Fund and Market Commentary: December 2018

Calendar Year 2018 was a very difficult year for equity markets around the world with most markets in the red. Earlier this month, we published a detailed research note on what happened in 2018 and our outlook for 2019. For those that missed it, please click here to read it. India was one of very few markets that were an exception to this, rising 3% in AUD terms. However, from a relative performance point of view, 2018 was a very difficult market to beat, as the top 5 stocks which comprise 35% of the index was responsible for more than 100% of the index returns. In other words, the index ex the top 5 was in fact down for the year!