Market Insights
Fund Update
The Fund returned 0.53% over the month of August, delivered 2.44% for the previous three months and 9.66% over the past 12 months. The Net Asset Value (NAV) of the Fund, as at 31 August 2014, was $48.8 m1 and the redemption price was 1.3548762. Volatility returned to... Read more...Market Drivers
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Risk Assets were mostly stronger in August, recovering from weakness in the second half of July caused mostly by a worsening geopolitical position in the Ukraine and the Middle East. Through August, more signs emerged of improving economic activity in the United States although in China and Europe, economic readings were mostly softer than expected. In Australia, economic readings were mixed, although company profit reports had a scattering of better-than-expected reports. After rising strongly in July, the Australian equity market mostly consolidated its July gain in August. The ASX 200 was down, but only by 0.1% over the month. Elsewhere, the US S&P 500 made good ground touching record high territory and was up by 3.8%. European equity markets were stronger too with the Eurostoxx 50 up 1.8%, the British FTSE 100 up by 1.3%, and the German Dax up by 0.7%. Evidence that Japan’s increase in value added tax took a toll on Q2 GDP contributed to the Japanese equity market underperforming in August. The Nikkei fell by 1.3%.
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