Investment Objective
The Fund’s objective is to provide market leading returns over the medium to long-term from a concentrated portfolio of Australian shares. The Fund aims to deliver a pre-fee investment return (before taxes) that outperforms the S&P/ASX300 Accumulation Index over a rolling three year period by 4% per annum.
Investment Universe
The Fund invests in companies and trusts listed or soon to be listed on the Australian Stock Exchange (ASX) that offer opportunity for above-average investment returns through their growth potential.
Performance: December
The Platypus portfolio declined by 1.7% in December, trailing the benchmark S&P/ASX300 by 0.3%. The major contributors to the lack-lustre performance were consumer stocks. JB Hi Fi and Kathmandu both announced material revisions to their expectations for profits in the first half. As a result both stocks were beaten up, each falling by about 30% in the month. In addition a large number of consumer related stocks were deemed “guilty by association” and suffered large declines. Flight Centre was one of these and fell by about 15% in December. The best performing stocks in the portfolio were Campbell Brothers, Ramsay Healthcare and Sirtex Medical.