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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | Top contributors in May included Moelis Australia, Alliance Aviation Services, People Infrastructure, NRW Holdings, Fiducian Group, Magellan Financial Group, Integral Diagnostics, Dicker Data and Mineral Resources. There were no detractors of any materiality during the month. Glenmore's view is that, despite the recession, there still exist stocks where the fall in price has been excessive relative to its long term valuation. Glenmore's initial take on recent earnings updates from ASX companies is that the earnings impact of COVID-19 is not going to be as severe as the fall in stock prices in February and March implied. They noted that, while not underplaying the significance of COVID-19's impact on the economy, they don't believe it is sufficiently negative to derail the earnings growth prospects of high quality businesses. Glenmore remain comfortable with the portfolio's composition. |
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