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| 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 | The Harvest Lane Absolute Return Fund has returned +4.29% p.a. with an annualised volatility of 10.67% since inception in July 2013. This return has been achieved with a down-capture ratio of 16.19%, highlighting the Fund's capacity to outperform during the market's negative months. The portfolio retreated -2.02% in May, although the result is largely attributable to an unfavourable outcome specific to one holding. Harvest Lane noted almost everywhere else in the portfolio they saw broad based gains. Alto Metals was a standout performer as they received two counterbids during the month. The Fund's holding in Ora Banda Mining also paid off, having risen almost 200% off its March lows. In their latest report, Harvest Lane discuss their views on Scheme Implementation Agreements (SIAs). They feel the COVID-19 disruption has exposed fragilities in SIAs that give effect to merger and acquisitions via a Scheme of Arrangement. Transactions undertaken in this manner are generally thought of as 'friendly', however, Harvest Lane have recently observed bidder behaviour that is anything but. Read the latest report for the full discussion. |
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