In November the HNW Australian Equity Portfolio gained +5.24% slightly ahead of the benchmark’s return of +5.03%. Global markets (except for China) rallied over the month on the sentiment that interest rate rises had probably come to an end and that cuts in 2024 were on the cards. Fears that the Israel-Palestine war would spill over into a wider conflict in the middle east or as some in the media (including one colourful and fertile EV producing billionaire) were touting World War 3 have faded and saw oil decline by -5% to US$83/bl.
Over the month positions in CSL (+13%), Transurban (+10%), Atlas Arteria (+9%), Ampol (+7%) and the soon to be departed Janus Henderson (+9%) added value, with all 4 companies giving positive trading updates in October that were ignored by the market at the time, but remembered by investors in November! Additionally, dividends were a feature of the month with 5 companies paying distributions. On the negative side of the ledger Woodside (-10%) hurt performance along with QBE (-2%) which declined despite revealing third quarter premium growth of 11%, low levels of cat claims and what is shaping up to be best year for investment returns on the float in a decade.
The HNW Equity Income Portfolio had a solid month up +4.81% nicely ahead of the blended benchmark’s return of +2.81%. Positions in Dexus Industrial (+12%), Transurban (+10%), Atlas Arteria (+9%) and Ampol (+7%) added value. Similarly dividends were a feature of the month and Woodside was a drag on performance.
Full Reports in to follow shortly.
