30th November 2018
Portfolio review
The Fund fell 1%, outperforming global shares over the month by 0.5% in AUD terms. The fall was despite markets rebounding by 1.3% in USD, as the rise in the AUD offset the increase in markets.
The bounce was led by the more cyclically sensitive markets. Asia was up 4.3% in US dollars and Emerging Markets more generally were up 4.1%. Europe (-1.1%) and Japan (+0.4%) were the laggards. In contrast to cyclical regions, the leading sectors were more defensive – Healthcare (5.3%) and Real Estate (+4.8%) …