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Aurora Primer

A Short Introduction to Aurora & Phoenix

Aurora Investment Trust Primer

Phoenix Asset Management Partners Limited

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The Aurora Investment Trust

Who we are

Why we sometimes call ourselves value investors



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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



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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



5

Fees

How We Research



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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



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Why Does The Approach Work And Why Isn't It

Replicated More Often? Patience

Independence of thought

Discount Risk



8

Dividend Policy

Other Considerations for

Investors

Are you long term?

Do you have the stomach for a big drawdown?



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

http://www.aurorainvestmenttrust.com/



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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



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Share Price & NAV per Share to 30 November 2019



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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

http://www.aurorainvestmenttrust.com/

http://www.pamp.co.uk/



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Contact Details Manager

Disclaimer

http://www.pamp.co.uk/