Introduction A strong quarter to finish an extraordinary year. The Fund’s returns were 16.8% for the EUR class and 21.9% for the USD class1   . The Australian Fund posted a return of 13.2%. Those returns for the year were -1.7%, 7.2% and -2.4% respectively. As most of the Fund’s [...]

Introduction The Fund posted a return of 1.2% for the EUR class1   . The Australian Fund posted a similar return of 1.5%. The USD share class of the Fund returned 5.6% as a result of the marked decline in the USD2   . We reiterate our preference is not to [...]

Introduction Let’s not beat around the bush: the returns over the quarter were exceptional and unlikely to be duplicated any time soon. But of course, they only partially reverse the exceptionally poor returns of the prior quarter. The Fund posted a return of 20.1% for the EUR class and [...]

Introduction In these troubled times, we hope this finds our readers in good health and good spirits. Lives lost are the first and immediate tragedy, the economic fallout and longer term social and health issues will become increasingly apparent over time. It has certainly prompted our reflection - what’s [...]

Introduction The Fund posted quite strong returns over the quarter. The Euro share class was up 5.7%, and the newly introduced USD share class was up 9.0% since its inception on 15 October 20191   . The Australian Fund’s 4.4% quarterly return was dampened by the rising AUD. For interested [...]

Introduction The Fund posted a return of 2.8%1   for the quarter, and has been pretty flat since its inception in late January 20192   . The Australian Fund returned 2.4% over the quarter. The longer term performance of the Australian Fund is provided in past quarterly reports, which are [...]

Introduction The Australian Fund posted a modest return of 0.2%1   for the quarter - masking some wild swings such as the 9.0% decline during May. Although too early to comment with conviction, the strongly rebounding prices of many of the holdings in June provides some degree of confirmation [...]

Introduction The Fund returned 4.2%1   for the quarter. Ordinarily, we would happily sign off straight away for similar returns for the next few decades. But ordinarily, the preceding quarter’s returns would not have been so bad. The reality is that the March quarter’s returns are hardly adequate compensation [...]

Introduction There was no hiding the carnage on global equity markets over the last few months. Despite our high cash levels and our conservatively priced portfolio, the decline of 11.4%1   was the Fund’s worst quarterly result since inception. Whilst disappointing, this is nevertheless consistent with the range of [...]

Introduction After eight consecutive months of positive performance, the Fund suffered a 5.2% setback in September resulting in a 1.7%1   decline for the quarter. For those keen on numbers, September’s return ranks as the second worst monthly performance since inception of the strategy in January 20152   . Now [...]