SUMMARY
Equity markets performed strongly through August, with the Australian stock market up 3.0% over the month. Your fund performed in line with the market, a pleasing result given our more cautious stance of late.
We have just completed another ‘earnings season’ domestically, which was unique in this period in that it encapsulated both the depth of the COVID shut down in March and April, and the sharp rebound in economic activity in May and June.