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 the markets in August caused by the Ukraine crisis. On the equity side the ASX fell almost 4% from the start of the month, although it did recover to be marginally up 0.3% for the month. Investment grade credit spreads performed better than equities. The Australian iTraxx index widened to 90 basis points within the first week of August before ending the month at 80 basis points, a 7 basis point tightening.
Within this volatility the fund continued to perform well. While the overall monthly return was slightly down from previous months, the Fund’s unit price steadily climbed each week in August with no negative weekly performances. Also August was the 32nd month in a row that the Fund has experienced a positive monthly return.