SUMMARY
- Global equities continued to deliver strong gains in local currency terms during December as inflation eased further and the US economy remained resilient.
- Hedging the Fund’s foreign currency exposure contributed to returns during the month as the Australian dollar strengthened relative to other major currencies.
- The Portfolio returned 3.0% in December, while the benchmark returned 3.9%, as value stocks outperformed growth.
- The Portfolio completed a very strong year, delivering 29.6%, while the benchmark returned 20.1%, by identifying early those stocks which saw big shifts in their market size and earnings.
As we move into the start of 2024 we will look to deliver a ‘year in review’ Fund update. Please let us know any questions you would like us to cover, either specific to the sector, Portfolio, or any portfolio holdings below.