Keep the faith in Greencross

National provider of veterinary services and pet care retailer, Greencross (GXL) (-16.8%), had a disappointing month as investors became increasingly concerned that management needed to temper earnings guidance coming into the financial year end. Indeed at the start of May, GXL did pare back guidance, albeit by less than 10%, on one off weather related issues and some teething problems around its newly commissioned supply chain and logistics solution. Although disappointing, we have continued to hold our position in GXL. We have recently met with management and back them to overcome these obstacles and deliver on our forecast +20% p.a. growth rate over the coming years.

OC Funds Management (OC) is a boutique small cap specialist which was founded by its investment staff and non-executive directors. OC commenced operated in December 2000 with the launch of two long only small cap Australian equity funds, the OC...


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