Auscap Asset Management's commentary for the month of December 2024.
Auscap High Conviction Australian Equities Fund
Portfolio Commentary
The Fund returned 3.8% net of fees during November 2024. This compares with the All Ordinaries Accumulation Index return of 3.7%.
During November, the Fund’s exposure to the financials, healthcare, communication services, industrials, real estate and consumer discretionary sectors contributed positively to returns. The Fund’s exposure to the materials sector detracted from returns.
Over the month, HMC Capital (ASX:HM), Sigma Healthcare (ASX:SIG), CAR Group (ASX:CAR), James Hardie Industries (ASX:JHX), ResMed (ASX:RMD) and REA Group (ASX:REA) were the largest positive contributors to performance, while Mineral Resources (ASX:MIN) was the largest detractor.
Auscap Ex-20 Australian Equities Fund
Portfolio Commentary
The Fund returned 5.1% net of fees during November 2024. This compares with the S&P/ASX 300 Ex S&P/ASX 20 Index return of 4.2%.
During November, the Fund’s exposure to the communication services, consumer discretionary, financials, health care, industrials, information technology, real estate and utilities sectors contributed positively to returns. The Fund’s exposure to the consumer staples, energy and materials sectors detracted from returns.
The Fund’s holdings in HMC Capital (ASX:HM), Sigma Healthcare (ASX:SIG), CAR Group (ASX:CAR), Xero (ASX:XRO), REA Group (ASX:REA) and HUB24 (ASX:HUB) were the largest positive contributors to returns, while Mineral Resources (ASX:MIN) was the largest detractor.
