Cadence Capital Ltd Quarterly Audiocast March 2023 Transcript
Ladies and gentlemen, welcome to the Cadence Opportunities Fund March quarterly Audiocast. On the first slide, you can see our performance for the month was a negative 4.3% return with our 3-year numbers at around 25% per annum and our since inception numbers up around 193%. The top contributors for the period were Patriot Battery Metals, Meta Platforms, Red 5, Stanmore Coal and Arafura Resources and Kogan and the largest detractors are Tietto Minerals, Health & Happiness, Syrah Resources, New Hope, Genworth Financial and Domino's Pizza.
I think the underperformance in this period has been driven by the coal positions, which in the previous year were very, very good performance and had very good performance of the Fund for 2 years. But more recently, have rolled over, and we've been exiting those positions in the way that we outline in our investment process, and we have now sold out of coal completely.
We have started investing in a number of potential turnaround situations, but
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