As At 30 April 2018
In April, the Fund recorded +0.6%% performance, net of all costs and fees, versus the S&P/ASX Accumulation 200 Index return of +3.9%.
Our international holdings contributed over 2% to performance in April 2018, however negative unrealised performance from our Australian holdings, notably our large holdings in Afterpay Touch Group (APT.AU) and Bellamy’s Australia (BAL.AU) essentially cancelled that out.
Our performance in the month of April was lacklustre relative to the benchmark index. Despite this, the Fund remains firmly in out-performance territory. For the six and twelve months ended 30 April 2018, the Fund recorded performances of 7.3% and 33.3% respectively versus the benchmark Index returns of 3.4% and 5.5%, for the same periods. Returns are quoted net of all costs and fees. Gross exposure (longs + hedges) has remained below 100% during the entirety of this period.
NTA per share was $1.21 at the end of April. Cash represented 22% of the total gross portfolio but at the time of writing this had fallen to 15% as we have added several new holdings recently and continue to find opportunities worthy of capital deployment.