| 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 | 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 | The Fund ended the Financial Year with 9% of the portfolio in cash and a diversified portfolio of 28 individual stock positions. The Fund was most heavily weighted towards the IT and Industrials sectors. Top holdings at month-end included Appen (APX), Imrcor (IMR), Omni Bridgeway (OBL), Opticom (OPC), Xero Limited (XRO). Top contributors to performance over the Financial Year included Appen, Xero, Pointsbet and Imricor. Looking forward, Surrey expect the day-to-day share price movements to continue but remain confident in the long-term outlook for the globe as we recover from the impact of COVID-19. As can be seen by the Fund's top shareholdings mentioned above, the Fund is positioned in industries with strong structural growth tailwinds and where Surrey believe the economic exposure to COVID-19 is somewhat limited. |
| More Information |
