SUMMARY
The Fund returned 3.7% (Class A, AUD) and 3.5% (Class B, USD) in July, underperforming the TA 125 Index which returned 6.8%.
The main contributors for the month were our position in InMode (INMD), which was up 45% due to strong second quarter results and a positive outlook, and our exposure to Natural Gas companies Delek (DLEKG) and Ratio (RATI), which were up 16.5% and 10% respectively.
The main detractors this month were the 3D printing company Massivit (MSVT), which was down 23%, and Checkpoint (CHKP), which was flat. The latter is a relatively large position at 4% and will be releasing its 2nd quarter results in August.