Asymmetric Opportunities Fund July 2022 Update
Dear Investment Partner,
We’re pleased to report that for the month of July the Asymmetric Opportunities Fund (AOF) returned 15.5% (net of fees and expenses and assuming the reinvestment of distributions), outperforming its benchmark by 3.8%.
By comparison, the fund’s benchmark, the S&P/ASX Small Industrials Accumulation Index, returned 11.8%.
In this brief monthly update we let you know that we shortly expect to be in a position to accept investments into the fund.
| Returns to 31 July 2022 | 1 month | 13 months (p.a) | 25 months (p.a) | 37 months (p.a) | Since inception 1 Jan 2019 (p.a) |
|---|---|---|---|---|---|
| Asymmetric Opportunities Fund (Net Return) | 15.5% | -9.5% | 17.5% | 11.1% | 12.1% |
| Benchmark* | 11.8% | -14.0% | 6.0% | 1.5% | 6.2% |
| Value Add (Net) | 3.8% | 4.4% | 11.5% | 9.6% | 5.8% |
*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 July end the portfolio held 12 stocks plus a position in an Exchange Traded Fund (ETF) that provided exposure to the broader stock market.
Equities comprised 94% of the portfolio with the balance (6%) in cash.
The median market capitalisation was $690 million.
Active managment of the portfolio in June which saw new positons established such as our switch into McMillan Shakespeare from Smartgroup helped drive outperformance for the fund in July.
PORTFOLIO HOLDINGS BY MARKET CAPITALISATION
The time frames in the Performance Table above may look a little strange. Historically the fund has only been officially priced by the fund’s Administrator each quarter. However, in anticipation of accepting monthly applications we have moved to monthly pricing. As such our time frames reported above need to reflect dates upon which official pricing was done.
Fund Launch Update
It always takes longer than you expect
While it seems that Hofstadter’s Law is alive and well, we’re pleased to report that we expect to release the Asymmetric Opportunities Fund’s Information Memorandum (IM) and accept applications later this month.
We will send out details as soon as the IM is available and look forward to welcoming investors into the fund for its 1 September launch.
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
Please note: the Performance Table above has been corrected post initial release
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.