March 2024 | Quarterly Report

Introduction You’ve heard it before. The index is extremely polarised, with a select few stocks driving returns. Recently, we can single out Nvidia (up 82.5% for the quarter, 225.4% for the year) and Meta (up 37.3% for the quarter, 129.4% for the year). There are more than 1,500 MSCI World [...]

By |2024-04-10T15:00:14+10:00April 2024|Reports|0 Comments

December 2023 | Quarterly Report

Introduction Despite wars in Europe and the Middle East, escalating tensions in Taiwan, recent attacks in the Red Sea, and eleven successive US Fed rate rises since March 2022, equity markets have reached new highs. It is as if nothing happened. The recent reversal of longer term interest rates [...]

By |2024-01-11T17:04:50+11:00January 2024|Reports|0 Comments

September 2023 | Quarterly Report

Introduction It’s not rocket science… The US 10-year bond yield rose from 3.8% to 4.6% during the quarter. It was last around this level in the period leading up to the global financial crisis (in 2007). And for the 25 years prior it averaged about 7.5%. Heck, many of [...]

By |2023-11-13T11:04:49+11:00October 2023|Reports|0 Comments

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
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