New Zealand equities rose strongly in July, with the S&P/NZX50 up +3.4% in the month, lifting the year to date return to a staggering +23.2% as the biggest companies continued to outperform. The Salt Dividend Appreciation Fund advanced by +2.77% in the month of July. The largest contributor was the Fund’s overweight in a2 Milk which had a monthly return of 22.8%.

For more detail, the July 2019 Fund Factsheet for the Salt Dividend Appreciation Fund can be found here.

July was the ninth consecutive monthly advance for the S&P/NZX All Real Estate Gross Index for a staggering annual return of +33.2%. The Salt Enhanced Property Fund returned +3.40% for the month of July.  The Funds main contributor was our position in Garda Capital Management which manages the strongly performing and long-held Garda Property (GDF, +6.8%).

For more detail, the July 2019 Fund Factsheet for the Salt Enhanced Property Fund can be found here.