Bell Asset Management Limited - Bell Australian Small Companies Fund (Class A) on Catalyst Metals Limited
Thesis
The fund increased its aggregate exposure to the gold sector and initiated a position in Catalyst Metals. Catalyst had lagged the broader rally in gold-related equities. The managers viewed its valuation as heavily discounted relative to peers, creating an opportunity to increase gold exposure at a more attractive price.
“which has been a relative laggard in the recent rally and is trading at a heavy discount to its peer group.”