Auscap Asset Management's commentary for the month ended February 28, 2025.
Auscap High Conviction Australian Equities Fund
The Fund returned negative 4.1% net of fees during February 2025. This compares with the All Ordinaries Accumulation Index return of negative 4.0%.
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During February, the Fund’s exposure to the Consumer Discretionary sector contributed positively. Exposure to the Materials, Healthcare, Industrials, Communication Services and Information Technology sectors all detracted from performance.
Over the month, Eagers Automotive and NIB Holdings were the largest positive contributors, while Mineral Resources, Reece, Resmed, CAR Group, WiseTech, CSL and Macquarie Group were the largest detractors from performance.
Auscap Ex-20 Australian Equities Fund
The Fund returned negative 4.2% net of fees during February 2025. This compares with the S&P/ASX 300 Ex S&P/ASX 20 Index return of negative 3.4%.
During February, the Financials sector was the largest positive sector contribution, while the Materials, Industrials, Information Technology, Healthcare, Communication Services and Energy sectors were the largest sector detractors.
The Fund’s holdings in NIB Holdings and Eagers Automotive were the largest contributors to returns while holdings in Mineral Resources, Reece, WiseTech, Resmed, CAR Group and Cochlear were the largest detractors.
