Performance update | March 2016
The March quarter was a rollercoaster ride for Australian small-cap equities where a pull-back in the first half of the quarter was more than offset by a sharp commodity-driven rally over the balance of the quarter, catching many investors, us included, by surprise.
The strength in global equity markets over the past six weeks suggests the international economic landscape is less treacherous than back in January. But seasoned investors know complacency can be the enemy of performance and while most of the issues seem under control for the time being, they could easily flare up again. As a consequence, our portfolios remain conservatively positioned ahead of the US reporting season (April), especially given domestic investor sentiment is likely to be tempered somewhat ahead of the federal budget (in May) and an Australian federal election (possibly as early as July).
We remain confident the Funds are well positioned to continue to deliver our investors strong returns over the coming years and we thank all our unitholders for their ongoing support.
View the March 2016 reports: