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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 30, 2026
The Devon Alpha Fund generated a net return of -0.7% net of fees over the three-month period ending September 2026, compared to 1.9% for its OCR plus 5% benchmark, following a 1-month return of -3.8% net of fees. Portfolio exposure remains disciplined and defensively structured, with New Zealand equities comprising 40.7% of assets and Australian equities representing 36.0%. Sizable liquidity is maintained with cash positioned at 23.3%, while currency exposure is 67.3% hedged. The strategy experienced headwinds from broader market profit-taking following substantial prior gains, alongside macroeconomic crosscurrents across Australasia. On the global front, energy dynamics tightened significantly due to war in Iran, impacting global natural gas prices and related industrial input costs. Domestically, the manager navigates inflation and interest rate pressures by favoring cash-generative businesses with structural pricing power and low leverage. Portfolio activity was marked by notable positive contributions from long-term holdings Fisher & Paykel Healthcare and Port of Tauranga. Management capitalized on market volatility to establish new high-conviction positions in general insurer Suncorp and global mining services provider Orica, which benefits from strong mining activity, digital solutions, and robust copper processing demand.
The fund targets long-term capital growth by investing in a concentrated portfolio of 10 to 15 high-conviction companies across New Zealand and Australia, actively managing currency exposure and maintaining substantial cash flexibility.
Management maintains a disciplined approach by pairing elevated cash reserves with selective deployment into high-quality companies that possess strong balance sheets and exposure to structural commodity and rate tailwinds.
Moderate Conviction Bullish
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