What we are buying
I manage a $40 million Australian equity fund.
It was great in the financial year ended June 30, 2018. The market was up 12 per cent and the fund was up 23 per cent. In the funds management game, that would have put us in the top 25 long-only funds in Australia. We began to think that we had a process that would work in perpetuity.
(However) It didn’t last long. Suddenly, in October last year, the market tipped over and two months later we ended up at the other end of the performance league table.
This is the story of why we outperformed, why we underperformed and what we are buying now that the market has turned.
The biggest theme right up until October last year was believing in a bull market. This was and always is the most important call...Continue Reading