SUMMARY
The Fund returned -4% compared to the benchmark of -2.5% over the month of February 2021. The sharp rise in bond rates from below 1% at the end of last year to now 1.7% caused a sell-off in yield-sensitive sectors such as REITs. Consistent with market trends, the steepening yield curve favoured “value” stocks such as Scentre Group (SCG) and Vicinity Group (VCX) over “growth” stocks such as Goodman Group (GMG) and Charter Hall (CHC), despite the divergence in fundamentals witnessed over the reporting season.
See full written commentary HERE