As at 31 August 2017
In August, the fund recorded +3.1% net performance vs the S&P/ASX200 accumulation index return of +0.7%. Cash equated to 40% of fund assets at month end. Net tangible asset backing per share has increased to $1.08 / share.
Performance was pleasing given it was generated during reporting season. We are first and foremost what you might call old fashioned stock pickers. So given company earnings results are the litmus test of any investment thesis, it would be disappointing if we didn’t perform during a month when ~85% of our stock holdings reported some kind of financial result.