In November 2021, the Fund returned 3.3% compared to the MSCI ACWI (Total Return in AUD) which rose 3.4% for the same period. Financials stock selection helped due to the strong performance of Tradeweb, an electronic fixed income marketplace, which reported strong trading volume growth. Health Care performance was relatively weak. Despite reporting strong earnings, shares of genetic sequencing company Illumina fell as the EU ordered Illumina to not consolidate its recent acquisition of GRAIL, a provider of cancer-tracing blood tests. European stock-picking helped as Schneider Electric shares gained after management unveiled higher organic growth targets. Emerging markets stock selection detracted as Chinese property manager Country Garden Services fell on news it will raise capital for acquisitions.