The Fund rose 1.0% in March, underperforming global markets which went up 1.4% in AUD terms. The best performing country in March was India, significantly outperforming all large countries and the Fund’s largest contributor was the long position in Indian Bank, Yes Bank.
As of Monday, April 8th, the Fund is up 2.8% for the month.
Ethical Investing in Focus
The Fund has been short Coca-Cola Amatil for some time now and we have written before about our views and attempts to make an impact. In March, CEO Alison Watkins gave a speech to the Committee for Economic Development of Australia (CEDA) where for the first time she acknowledged the company’s lobbying against consumer recycling schemes (and we would add lobbying against a sugar tax) had resulted in a general cynicism about their commitment to sustainability.
Whilst their acknowledgment that Coca-Cola’s fight against sustainability has done them more damage than good, their refusal to entertain a sugar-free future and continued lack of progress in the developing nations they operate in, coupled with a refusal to take a meeting with us, leaves us still rather cynical about their apparent Damascus conversion. The Fund remains short the stock.