Asymmetric Opportunities Fund February 2023 Update
Dear Investment Partner,
We’re pleased to report that for the month ended 28 February 2023 the Asymmetric Opportunities Fund (AOF) outperformed its benchmark by 3.2%.
As the table below shows, the fund delivered a positive return of 1.5% (net of fees and expenses and assuming the reinvestment of distributions).
By comparison, the fund’s benchmark, the S&P/ASX Small Industrials Accumulation Index, fell 1.7%.
| Returns to 28 February 2023 | 1 month | 3 months | 6 Months | CYTD2023 | CY2022 | CY2021 | CY2020 | CY2019 | Since Inception 1 Jan 2019 (p.a) |
|---|---|---|---|---|---|---|---|---|---|
| Asymmetric Opportunities Fund (Net Return*) | 1.5% | 4.4% | 1.5% | 6.1% | -20.3% | 29.8% | 16.7% | 20.3% | 10.9% |
| Benchmark** | -1.7% | 1.0% | -0.8% | 4.5% | -21.8% | 13.7% | 5.9% | 24.5% | 5.0% |
| Value Add (Net) | 3.2% | 3.4% | 2.3% | 1.6% | 1.5% | 16.1% | 10.8% | -4.2% | 5.9% |
*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) unit price: $1.1189
Portfolio Update
February marks the interim (half year) reporting season for most ASX listed companies and hence it is a particularly busy time as we review reported results. For the fund, all portfolio holdings reported during February with thirteen positions reporting interim results and two reporting final (full year) results.
Towards the end of the month a new position was established after we analysed the company’s results, having previously researched the business and deciding to wait for this interim result.
Overall, we were pleased with both the reports and outlook statements from the fund’s portfolio companies.
Tallying up the share price moves of each portfolio holding on the day of its results release shows that:
· 12 companies saw their share prices rise
· 3 companies saw their share prices fall
· 1 company’s share price closed flat
We will update unitholders with more detail in our March Quarterly Letter.
Kind regards,
Tim McArthur & Pierre Prentice
Co-Portfolio Managers
| Portfolio Snapshot | ||
|---|---|---|
| # of Portfolio Positions (stocks held) | 17 | |
| Equity exposure | 97.5% | |
| Cash exposure | 2.5% | |
| Median Market capitalisation of companies held ($m) | $405.2m |
PORTFOLIO HOLDINGS BY MARKET CAPITALISATION
- $1 Billion+ (6 stocks)
- $500m to $1 Billion (1 stocks)
- $250m to $500m (6 stocks)
- $100m to $250m (3 stocks)
- <$100m (1 stocks)
- $1 Billion+ (6 stocks)
- $500m to $1 Billion (1 stocks)
- $250m to $500m (6 stocks)
- $100m to $250m (3 stocks)
- <$100m (1 stocks)
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.