Management of failing US based consumer electronics retailer, Circuit City, was facing significant pressure from a superior competitor, Best Buy, as well as value retailers like Walmart. As a result, they launched an internal venture in auto retail, which was spun out on its own before Circuit City’s eventual bankruptcy.... Show More
We initiated a short position in Telstra in February 2017, premised on rising mobile & broadband competition, which was likely to impact on Telstra’s growth outlook. Rising 10-yr bond rates make it a double-whammy for Telstra, which we also view as a bond-proxy. Show More
CDM is a LIC with a long/short Australian and international equities investment strategy. Approximately 18 months ago, the Manager began investing in international equities and such securities have become a material component of the portfolio. The currency exposure to date has been unhedged, introducing an additional performance variable in the... Show More