As at 30 September 2017

In September, the fund recorded +2.4% net performance vs the S&P/ASX200 accumulation index return of 0.0%. The largest contributors to this performance were our positions in Afterpay Touch Group (APT.AU), Equifax (EFX.US), Silver Chef (SIV.AU) and Elders (ELD.AU). Detractors included our holdings in Weight Watchers (WTW.US), Chipotle (CMG.US) and Bellamy’s Australia (BAL.AU). Our hedge book made a small positive contribution, as did a weakening of the AUDUSD exchange rate.