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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | They believe the hysterical reaction to the virus has created share price dislocations which they have used to buy what they believe to be strong companies at very attractive valuations. These investments are not directly exposed to COVID-19 either on the supply or demand side. The fund's top holdings at the end of February included Centuria Capital Group (CNI), Fisher & Paykel Healthcare (FPH), IMF Group (IMF), Imricor Medical Systems (IMR) and Xero Limited (XRO). The fund doesn't hold any travel business or have any significant exposure to companies directly focused on the Chinese consumer market. |
| More Information |
