Asymmetric Opportunities Fund August 2022 Update
Dear Investment Partner,
We’re pleased to report that for the month of August the Asymmetric Opportunities Fund (AOF) returned 1% (net of fees and expenses and assuming the reinvestment of distributions), outperforming its benchmark by 1.6%.
By comparison, the fund’s benchmark, the S&P Small Industrials Accumulation Index, returned negative 0.6%.
| Returns to 31 August 2022 | 1 month | 14 months (p.a) | 26 months (p.a) | 38 months (p.a) | Since inception 1 Jan 2019 (p.a) |
|---|---|---|---|---|---|
| Asymmetric Opportunities Fund (Net Return) | 1.0% | -8.1% | 17.3% | 11.1% | 12.1% |
| Benchmark* | -0.6% | -13.5% | 5.5% | 1.2% | 5.9% |
| Value Add (Net) | 1.6% | 5.3% | 11.8% | 9.9% | 6.1% |
*S&P/ASX Small Industrials Accumulation Index (XSIAI).
All performance figures are calculated net of fees & assume reinvestment of income distributions.
Until June 2022 the Fund was priced on a quarterly basis, this affects the performance time frames that can be reported.
Portfolio Update
At August end the portfolio held 14 stocks plus a position in an Exchange Traded Fund (ETF) that provided exposure to the broader stock market.
Equities comprised 95% of the portfolio with the balance (5%) in cash.
The median market capitalisation was $470 million; lower than last month on account of two new companies being added to the portfolio each with a market capitalisation of just under $500 million.
August reporting season saw the financial results of some portfolio holdings well received by the market including recent addition McMillan Shakespeare, marketing group Enero and financial services provider Praemium. Balancing the positive receptions were negative share price reactions to Codan, Fleetwood and GUD.
PORTFOLIO HOLDINGS BY MARKET CAPITALISATION
Fund Update
We welcomed our first new investors into the fund at the beginning of September. The fund is priced monthly which means that anyone wishing to apply can do so prior to month end and they will receive units in the fund as at the first day of the new month.
For those interested in applying this month, please click on this link.
As always,we’re available to answer any questions you might have about the fund.
We take our role as stewards of our investment partners’ capital very seriously and express our sincere appreciation to you for investing alongside us.
Kind regards,
Tim McArthur
Pierre Prentice
Co-Portfolio Managers
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 accepts no liability for any inaccurate, incomplete or omitted information of any kind or any losses caused by using this information.