Concentrated portfolio

We manage a high conviction/best ideas absolute return direct equities portfolio, in addition to our flagship Core Equity Portfolio, which we created in response to client demand.

The returns over the past quarter have been very strong, and as such we are trimming some of our more meaningful outperformers, such as IPL, ORI, and TPG, which have been large bets in the portfolio (particularly TPG, which we dialled up after the departure of David Teoh) and exiting QAN, which has fully priced in a recovery in international and domestic travel.

We are adding BXB and PTM, which have underperformed (and are also held in the CEP) and are meaningfully cheap in our view.

To fund PTM, we are trimming IFL, another fund manager/dealer group, that has meaningfully re-rated over the past quarter.

If you’d like to know more about the portfolio, please let us know. You can also view additional commentary from Rowan’s monthly performance update, and accompanying video posted here.

Note that much of the resources material, available here, sits behind the client portal.

Important Information: This document has been prepared by Aequitas Investment Partners ABN 92 644 165 266 (“Aequitas”, “our”, “we”), a Corporate Authorised Representative (no. 1284389) of C2 Financial Services, (Australian Financial Services Licensee no. 502171), and is for distribution within Australia to wholesale clients and financial advisers only.

This document is based on information available at the time of publishing, information which we believe is correct and any opinions, conclusions or forecasts are reasonably held or made as at the time of its compilation, but no warranty is made as to its accuracy, reliability or completeness. To the extent permitted by law, neither Aequitas nor any of its affiliates accept liability to any person for loss or damage arising from the use of the information herein.

Please note that past performance is not a reliable indicator of future performance.

General Advice Warning: This document has been prepared without taking into account your objectives, financial situation or needs, and therefore you should consider its appropriateness, having regard to your objectives, financial situation and needs. Before making any decision about whether to acquire a financial product, you should obtain and read the relevant Product Disclosure Statement (PDS) or Investor Directed Portfolio Service Guide (IDPS Guide) and consider talking to a financial adviser.

Taxation warning: Any taxation considerations are general and based on present taxation laws and may be subject to change. Aequitas is not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and investors should seek tax advice from a registered tax agent or a registered tax (financial) adviser if they intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.

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