June 2023 | Quarterly Report

Introduction We continue to be amazed at the strength of the equity markets. Rising interest rates, war in Europe, heightened global tensions, colossal government and private debt levels, recent bank collapses… And yet the markets are near all time highs! "War, huh, yeah, What is it good for? Absolutely [...]

By |2023-07-11T17:38:17+10:00July 2023|Reports|0 Comments

March 2023 | Quarterly Report

Introduction The equity markets started the year with a strong January but this largely tempered in February. Then, quite perversely (in the midst of the Silicon Valley bank collapsing, the US Fed stepping in to guarantee deposits, and Credit Suisse and First National bank being rescued), markets rebounded to end [...]

By |2023-07-11T17:38:40+10:00July 2023|Reports|0 Comments

December 2022 | Quarterly Report

Introduction What an eventful year. The pandemic became endemic, a relentless war has unfolded, a new multi-billion dollar Ponzi scheme came to light (and the perpetrator of an earlier one was convicted), and - with probably the greatest effect in the markets - inflation has proved persistent and interest rates [...]

By |2023-01-25T10:28:04+11:00January 2023|Reports|0 Comments

September 2022 | Quarterly Report

Introduction Although the EUR share class and the Australian Fund managed solid returns (4.6% and 4.8% respectively), they would have been a lot higher (like double digit in the EUR case) had it not been for a shocking September sell-off1. Then again, they would have been a lot lower [...]

By |2022-12-01T10:38:00+11:00October 2022|Reports|0 Comments

June 2022 | Quarterly Report

Introduction Six months ago we wrote about the crazy times we live in when, amongst other things, a currency which was conceived in 2013 as a joke, and named after a dog with bad spelling habits (Dogecoin), reaches a market cap of USD 39.6b. Since then, Dogecoin’s price has [...]

By |2022-12-01T10:36:54+11:00July 2022|Reports|0 Comments

March 2022 | Quarterly Report

Introduction Well, as if a global pandemic was not enough, the world has now witnessed the outbreak of a brutal and devastating war, set amongst a challenging environment of rampant inflation (with all signs that it will only get worse). Yet still, markets appear little troubled. Yes, there have been [...]

By |2022-12-01T10:41:39+11:00April 2022|Reports|0 Comments

December 2021 | Quarterly Report

Introduction A solid quarter to round out a pretty good year. The Fund’s returns were 6.0% for the EUR class and 4.0% for the USD class1   . The Australian Fund posted a return of 3.4%. Those returns for the year were 20.0%, 11.5% and 18.3% respectively. As the Fund [...]

By |2022-02-18T13:44:46+11:00January 2022|Reports|0 Comments

September 2021 | Quarterly Report

Introduction After a substantial sell off in September, the Fund’s net returns turned negative for the quarter. They were -1.3% for the EUR class and -3.5% for the USD class1   . The Australian Fund posted a return of -4.4%. Those returns for the last 12 months were 32.2%, 30.7%, [...]

By |2021-10-29T08:50:59+11:00October 2021|Reports|0 Comments

June 2021 | Quarterly Report

Introduction The Fund’s net returns for the quarter were 2.2% for the EUR class and 3.2% for the USD class1   . The Australian Fund posted a return of 4.6%. Those returns for the year were 35.5%, 43.1%, and 31.1% respectively. Equity markets continue to be buoyant, with “growth” stocks [...]

By |2021-07-16T09:27:59+10:00July 2021|Reports|0 Comments

March 2021 | Quarterly Report

Introduction Another strong quarter, with the Fund’s net returns being 12.2% for the EUR class and 7.7% for the USD class1   . The Australian Fund posted a return of 9.1%. Those returns for the year (which coincides with the Fund’s all time monthly low) were 59.1%, 70.4%, and 36.9% [...]

By |2021-04-09T22:15:41+10:00April 2021|Reports|0 Comments
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