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Fund Manager Profile May 2016

Fund Manager Profile May 2016

The combination of significant outperformance and much lower volatility is a rare gem; however, this is exactly what this fund has delivered since inception. Because of these.. Login to read full article.
The combination of significant outperformance and much lower volatility is a rare gem; however, this is exactly what this fund has delivered since inception. Because of these qualities the fund also has a relatively low correlation with the stock market, and has performed very well in some months where the index has had large losses. We have great admiration for the principal James Williamson and the process he applies to the fund.

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Fund Manager Profile – April 2016

Fund Manager Profile – April 2016

This activist manager has delivered good returns through a quite different strategy. They predominantly invest in small-medium ASX listed stocks trading at a discount to assessed valuation. They then.. Login to read full article.
This activist manager has delivered good returns through a quite different strategy. They predominantly invest in small-medium ASX listed stocks trading at a discount to assessed valuation. They then attempt to work proactively with management and boards of those companies to help realise value. If they’re not getting the results they believe are appropriate, they are prepared to try more unconventional and even hostile approaches to get the job done.
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Two Listed Debt Opportunities

Two Listed Debt Opportunities

We took the chance during the recent market downturn to review the listed debt and hybrid securities available in the market. We came across two potentially.. Login to read full article.
We took the chance during the recent market downturn to review the listed debt and hybrid securities available in the market. We came across two potentially rewarding debt opportunities, both of which we added to the Fund investment portfolio.

The first is Origin Energy Hybrids. They trade on ASX under the code ORGHA. These provide a potential way to profit from the current negative sentiment towards oil prices and oil stocks.

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Affluence Fund Portfolio December 2015

Affluence Fund Portfolio December 2015

As at December 2015 we have largely completed the Affluence Fund portfolio implementation and consider the Fund to be reasonably well diversified. The Fund.. Login to read full article.
As at December 2015 we have largely completed the Affluence Fund portfolio implementation and consider the Fund to be reasonably well diversified. The Fund is invested in 9 underlying managed funds accounting for 68% of the portfolio and 13 listed investment companies comprise a further 12%. We held approximately 20% cash as a buffer against further market falls.

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Fund Manager Profile December 2015

Fund Manager Profile December 2015

Microequities first came to our notice around 2 years ago when we started seriously doing research for the Affluence concept. Right off the bat they.. Login to read full article.
Microequities first came to our notice around 2 years ago when we started seriously doing research for the Affluence concept. Right off the bat they showed many of the qualities we admire in a great fund manager. In addition to delivering great returns, they were operating in a specialist area and hold a high-conviction portfolio. The principal, Carlos Gill was substantially invested in the Fund and had a great background both in Australia and overseas. Most importantly, they have shown themselves to be remarkably resilient in market corrections, something that is somewhat unusual in this space.

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The Affluence Fund initial investment portfolio

The Affluence Fund initial investment portfolio

We seek to construct a diversified investment portfolio across different asset classes for the Affluence Fund. We do this by investing in a number of.. Login to read full article.
We seek to construct a diversified investment portfolio across different asset classes for the Affluence Fund. We do this by investing in a number of different types of funds run by, in our opinion, the best managers available in Australia. We have developed the initial portfolio after many months of intensive.. Login to read full article.
One reason most markets are now expensive

One reason most markets are now expensive

One of the doyens of Value Investing is Jeremy Grantham from GMO. He is most famous in Australia for declaring we have a housing bubble.. Login to read full article.
One of the doyens of Value Investing is Jeremy Grantham from GMO. He is most famous in Australia for declaring we have a housing bubble. He’s probably right, but I suspect it will take a while longer yet for that particular thesis to be proven correct! Login to read full article.
Bond Market Lunacy

Bond Market Lunacy

We read a lot of market information and commentary here at Affluence. Much of what is out there is mundane, boring even. Tim Price, luckily.. Login to read full article.
We read a lot of market information and commentary here at Affluence. Much of what is out there is mundane, boring even. Tim Price, luckily for us, is not and his regular articles normally also contain a hint of humour to help get us through the day. The quote above from Tim has rather succinctly summed up the current problem with Bond markets worldwide. The picture below, courtesy of ftalphaville and others, also perfectly explains the situation.

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