| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | Gains in April were spread broadly across the portfolio. Harvest Lane noted spreads in many transactions narrowed after the market dislocation observed in March. The manager believes spreads may have in part also benefited from a general risk-on sentiment across equity markets which were also strongly positive for the month. A strong gold price underpinned activity in Alto Metals and Ora Banda Mining, both of which contributed positively to the portfolio in April. Harvest Lane also noted the Fund's very cheap entry into Lotus Resources is also beginning to bear fruit as the uranium price awakens from its slumber for the first time in years. At month-end, the portfolio was mostly holding a combination of deeply discounted LIC's or cash proxies such as Salmat Ltd, MG Unit Trust and Onemarket Limited. |
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