From now on, I will be publishing two intra-quarterly notes on AWSM Fund (i.e. monthly, but excluding quarter-end). At the end of the quarter is the normal quarterly factsheet that these two monthly notes will aim to supplement.
That object is simple: communication.
We firmly believe that AWSM Fund is unique in both its space (few funds operates purely in the small & mid cap space in South Africa) and its construction (quality-focussed and concentrated, as opposed the other methodologies and larger, more diluted portfolios out there).
The first reason excites us and the second creates a trade-off between short-term volatility and long-term potential outperformance.
For that latter reason, there is little downside in communicating more regularly about what we are doing in AWSM Fund.