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.