Slightly past the month end, but nonetheless, benchmark outcomes, by asset class.
As always, this particular note is high level, as we rely on our more detailed notes, written intra month, and our standard end of month reporting templates, to provide commentary more fulsomely. These are essentially a highlight reel.
Gold, commodities, enjoyed a strong month, as did Value, by investment style, relative to Growth.
Yields have fallen back a fraction since the month end, with the solid JOLTS data (US) and more dovish RBA. Oil has bounced on the back of the flagged (possible) production cut from OPEC + members.
Emerging markets continue to struggle, with China and Korea leading the way down. China’s property sector continues to worry international investors, as does the possibility of a sizeable depreciation of the exchange rate.
European equities have found some support, pleasing given our recent purchases. Things look awful for the EU, equally, the odds that everyone can see that, and therefore it is (plausibly) in the price already raise the possibility of modest DAA outperformance.
Important Information: This document has been prepared by Aequitas Investment Partners ABN 92 644 165 266 (“Aequitas”, “our”, “we”), a Corporate Authorised Representative (no. 1284389) of C2 Financial Services, (Australian Financial Services Licensee no. 502171), and is for distribution within Australia to wholesale clients and financial advisers only.
This document is based on information available at the time of publishing, information which we believe is correct and any opinions, conclusions or forecasts are reasonably held or made as at the time of its compilation, but no warranty is made as to its accuracy, reliability or completeness. To the extent permitted by law, neither Aequitas nor any of its affiliates accept liability to any person for loss or damage arising from the use of the information herein.
Please note that past performance is not a reliable indicator of future performance.
General Advice Warning: This document has been prepared without taking into account your objectives, financial situation or needs, and therefore you should consider its appropriateness, having regard to your objectives, financial situation and needs. Before making any decision about whether to acquire a financial product, you should obtain and read the relevant Product Disclosure Statement (PDS) or Investor Directed Portfolio Service Guide (IDPS Guide) and consider talking to a financial adviser.
Taxation warning: Any taxation considerations are general and based on present taxation laws and may be subject to change. Aequitas is not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and investors should seek tax advice from a registered tax agent or a registered tax (financial) adviser if they intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.