SUMMARY
The Fund generated a +3.3% return in July. By way of comparison, the Australian stock market grew by +3.0%, whilst the (annual) return of the RBA cash rate plus 6% equated to approximately +0.8% for the month.
The Fund has continued its positive momentum calendar year to date, achieving a return of +10.2%, which compares favourably to our benchmark return of +5.5% over the same period, and the Australian stock market at +7.8%.
It was pleasing that despite its conservative settings, with a portfolio biased to defensive holdings together with elevated cash and put option exposure (lower equity exposure), the Fund was still able to outperform the market in a strongly positive period.