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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | In March, Insync sold down all remaining index put positions as volatility measured by the VIX index approached all-time highs mid-month, reflecting extreme fear and panic by investors. They also hedged a portion of the Fund's USD exposure back into Australian dollars as the Australian dollar fell significantly against the USD. Insync believe the portfolio is well positioned for the recovery in markets. Their view is that large-scale operations with the strongest balance sheets, a long runway for growth due to global megatrends and effective capital allocators are going to be the greatest beneficiaries as global economies start to recover. Insync noted the Fund's global megatrend companies are less sensitive to the economic cycle or crisis and have therefore not had to make significant changes to the portfolio. |
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