The Prime Value Growth Fund lost -3.4% in January, while the Prime Value Imputation Fund lost -6.5%. Both funds are Australian equity long only funds, whose 12 month returns now stand at -27.2% and -37.8% respectively.
The Growth Fund suffered from an underweight position in the Healthcare sector, which negated positive contributions from an underweight position in Financials and the Fund's cash holding. Leighton Holdings (-34.9% following an earnings downgrade and asset write-down), NAB (-9.3%) and CSR (-19%) were the biggest detractors, while gains were made on Rio Tinto (+10.9%), CSL (+11.3%) and Woolworths (+3.9%).
The Imputation Fund lost ground due to an overweight position in Industrials and underweight positions in Healthcare and Materials, though the Fund's cash position mitigated losses to some extent. Gains were made on Caltex (+22% on an earnings upgrade), Codan and Incitec Pivot (+7.2%), whiles losses were made on Westpac (-7.8% following capital raising), NAB and CSR.
