December, 2020
The portfolio returned 10.93% in the December quarter and underperformed the benchmark by -2.86%. Notable contributions to relative performance came from Xero (1.19%), REA Group (0.67%) and Nuix (0.5%). Notable detractors included CSL (-0.63%), Nextdc (-0.56%) and a nil weight in Commonwealth Bank (-0.93%).
At the sector level positive contributions came from Information Technology (1.16%), Industrials (1%) and Communication Services (0.74%), while notable detractors at sector level were Financials (-2.15%), Health Care (-1.56%) and Consumer Discretionary (-0.81%).
In terms of changes to the portfolio, we added to our position in BHP Group on a more positive medium term outlook on Iron Ore price given continued supply constraints out of Vale coupled with robust demand from China. We also added to our position in Aristocrat Leisure as the company is expected to benefit from relaxation of movement restrictions, once COVID-19 infection rates are under control. Until then, the company has demonstrated ability to effectively manage costs and deliver solid results from its digital division. In addition, we added to our position in NetWealth Group on expectations of positive medium term earnings growth. We took partial profits in Xero and Northern Star during the quarter and reduced our position in Monadelphous Group as the share price recovered during the quarter. During the quarter we also participated in the IPO of Nuix, a cybersecurity platform provider with large addressable market and strong, medium-to-long term, earnings growth opportunity.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/fund-update-2.pdfticker: AUS0030AU
release_schedule: Quarterly
commentary_block: Array
factsheet_url:
https://www.platypusassetmanagement.com.au/funds/australian-equities-fund
Right sidebar -> Fund Update
fund_features:
The Platypus Australian Equities Fund invests in companies and trusts listed, or soon to be listed, on the Australian Stock Exchange that offer an opportunity for above-average returns through their growth potential. The Fund aims to outperform the S&P/ASX 300 Accumulation Index (before fees and expenses) over a rolling three-year rolling period. Key differentiators for the Fund are:
- True-to-label growth style
- High conviction approach, generally holding 25-35 stocks
- Exposure to small caps
- Enviable long-term track record.
manager_contact_details: Array
asset_class: Domestic Equity
asset_category: Australia Large Growth
peer_benchmark: Domestic Equity - Large Growth Index
broad_market_index: ASX Index 200 Index
structure: Managed Fund