In February, the Fund rose 1.4% (in AUD and USD). By comparison, the Tel Aviv Stock Exchange 125 Index fell -1.3% (in ILS).
As discussed in last month’s newsletter, January was a crazy month with significant declines in markets around the world resulting from fears of rising inflation and expected Federal Reserve (and other central banks) interest rate hikes. February added further fuel to the fire with the escalation of hostilities between Russia and Ukraine – the first war between European countries since World War II. Images of the devastation in Ukraine and the impact on human lives have shocked observers and markets alike, and served to remind us of the fragility of the world we live in and not to take our peaceful lives for granted.