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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 the sell-down towards the end of the month was not pointed directly at the Fund's investee companies, given many of them are the solution for conducting commerce (and living life) at a distance from others while still being connected. Examples given include Microsoft, Amazon, Alibaba, Tencent and Netflix. Top contributors in February included Netflix, Tencent, Alibaba and Tesla. Key detractors included Apple, Qualcomm, Alphabet and Nutanix. The Australian dollar depreciated -4.2% over the month against the US dollar which meant the value of the Fund's US dollar positions increased. As at 28 February 2020, the Fund carried a foreign currency exposure of 92%. |
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