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Dragonfly Fund Updates

PERIODIC REPORTS

Mood Swings | February 2025 Update"The mood swings of the securities markets resemble the movement of a pendulum... between euphoria and depression, between celebrating positive developments and obsessing over negatives" -Howard Marks

Precursor | January 2025 Update"Any contrarian knows that just as a grim present is usually precursor to a better future, a rosy present may be precursor to a bleaker tomorrow." - Seth Klarman

The Participant | December 2024 Update"The participants' perceptions influence the market in which they participate, but the market action also influences the participants' perceptions.'" - George Soros

Is This Different? | November 2024 Update"The four most dangerous words in investing are: 'this time it's different.'" - Sir John Templeton

Know what you own | October 2024 Update"Know what you own, and know why you own it.” - Peter Lynch

A Path | September 2024 Update"If you find a path with no obstacles, it probably doesn’t lead anywhere.” - Frank A. Clark, US lawyer & politician.

At all times | August 2024 Update"At all times, in all markets, in all parts of the world, the tiniest change in rates changes the value of every financial asset.” - Warren Buffett

Climbing a Hill | July 2024 Update"After climbing a great hill, one only finds that there are many more hills to climb” - Nelson Mandela

Truffle Hound | June 2024 Update"Like a ‘Truffle Hound’ you kinda keep looking for good ideas… That’s what we do every day. We come to work, and the more we look the harder we work – we find interesting things." – Mario Gabelli

Change | May 2024 Update"Change is the law of life. And those who look only to the past or present are certain to miss the future." – John F. Kennedy

Make it Hot | April 2024 Update”Do not wait to strike till the iron is hot; but make it hot by striking." – attributed to William Butler Yeats

Running the Risk | March 2024 Update”It is better by noble boldness to run the risk of being subject to half the evils we anticipate than to remain in cowardly listlessness for fear of what might happen." – Herodotus

Longer Horizon | February 2024 Update”If everyone else is dashing around pricing assets on the bias of the next three months, then they are likely to misprice assets for the longer term. So an opportunity for time-arbitrage arises..."

Do something about it - January 2024 Update"No matter what happens, it’s up to you to do something about it. Have the courage to accept responsibility, don’t shy away from it, don’t baulk, don’t procrastinate, don’t handball it..." - N Daniher

Where bargains are found - December 2023 Update"... bargains are usually found among things that are controversial, that people are pessimistic about, and that have been performing badly of late." - Howard Marks

Doubts of Today - November 2023 Update"The only limit to our realization of tomorrow will be our doubts of today." – Franklin D. Roosevelt.

Never Invest in the Present - October 2023 Update “Never, ever invest in the present. It doesn't matter what a company's earnings, what they have earned… you have to visualise the situation 18 months from now..." - Stanley Druckenmiller

Time - September 2023 Update “Investing is a business where you can look very silly for a meaningful period of time before you’re proven right." ― Pershing Square founder Bill Ackman.

Ripe Opportunities - August 2023 Update “Undervalued companies, mismanaged or overlooked, are ripe opportunities for intervention or takeover to realise their true value." ― Carl Icahn, activist investor

Mind the Gap - July 2023 Update “What level of interest rates will be required to tame inflation? We don’t know. Will there be a recession? Of course, but we have no idea when. What will happen in Ukraine? We haven’t a clue...."

Farewell FY2023 - June 2023 Update "You make most of your money in a bear market. You just don’t realize it at the time. It causes you to make the tough decision of whether to hold or buy more shares” - US investor Shelby Davis

Impatient to the Patient - May 2023 Update "The stock market is a device for transferring money from the impatient to the patient." - Warren Buffett

Time and Ignorance - April 2023 Update "The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future." - John Maynard Keynes

The Midst of Chaos - March 2023 Update "In the midst of chaos, there is also opportunity." - Sun Tzu, The Art of War

