Asymmetric Opportunities Fund April 2023 Update
Dear Investment Partner,
For the month ended 30 April 2023 the Asymmetric Opportunities Fund (AOF) returned a net 4.5%.
By comparison, the fund’s benchmark, the S&P/ASX Small Industrials Accumulation Index, returned 3.6%.
| Returns to 30 April 2023 | 1 month | 3 months | 6 Months | FYTD | 37 months (p.a) | Since Inception 1 Jan 2019 (p.a) | |||
|---|---|---|---|---|---|---|---|---|---|
| Asymmetric Opportunities Fund (Net Return*) | 4.5% | 5.1% | 10.5% | 22.7% | 31.4% | 11.4% | |||
| Benchmark** | 3.6% | -1.2% | 4.2% | 10.8% | 10.3% | 4.9% | |||
| Value Add (Net) | 0.9% | 6.3% | 6.3% | 11.9% | 21.1% | 6.5% |
*Net of fees & assumes reinvestment of income distributions; **S&P/ASX Small Industrials Accumulation Index (XSIAI); All performance figures are calculated by Asymmetric Asset Managment Pty Ltd. Until June 2022 the Fund was priced on a quarterly basis. This affects the performance time frames that can currently be reported.
Net Asset Value (NAV) Per Unit: $1.1595
Portfolio Update
With the small industrials market enjoying a solid rise for the month, not surprisingly most of the fund’s positions also experienced gains. For the month, fifteen stock positions gained, while six declined.
The decliners of note were both smaller positions. Mining equipment (such as dump trucks) leasing operator Emeco slipped on no news; while Praemium, a provider of investment platform software to the financial advice sector fell on the back of both a soft quarterly business update and similar subdued updates from industry peers.
The top performer (and the fund’s largest position) communications and detector manufacturer Codan experienced a significant rise. We wrote up our poitive views on Codan back in November.
Solid rises were also experienced by insurance broker AUB Group and health services provider Monash IVF amongst others.
We continue to identify appealing investment prospects. During April we added a new company to the portfolio and took a position in beauty retailer Silk Laser Australia after it received a takeover offer from Wesfarmers.
Kind regards,
Tim McArthur & Pierre Prentice
Co-Portfolio Managers
| Portfolio Snapshot | ||
|---|---|---|
| # of Portfolio Positions (stocks held) | 18 | |
| Equity exposure | 98.6% | |
| Cash exposure | 1.4% | |
| Median Market capitalisation of companies held ($m) | $378.6m |
PORTFOLIO HOLDINGS BY MARKET CAPITALISATION
Disclaimer: The information contained in this document is general information only and does not constitute investment or other advice. The contents of this document do not constitute an offer or solicitation to subscribe for units in the Asymmetric Opportunities Fund. Asymmetric Asset Management (AFSL No: 536830) accepts no liability for any inaccurate, incomplete or omitted information of any kind or any losses caused by using this information.