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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 | Loftus Peak noted China's effort to contain the coronavirus negatively impacted performance during the last week of January. They believe this prompted panicked investors to sell great companies on short-term fears. Top contributors during the month included Google, Amazon, Microsoft and Tesla. Detractors included TSMC, Roku and Xilinx. The Australian dollar depreciated -4.3% over the month against the US dollar which increased the value of the Fund's US dollar holdings. As at 31 January 2020, the Fund carried foreign currency exposure of 99%. At month end the Fund was 89% invested in 23 holdings with the balance in cash. |
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