Fund Update

November 2021

November 2021 Performance Commentary

In the month of November, the portfolio fell by 0.5%, slightly underperforming the benchmark (S&P/ASX Small Ordinaries Accumulation Index) by 0.2%.

The takeover announcement of  Praemium (PPS) was a good for the portfolio during the month, but it did not overshadow the general weakness in tech related stories. Despite a large revaluation in PPS, the other stocks such as HUB24 (HUB) and Dicker Data (DDR) detracted.

Some corporate instability in Bapcor (BAP) caused it to be one of the largest drags on performance. The loss of CEO/MD, Darryl Abotomey is significant. We remain invested until the situation comes to a close. Understanding that the business model is still very good and other companies  such as PPS have experienced we continue to remain invested in this business.

Investment Exposures

We aim to achieve superior returns to the ASX Small Ordinaries Accumulation Index through an exposure to companies with good growth prospects. These may be from global growth prospects, the disintermediation of financial services or those that hold established positions within the Australian marketplace.

Portfolio Allocation

Portfolio Characteristics