Writing in its September 2018 performance report, the Firetrail Australian High Conviction Fund has named three ASX 200 shares to buy.
The Fund returned minus 0.39 per cent for the month ending 30 September 2018, outperforming the ASX 200 accumulation index by 0.88 per cent, benefiting from defensive positions in a falling share market including Telstra (ASX:TLS) shares and Tabcorp (ASX:TAH) shares.
Woodside Petroleum (ASX:WPL) shares were one of the largest contributors to fund performance. The fund is positive on the company, and positive on the outlook for the oil price.
Woodside is Australia’s largest oil and gas producer, and the fund’s investment thesis is built on the material value of two assets that today produce nothing for Woodside shareholders, namely Scarborough (discovered 1979) and Browse (discovered 1970 – 2000).