Fund update | February 2017
It was a mixed month for the OC portfolios. The OC Premium Small Companies Fund posted a positive return but finished behind its benchmark, while the OC Dynamic Equity Fund ended the month ahead of its benchmark and in the black. Finally, the recently launched OC Micro-Cap Fund finished the month slightly down yet ahead of its benchmark, the S&P/ASX Emerging Companies Accumulation Index.
February reporting season
During February, most ASX-listed companies released their interim results and it turned out to be a somewhat atypical reporting season. It was not simply a case that companies delivering on or exceeding market earnings expectations traded flat or went up, and companies that missed market expectations fell in share price. It seems recent investor bias towards lower multiple value stocks has continued to play out over the month and many of these stocks consequently performed better from a share price perspective.
Meeting management in March
We will be out on the road for much of March assessing new investment opportunities and meeting with the management teams of our current holdings.
We have conservatively positioned our Premium Small Companies portfolio with a cash weighting of around 10%, however we are in the process of adding several new holdings.
View February 2017 reports