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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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%, [...]
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 [...]
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% [...]
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 [...]
