Category Archives: "Letter to Investors"

In our October 2019 Letter to Investors we highlight how better news on a trade deal between the US and China, as well as further monetary easing globally helped lift most sharemarkets, though the local bourse was conspicuously left behind. We also provide a business update on our activities to close the discount to Net Tangible Assets for the Ophir High Conviction Fund.

In our September 2019 Letter to Investors we review the significant style rotation that featured in equity markets both in Australia and overseas during the month. We then discuss our view on the causes and how we think about them in the context of the Ophir Funds.

In our August 2019 Letter to Investors we review the recent Australian company reporting season. A backdrop of growing political tensions and concerns of a slowing global economy meant that the main focus of investors was on companies delivering a positive outlook statement.

We remain cautious of businesses exposed to the Australian economy and continue to focus on those businesses that can grow irrespective of economic conditions.

Ensuring that our portfolios have exposure to the right balance of defensive and growth companies is something we are currently focusing on heavily.

As investors, when valuations are elevated, it is important that we remain disciplined not only in respect of which companies we add to our portfolios but which ones we exit.

Equity markets continued their strong positive momentum this month, with risk assets globally benefiting from further supportive central bank commentary and the prospect of additional Chinese stimulus measures.

While the ASX reporting season indicated an increasingly sluggish domestic economy, businesses exposed to higher growth offshore markets have flourished.