Prime Value Growth Fund
Aims to achieve superior absolute total returns by providing medium to long term capital growth without the constraint of a share market benchmark.
The Prime Value Growth Fund enjoys a long term track record of investing for investors through many market cycles but the the single objective of delivering superior risk adjusted returns. Over the past 24 years, our team’s active approach seeks to benefit from uncovering unique characteristics of the Australian share market.
Those characteristics include understanding operating dynamics across sectors, managing the downside risks through minimization of investment mistakes, and the potential advantages to be gained from fundamental research.
Our fundamental research on the Australian market and long corporate memory addresses both the top-down and bottom-up factors that can influence corporate performance. The Prime Value Growth Fund is differentiated from its peers as one of the longest running high conviction funds in Australia.
The following are the four pillars of our investment philosophy:
Stewardship
We take our role as stewards earnestly and value our responsibility to investors – putting our clients first. Co-investing alongside our investors ensures a true alignment of interest.
Quality investing requires a balance between Art and Science
Prime Value enjoys the flexibility of being a style-neutral manager because it allows us to select stocks from across the ASX. This independent approach has been delivered for over 14 years and means our process is not easily replicated.
When evaluating investment opportunities, we focus on good companies selling below intrinsic value. We judge stocks based on investment fundamentals while also taking into account macro economic data, corporate financial reports, industry data and comments from corporate officers to determine whether a stock is under or over-valued.
Prime Value believes all economic and financial tests require flexibility, depending on the phase in the economic cycle or the type of stock. There is no standard way of identifying winners or losers in the stock market. Experience and common sense dictate how the formula must be adapted to determine the appropriate investment decision for each security.
Analysis is the first step in investing; however, interpretation and judgment are equally important.
Minimising mistakes
Minimising mistakes is our number one imperative. We must remember investment decisions are based on market views and intelligence that is often faulty, and on research that is never complete and error-free. Managers therefore live and die on their own judgments. This may seem to be lacking the heroics of picking big winners, but in practice the Investment Manager who makes the fewest mistakes usually produces superior results. Our research efforts are focused as much on avoiding losers as on identifying winners.
Benchmarks are inefficient
Benchmarks are a good way to get a feel for how well the market in general has performed,
but they are not necessarily a good model for how to build a portfolio of stocks. At Prime Value, our main focus is on good companies selling below their intrinsic value regardless of their weighting in the benchmark or whether they are large, mid, small or micro cap stocks.
The ability to consider “all caps” allows us opportunities often overlooked by major fund managers and stockbrokers. There are good reasons to look beyond the obvious. Stocks outside the ASX 100 are less influenced by trading and market factors and are more suited to detailed fundamental analysis as the basis for investment selections.
Our portfolios are constructed based on the expected return characteristics of the individual companies without reference to their size. We invest in a “market of stocks”, free of benchmark constraints.
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The information contained in this document is general in nature and has no regard to the specific investment objectives,
financial or particular needs of any specific recipient. It is not intended to constitute investment advice or a personal
securities recommendation. This presentation is not an Information Memorandum (IM) or a Product Disclosure Statement
(PDS) or an offer of units and contains a brief overview of the investment only. Any prospective investor wishing to make an
investment in the Fund must obtain and read the relevant IM or PDS (particularly the risk factors discussed) and complete an
application form attached to the IM or PDS. Neither Prime Value Asset Management Limited nor its associates or directors,
nor any other person, guarantees the success of the Prime Value Funds, the repayment of capital or any particular rate of
capital or income return, or makes any representation in relation to the personal taxation consequences of any investor’s
investment.
Prime Value Asset Management Limited is a multi-award-winning boutique Australian investment manager with an impressive history of building wealth with investors since 1998.
Since our inception 24 years ago, Prime Value has been known for its unique and intuitive investment approach that balances capital preservation and wealth creation.
Our investment philosophy is anchored on a strong risk management framework which has enabled us to target attractive opportunities and deliver a proven track record of superior performances.
Together with our sister company Shakespeare Property Group, we now manage in excess of $2.5 billion on behalf of high-net-worth families, private investors, clients of financial planners and non-profit organisations, across four asset classes including:
- income securities,
- equities,
- commercial properties, and
- alternative assets (agriculture farms, private equity, retirement living, healthcare property, and infrastructure assets).
Our highly qualified investment team with hundreds of years of combined experience, strong conviction, passion, and dedication have successfully navigated with investors through many challenging market cycles and crises including the 1980s Latin American Debt crisis, 1987 Wall St crash, 1990 oil price shock, 1997 Asian Currency crisis, 2001 Tech crash, 2008 Global Financial Crisis, and the current COVID-19 global pandemic.
The outstanding investment performances and track record over the last two decades confirm our solid position and have seen our investors consistently reinvest and grow with us.
Richard is a Portfolio Manager in the Australian Equities team.
He has over 16 years experience covering Australian equities in both portfolio management and research analyst roles.
Most recently he was at Contango for two years and portfolio manager of the small companies fund which registered top quartile performance over all periods up to two years.
He also worked as a portfolio manager at River Capital where the fund outperformed and senior research analyst at Ord Minnett where he was highly ranked.
Richard has also gained an understanding of business strategy and finance through his roles in industry where he worked for a number of companies in the IT and finance sectors in Europe.
Mike is a Portfolio Manager in the Australian Equities team. Mike has over 20 years of Australian equity market experience at Rest, Goldman Sachs and Citi.
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