A2M is listed as the funds largest holding as of August. Will be interesting to see if today's drop in A2M's share price (-11.5%) makes any impact on next Monday's NAV print.
Noting commentary from the funds August update:
"We see A2 Milk as somewhat a victim of its own success
after upgrading earnings guidance in March. The market
had been expecting a beat but instead came in line
with the midpoint of this upgraded guidance. Second
half profits grew 32% indicating there is still plenty of
momentum in the business. We see A2 Milk continuing to
take market share with growth in its China label product a
key highlight."
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- Ann: Investment Update and NAV Report August 2020
Ann: Investment Update and NAV Report August 2020, page-2
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