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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 | Corporate activity ramped up in the second half of January. One new position in Windlab Limited was established following a non-binding offer from Federation Asset Management, but the majority of the Fund's activity was focused on existing positions in the portfolio or existing deals that saw Harvest Lane re-enter as the risk-reward dynamics became more favourable. The largest detractor for the month was the Fund's residual holding in Panoramic Resources Limited. Fresh from completing a $32m equity raise in mid-January, it took only two weeks for the company to realise it still wasn't adequately funded and was likely in breach of existing debt covenants. Due to the complexities of the company's required funding and management's inability to understand it, Harvest Lane exited their position for safety. |
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