (-8.8%) and Opticomm (-7.0%). Glenmore noted there were no company announcements from VGI or OPC during the month, however both had been strong performers in 2019 and thus some retracement was not unexpected. Glenmore believe the main driver of strong performance in equities throughout 2019 was low interest rates, which continue to underpin demand for stocks. Despite the Fund's significant outperformance over the past 12 months, Glenmore continue to find undervalued stocks in their universe and feel optimistic about the prospects for the portfolio in the year ahead. |
| More Information |
