Latest monthly
Our investors receive our monthly report directly. For an insight into our fund, below is our latest monthly report.
The fund returned -3.3% (net) for February as Aussie shares had their worst monthly performance (ASX All Ords Accum, -4.0%) since September 2022. Reporting season for the 1H25 was as volatile as we can recall in Australia, whilst internationally the new Trump regime is wearing down equity markets as it goes about “implementing first and negotiating later” with their international trading partners. Ultimately the tariff policies the US are putting in place will lead to lower growth and higher prices, but the extent of these impacts remain to be seen given they are all up for negotiation and subject to reversal. With a reasonably high degree of uncertainty currently, and a (to date) slight easing in key economic indicators in the US, we have contracted our gross and net exposures (per above), whilst also reducing the number of positions held in the fund.
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