Market Insights
Fund Update
The Fund returned 0.84% over the month of September, delivered 2.18% for the previous three months and 9.55% over the past 12 months. The Net Asset Value (NAV) of the Fund, as at 30 September 2014, was $50 m1 and the cum redemption price was 1.3461942. The Fund’s... Read more...Market Drivers
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Risk Assets were very mixed in September, although Australian risk assets weakened sharply amid concerns about weak industrial commodity prices, possible restrictions on the booming residential investment property market, and a weaker Australian dollar as foreign investors became relatively pessimistic on Australian investment opportunities. Through September, US economic readings were mixed, but still consistent with moderate economic growth and the Federal Reserve (Fed) at its policy meeting provided mixed messages on the outlook for US interest rates. China’s economic readings mostly exhibited a softer edge, but elsewhere in Asia, Japan took a stronger turn. European economic readings remained comparatively weak and the European Central Bank (ECB) cut its interest rates further into negative territory at its September meeting. The ASX 200 was down by 5.9% over the month, far exceeding the 1.6% fall in the US S&P 500. The European Eurostoxx 50 index actually rose in the month, by 1.7%, and Japan’s Nikkei lifted by 4.9%.
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