During 2020 we reassessed the outlook for every stock held as well as performing a thorough reassessment of their balance sheet position and available liquidity assuming the COVID-19 related downturn persists for some time. This has led to a number of companies being sold or positions reduced with capital being reinvested in less cyclical businesses with strong asset backing where valuation has become attractive with the market weakness. What has been surprising is the ease at which we have been able to sell those positions where we no longer want exposure into the market strength.Being more conservatively run companies, many of our new positions have not outperformed the market recovery to date but we believe they are well positioned.
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During October 2021 the Fund returned 1.09% versus the S&P/ASX 300 Accumulation Index of 0.10%, outperforming the market by 0.99%. An overweight position in Materials added to relative performance while and overweight position in Financials detracted from relative performance.
This World Children’s Day, 20 November, we recognise the devastating and disproportionate impact the climate crisis is having and will continue to have on children. As the most anticipated event of the year, COP26, finishes, it remains clear we have never needed more urgent action from government, business and society to respond to the climate crisis
During September 2021 the Fund returned -1.19% (after fees) versus the S&P/ASX 300 Accumulation Index of -1.89%, outperforming the market by 0.70%. An underweight position in Healthcare and an overweight position in Transport added to relative performance. Over the last 12 months the Fund has returned 36.03%, outperforming the ASX300 Accum Index by 5.17%.