| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | The Fund's holdings were strong in December, however an adverse movement in the currency impacted performance by -3.5%, leaving the Fund flat for the month. Loftus Peak noted rhetoric around trade wars softened from both sides, with China pure-play stocks such as Tencent and Alibaba rebounding and companies with exposure to China (Qualcomm, Tesla) also recording good returns. The manager's decision to deploy cash in October on weakness in key names was beneficial. Top contributors over the month included Tencent, Apple and Tesla. Key detractors included Vmware, Nutanix and Roku. The fund was 95% invested in 22 holdings with the balance in cash at month-end. |
| More Information |
