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Aurora Primer
A Short Introduction to Aurora & Phoenix
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
2
The Aurora Investment Trust
Who we are
Why we sometimes call ourselves value investors
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
3
Our Investment Goals Capital Preservation
To Generate Excellent Long-Term Investment Returns
How We Invest
Competent and honest managements
Investment is most intelligent when it is
most businesslike
Benjamin Graham
Confronted with a challenge to distil the
secret of sound investment into three
words, we venture the motto, Margin
of Safety
Benjamin Graham
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
4
No leverage
Geography
Be fearful when others are greedy, and
be greedy when others are fearful
Warren Buffett
Opportunities come infrequently. When
it rains gold, put out the bucket, not the
thimble
Warren Buffett
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
5
Fees
How We Research
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
6
How We Think
Acquisition of skills requires a regular
environment, an adequate opportunity to
practice, and rapid and unequivocal
feedback about the correctness of
thoughts and actions
Daniel Kahneman
What To Expect From Us
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
7
Why Does The Approach Work And Why Isn't It
Replicated More Often? Patience
Independence of thought
Discount Risk
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
8
Dividend Policy
Other Considerations for
Investors
Are you long term?
Do you have the stomach for a big drawdown?
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
9
Read the Formal Documents
Conclusion
As time goes on, I get more and more
convinced that the right method in
investment is to put fairly large sums into
enterprises which one thinks one knows
something about and in the management
of which one thoroughly believes
John Maynard Keynes
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
10
Track Record of the Aurora Investment Trust
NAV Return % Share Price Total Return* %
All Share Index* % Relative NAV to ASX
2019 (to 30 November)
2018
2017
2016
Cumulative**
Phoenix became investment manager of Aurora in January 2016
2015
2014
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
11
Share Price & NAV per Share to 30 November 2019
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
12
Track Record of the Phoenix UK Fund since inception (NOT the Aurora Investment Trust)
Year Investment Return NAV Return All Share Index Share Price £
1998 [8 months]
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019 (to 30 Nov)
Cumulative
Annualised Returns
Further Information
Aurora Investment Trust Primer
Phoenix Asset Management Partners Limited
13
Contact Details Manager
Disclaimer