July 2017

AAVOF Monthly Newsletter and Net Tangible Asset Release

CVF Reports

AAVOF Monthly Newsletter and Net Tangible Asset Release

As at 31 July 2017.

In July, the fund recorded +2.3% net performance vs the S&P/ASX200 accumulation index return of 0.0%. Cash equated to 50% of fund assets at month end1. At the time of writing cash has declined to 42% of portfolio value due to a combination of additional investments being made shortly after month end and positive investment performance. The top contributors to performance in July were Silver Chef (SIV.AU), Afterpay (APT.AU), Platinum Asset Management (PTM.AU), Emeco (EHL.AU) and Bellamy’s (BAL.AU). The biggest detractors from performance during the month were foreign currency translational impacts from our international equities positions and USD cash holdings, our position in Chipotle (CMG.US) and our hedge book which cost 38bps of performance during the month.

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