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 [...]

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 [...]