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 [...]
Introduction Welcome to the ‘new-look’ Alluvium Global Fund report. With this updated format we have endeavoured to provide commentary on our investment activities in a more engaging and informative manner for you, our clients. We recognise that each individual investor has preferences for how they like to receive news, [...]
Snapshot The Fund posted a net return of 2.7%1 over the March quarter. This positive result, when most markets (and our positions) fell decidedly in local currency terms2 , illustrates why we embrace currency ‘exposure’. Our dear friend ‘volatility’ is back… but only to more conventional levels. Although [...]
Snapshot The Alluvium Global Fund (Fund) posted a net return of 0.8% over the December quarter.1 The strategy has now built up a three year track record. Its annualised total return over that period is 12.1%. This is slightly higher than the return we expect to achieve over [...]
I would like to expand on the “Dirty Secrets” published a couple of weeks back.1 “Not telling me something or hiding something on purpose is just the same as lying.” Is your manager “double dipping”? Some fund managers and brokers have [...]
Snapshot The Alluvium Global Fund (Fund) posted a net return of 4.6% over the September quarter.1 An offsetting factor to some strong share price returns was the rising Australian dollar (AUD). Had we held most of our cash in AUD rather than foreign currencies our returns would have [...]
