Sometimes friends like to discuss the general market conditions. Recently one of my mates commented that things must be great given the prevailing booming market. I concurred, agreeing the Fund was performing well, but I also mentioned I’m not terribly excited by it all, because we tend to [...]
We would like to share with you a new item on our investment checklist. We refer to it as our “comfort test” and it is a subjective overlay that provides an “escape clause” from the strict rules that otherwise would stipulate we invest in a company. It [...]
It would be nice to write about a different topic! Once again, we avoid the instinctive “Type 1 – fight or flight”1 response and we choose not to panic. American Public Education, Inc. released its results and conference call transcript prior to market open. We reviewed [...]
Don’t panic! It is understandable to be disappointed, but irrational to act without any analysis. On many occasions, like a few days ago, we fail to make sense of market behaviour. However we do not blindly suggest the market is wrong. Mostly, we accept the vagaries of [...]
Snapshot The Alluvium Global Fund (Fund) posted a net return of 6.1% over the September quarter1 . The return was tempered by the Australian dollar (“AUD”) rising against the currencies in which the Fund’s investments are quoted. The longer term net returns of the Strategy, in Australian dollars (AUD), [...]
As part of the initial investing activities the Fund established a position in Target1 (the US listed retailer). By the end of June, Urban Outfitters, which is another US listed retail business appeared more attractive (according to our internal ranking process) and holding both would have breached [...]
Snapshot The Alluvium Global Strategy (Strategy) posted a net loss of 2.9% over the six months to 30 June 20161, 2 . The longer term net returns of the Strategy, in Australian dollars (AUD), as well as some alternatives are shown below:1, 2, 3, 4 [...]
I have a basic premise: the larger the pond in which I fish, the more fish available, so the more discerning I can be. This is why I wish to access the broadest range of investment opportunities practicable - so I can build a high quality portfolio [...]
It was early 2013 when I really started contemplating investment options with some seriousness. I reflected on my institutional funds management experience and my interests in value investing, behavioural finance and psychology. I also cast my mind back to the old academic days as well as my [...]
When developing the Strategy, I built a single spreadsheet which encompassed both portfolio positions and performance measurement. By late 2015 I had recognised that the combination of these functions in a single file may be detrimental to process because it encouraged short term performance monitoring. Whilst it [...]
