SUMMARY
The Fund generated a +3.0% return in the month of November. By way of comparison, the (annual) return of the RBA cash rate + 6% equated to approximately +0.7% for the month, whilst the Australian stock market improved by +6.4% over the month.
The main positive contributors to performance in November were BHP (iron ore recovery), Evolution Mining (improvement in Gold and Copper prices), Accent Group (positive trading update), and CSL. The main detractors were Ryman Healthcare, SG Fleet, James Hardie, and Aristocrat. Portfolio activity in the month saw a position re-established in Ramsay Healthcare, as well as trimming positions in Mirvac, Smart Group, and NAB. Cash holdings were steady at 13.1% on November 30.