As at 31 March 2018

In March the Fund recorded -0.7% performance, net of all costs and fees, versus the S&P/ASX  Accumulation 200 Index return of -3.8%.

For the first three months of calendar 2018, the Fund recorded performance of 3.6% versus the benchmark Index return of -3.9%.

Our hedge book made a positive contribution to March performance, buffering a negative result from our long portfolio of stocks. Our holdings in overseas stocks also contributed positively, bucking the market trend. The principal detractors from performance in March were our positions, respectively, in Silver Chef Limited (SIV.AU) and Afterpay Touch Group Limited (APT.AU). Our largest positive contributors were Bellamy’s Australia (BAL.AU), Zillow Group Inc. (ZG.US) and Elders Limited (ELD.AU).