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Fund Information

Restart Date: 1 Jan 2020​

Type of Fund: Limited company​

Mandate: ASX Resources outside the ASX 100 Index

Benchmark: S&P ASX Small Resources Index

Style: High Conviction​

Portfolio Stocks: 10-25

Max. Cash: 50%​

Minimum Initial Investment: ​A Prospectus Offer is available to existing and prospective investors as of December 2020

Performance Hurdle: 10% per annum​

Man. Fee: 2%+GST (suspended until 30 June 2021)​

Perf. Fee: 20% of returns in excess of the benchmark  (suspended until 30 June 2021)​

Fund Pricing: Monthly​

Distributions: As Approved

Fund Reporting: Monthly

Fund Overview

Share Price: $0.2311

The AFM Perseus Fund is a high conviction investor in the Australian small resources sector, being those resource and mining services companies outside the S&P ASX 100 Index. The Fund will hold between 10 and 25 stock positions with a maximum cash weighting of 50%.

This fund has been repositioned with an expanded investment mandate and a new investment management team. The restart date is 1 January 2020.

The investment manager adopts a three step investment process which includes an evaluation of market conditions (MARKET), an assessment of the macro environment and geopolitical conditions (MACRO) and an assessment of specific companies based on our 5 Bricks evaluation process which analyses companies according to valuation, management strength, business strength, financial strength and responsible investing (MICRO).

More specifically, we blend a “top down” approach to identify favoured commodities with a “bottom up” approach to select good quality / good value companies exposed to favoured commodities. A favoured commodity may be one that is in favour now, such as Gold, or a commodity that is out of favour and represents a compelling countercyclical opportunity – such as battery metals.

The Fund is likely to exhibit greater volatility as it focuses on the small companies in the resource space.

Performance History

**New investment mandate and investment committee commenced 1 January 2020

The Performance chart assumes that an investor invested $1,000 at the restart date of the Fund (1st January).

AFM Perseus Fund Ltd Prospectus Notice

Prospectus Q&A and Performance Update

David Franklyn, Head of Argonaut Funds Management, provides an update on the Fund’s performance and outlook, and answers questions regarding the Prospectus Offer.