February 2023

equitable.net.au/os4

January 2023

equitable.net.au/zkg

December 2022

equitable.net.au/4ol

November 2022

equitable.net.au/so8

October 2022

equitable.net.au/lv2

September 2022

equitable.net.au/zr9

August 2022

equitable.net.au/jzs

July 2022

equitable.net.au/vee

June 2022

equitable.net.au/pbc

May 2022

equitable.net.au/ks3

April 2022

equitable.net.au/p6d

March 2022

equitable.net.au/bmy

February 2022

equitable.net.au/yi2

January 2022

equitable.net.au/4af

December 2021

equitable.net.au/bn9

November 2021

equitable.net.au/jex

October 2021

equitable.net.au/e35

September 2021

equitable.net.au/xrp

August 2021

equitable.net.au/50f

July 2021

equitable.net.au/p1l

Quarterly - June 2021

equitable.net.au/yd9

Monthly - May 2021

equitable.net.au/18g

Monthly - April 2021

equitable.net.au/yov

Quarterly - March 2021

equitable.net.au/kep

Monthly - February 2021

equitable.net.au/leb

Monthly - January 2021

equitable.net.au/de3

Quarterly - December 2020

equitable.net.au/zkm

OLDER REPORTS

November 2021

equitable.net.au/jex

October 2021

equitable.net.au/e35

September 2021

equitable.net.au/xrp

August 2021

equitable.net.au/50f

July 2021

equitable.net.au/p1l

Quarterly - June 2021

equitable.net.au/yd9

Monthly - May 2021

equitable.net.au/18g

Monthly - April 2021

equitable.net.au/yov

Quarterly - March 2021

equitable.net.au/kep

Monthly - February 2021

equitable.net.au/leb

Monthly - January 2021

equitable.net.au/de3

Quarterly - December 2020

equitable.net.au/zkm

Monthly - November 2020

equitable.net.au/m84

Monthly - October 2020

equitable.net.au/ir2

Quarterly - September 2020

equitable.net.au/d54f4

Monthly - August 2020

equitable.net.au/21o

Monthly - July 2020

equitable.net.au/fe1

Quarterly - June 2020

equitable.net.au/9bd4e

Monthly - May 2020

equitable.net.au/z3h

Monthly - Apr 2020

equitable.net.au/ndn

Quarterly - Mar 2020

equitable.net.au/mdb

Monthly - Feb 2020

equitable.net.au/9c0f4

Monthly - Jan 2020

equitable.net.au/la0

Quarterly - Dec 2019

equitable.net.au/2031e

Monthly - Nov 2019

equitable.net.au/e15f4

Monthly - Oct 2019

equitable.net.au/w0y

Quarterly - Sep 2019

equitable.net.au/itx

Monthly - August 2019

equitable.net.au/ssd

Monthly - July 2019

equitable.net.au/mxl

Quarterly - June 2019

equitable.net.au/kxr

Monthly - May 2019

equitable.net.au/znj

Monthly - Apr 2019

equitable.net.au/2jv

Quarterly - Mar 2019

equitable.net.au/9g

Monthly - Feb 2019

equitable.net.au/24ef5

Monthly - Jan 2019

equitable.net.au/dragonfly-fund-a8a67

Quarterly - Dec 2018

equitable.net.au/2be96

Monthly - November 2018

rebrand.ly/drago5aaa0

Monthly - October 2018

equitable.net.au/dragoe5253

Monthly - September 2018

equitable.net.au/dragoe9249

Monthly - August 2018

equitable.net.au/drago79bc5

Monthly - July 2018

equitable.net.au/drago8138b

Quarterly - June 2018

equitable.net.au/drago7a84c

Monthly - May 2018

equitable.net.au/drago8fdb2

Monthly - April 2018

equitable.net.au/dragocc22f

Monthly - March 2018

equitable.net.au/drago8fcbc

Monthly - February 2018

equitable.net.au/drago56c9f

Monthly - January 2018

equitable.net.au/drago80b0

Quarterly - December 2017

equitable.net.au/dragoe9a5

Monthly - November 2017

Dragonfly Fund - Monthly Report - Nov 2017.pdf

Monthly - October 2017

Dragonfly Fund - Monthly Report - Oct 2017.pdf

Monthly - September 2017

Dragonfly Fund - Monthly Report - Sep 2017.pdf

Equitable Investors Pty Ltd is licensed as an Australian Financial Services Licensee (AFSL No. 505824)

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