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| Fund Overview | Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives. |
| Manager Comments | Harvest Lane noted that, aside from a partial deal break in Panoramic Resources after Independence Group withdrew its bid, the remaining softness in December was predominantly a result of widening spreads rather than fundamental catalysts. Consequently, should the Fund's current positions see their respective transactions complete then Harvest Lane expect a substantial portion of the underperformance to be recouped in time. Harvest Lane saw a steady stream of deals announced to market throughout the month, giving them the opportunity to add several new positions to the portfolio. Transactions in Konekt Limited and Bellamy's Australia closed towards the end of the month, carrying with them a healthy dose of franking credits which are in addition to the Fund's reported performance. Harvest Lane are encouraged by the current positions in the portfolio and believe 2020 offers a favourable outlook for merger and acquisition activity. |
| More Information |
