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Printed: 08 July 2022 12:06 AM

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22 Jul 2021 - Performance Report: Paragon Australian Long Short Fund
By: Australian Fund Monitors

Report Date22 July 2021
ManagerParagon Funds Management
Fund NameParagon Australian Long Short Fund
StrategyEquity Long/Short
Latest Return DateJune 2021
Latest Return-7.88%
Latest 6 Months21.72%
Latest 12 Months43.59%
Latest 24 Months (pa)28.88%
Annualised Since Inception13.84%
Inception Date28 February 2013
FUM (millions)AU$47.1
Fund OverviewThe Paragon Fund is a concentrated long/short Australian listed equities product that is fundamentally driven with a focus on the industrial and resource sectors.

Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks.

Conviction in bottom up analysis drives the investment case and ultimate position sizing:

* Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case.
* Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework.

The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market.
Manager CommentsThe Paragon Australian Long Short Fund has risen +43.59% over the past 12 months, compared with the index, which returned +27.8%, for a difference of +15.79%. Since inception in February, 2013, the fund has returned +13.84% per annum, a difference of +5.05% vs the index which has returned +8.79% over the same period.

The fund has an up-capture ratio ranging between 210.12% (2 years) and 93.81% (since inception), and over the most recent 12 months has provided an up-capture ratio of 177.96%. It has a down-capture ratio since inception of 74.72%. This highlights its capacity to outperform in both rising and falling markets over the long-term.

The Fund rose +14.37% over the June quarter. It ended the month with 29 long positions and 6 short positions.
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