Portfolio review

The Fund fell 1.0% in September, trailing global markets for the month (0.4%). Global markets were up 0.3% in USD terms, with a small fall in the Australian dollar providing the difference.

Global equities had a mixed month, with fears of Emerging Markets contagion offsetting the positives from stronger US macro data. Japan (+2.3%) outperformed while the US (+0.3%) and Europe (+0.3%) performed in line with global markets. Emerging markets were the laggard. Year to date, the US (+9.1%) remains the best performing region, while Emerging Markets (-9.5%) are down the most.