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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | Frazis have continued reducing their holdings in software firms that have doubled or tripled from the lows and are reinvesting the proceeds into areas they think are next most likely to benefit, such as renewables. At the end of May, the Fund held significantly more cash than usual at over 15% of the portfolio. Frazis' base case remains that economic activity is depressed around the world on average, with pockets of the world, such as the technology sectors, experiencing a true boom. They Fund has remained invested in over 35 stocks across the manager's core thematics: software, e-commerce, digital health, life sciences, renewable energy, and companies changing the way people live. |
| More Information |
