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June 2018

CVF News NTA Reports

Arowana CVF May Newsletter and Net Tangible Asset Release

Gary Hui

As At 31 May 2018


As at 31st of May the fund’s net performance for the last 12 months was + 42.2%, for the month of May the fund was up 11.4%. The ASX 200 accumulation index was up 9.6% in the last 12 months and 1.1% for May.

Since inception, the fund has returned an annualised 16.3%. NTA per share was $1.30 at 31 May 2018.

The largest contributors to performance in the month were Afterpay Touch Group (APT.AU), Emeco Holdings (EHL.AU) and Stars Group (TSCI.CN). Gains were widespread; ten of our holdings, representing over 50% of the portfolio by weight, saw price increases of 10% or more during the month.

Our long book contributed a gross 11.9% of performance; hedges cancelled out ~30bps of that.

Geographically, two thirds of the gains were generated by domestic holdings.


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