In July, the HNW Australian Equity Portfolio had a pleasing month on both an absolute and relative basis posting a +4.64% gain ahead of the ASX200 TR +4.19%. The key news over the month was the weaker Australian Dollar (which helped our stocks with offshore earnings), falling oil price (which hurt Woodside) and the June quarter inflation number which came in below market expectations which mitigates against the chance of a rate rise in August.
Performance was assisted by positions in Lend Lease (+16%), JB Hi-Fi (+14%), Amcor (+9%), CSL (+5%), Westpac (9%), Medibank Private (+7%) and Wesfarmers (+13%). On the negative side of the ledger Woodside (-2%) and the Lottery Corp (-2%) hurt performance.
The HNW Equity Income Portfolio posted a 4.31% gain which was ahead of the Portfolio’s Blended benchmark of +2.4%. Performance was assisted by positions in Wesfarmers (+13%), (+8%), Charter Hall Retail (+11%), Amcor (+9%) and JB Hi-Fi (+14%), but generally a very solid month. On the negative side of the ledger Woodside (-2%) and the Lottery Corp (-2%) hurt performance along with Deterra (0%) and Arena REIT (0%). Income was limited to Charter Hall Retail’s dividend.
Full Reports in to follow shortly.
