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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | Positive contributors for the Fund in April were across all of Paragon's gold and technology holdings. This was offset by a material write-down of iSignthis (ISX) taken by Paragon on 30 April as a result of ongoing legal proceedings and the adverse impact caused by the ASX suspension as evidenced in their 1Q20 result. The Fund's current median market cap is $1.0bn. Paragon noted compelling drivers for gold continued in April. Their view is that US$ gold will break new all-time highs in the short to medium-term. In their latest report, Paragon highlight that 4 of the 5 best performing ASX gold stocks since the 23 March 2020 bear market low are held by the Fund, including the top 2 - DeGrey and SKY. They also provide updates on three of their key gold holdings - Alacer, West African, and DeGrey's. |
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