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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | Given the large number of company meetings Surrey have had and the insights gained into how businesses are dealing with and recovering from the COVID-19 crisis, coupled with record low interest rates, Surrey maintain an outlook of cautious optimism. In addition to management meetings, there were also a number of company announcements throughout the month. For companies such as Xero, Appen, Service Stream and Austal, these are discussed in Surrey's latest report. The Fund's top holdings at month-end included Appen (APX), Omni Bridgeway (OBL), Opticom (OPC), Saracen Mineral (SAR) and Xero Limited (XRO). By sector, the Fund was most heavily weighted towards the Industrials and IT sectors. |
| More Information |
