Latest monthly
Our investors receive our monthly report directly. For an insight into our fund, below is our latest monthly report.
The fund returned +1.3% (net) in April as the dust settled after being rocked by the US Administration’s ‘Liberation Day’ announcements, and the numerous pullbacks and escalations that followed. April saw the All-Ords Accumulation Index drawdown ~6.6% early in the month, before tariff pauses and the possibility of trade negotiations between the US and China gave markets reprieve to finish up for the month. The funds drawdown at close on the 7th April (market lows) was -3.4%, meaning our “downside capture” was 51%, in line with our historical downside capture. Our net exposure at the end of April was 56.9% as we now weigh up the high likelihood of soft (tariff induced) US economic data near term versus rate cuts, tariff deals, and stimulatory policy announcements (such as tax cuts).
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