SUMMARY
The strong rebound in the stock market since the lows of March continues to moderate, with the Australian stock market up 0.9% in July. By comparison, The Pengana Australian Equities Fund returned 1.5%.
Over recent months, market sentiment has swung from pure panic in March, bargain hunting and speculation (particular from first-time retail investors) in April and May, to a semblance of normality in June and July.