InvestNow News – 20th Dec 19 – Morphic Performance Report – November 2019
Ethical Investing in Focus
At the Morphic Ethical Equities Fund AGM in Sydney last month, several investors asked questions about the revolutionary hydrogen powered trains produced by French rail manufacturer Alstom. Are hydrogen trains actually any better for the environment?
Alstom, which has been one of the Morphic Funds’ largest investments for nearly five years, has pioneered the commercialisation of the hydrail concept, which first emerged around the turn of the century, as a replacement for diesel on low use regional routes that would be uneconomic to electrify. You can read our thoughts here.
Portfolio review
The Fund rose 3.8% in November, versus global markets which rose 4.3% in AUD terms. Global equities rallied 2.3% in USD terms, led by positive sentiment towards the US-China trade talks, and slightly higher PMIs in some major economies.
In November, Developed Markets rallied while Emerging Markets fell. The US performed best, and Europe (+1.3%) also rallied. Emerging Markets was the worst performing region during the month, followed by Asia Pac ex-Japan (+0.3%) and Japan (+0.6%).