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Printed: 02 December 2023 2:51 AM


22 Dec 2022 - Performance Report: Equitable Investors Dragonfly Fund


Report Date22 December 2022
ManagerEquitable Investors
Fund NameEquitable Investors Dragonfly Fund
StrategyEquity Long
Latest Return DateNovember 2022
Latest Return1.78%
Latest 6 Months-23.07%
Latest 12 Months-43.32%
Latest 24 Months (pa)-11.22%
Annualised Since Inception-7.44%
Inception Date01 September 2017
FUM (millions)
Fund OverviewThe Equitable Investors Dragonfly Fund aims to deliver a total return greater than the annual five year government bond rate + 5% pa over the medium-to-long term.

The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk.

Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers.
Manager CommentsThe Equitable Investors Dragonfly Fund rose by +1.78% in November. November was the fourth of the past six months to deliver a positive return. Intelligent Monitoring (IMB) and MedAdvisor (MDR), stocks that Equitable notes had been thorns in their side for most of CY2022 as investors just ignored them, were the strongest contributors to the Fund for the second consecutive month.

Equitable Investors noted the workload in 2022 included driving existing investments to ensure they have capital and appropriate cost structures, pushing for organisational changes, and corporate or strategic transactions - as well as sorting out which capital-needy companies are real opportunities under Equitable's 'Recap' theme.

They remain fully committed and continue to look at ways to work harder and smarter to achieve the returns they seek in time. Equitable expect to continue to keep their noses to the grindstone in early CY2023 as they position the Fund to capitalise on the opportunities a torrid 2022 has created. They added that their 'FIT' universe of micro-to-midcap industrials is down a third in 2022 and there is currently a huge spread in median earnings multiples between small and large stocks.
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