It was an tough month for active managers with the August reporting season the most volatile on record. Navigating this backdrop required flexibility alongside strong portfolio and risk management. We were not immune to stock specific disappointment – we suspect very few were, but a strong fundamental process and conviction in our positions underpinned what was a very strong month for the portfolio. The Alpha Plus fund returned 4.01%, managing to outperform the ASX200 by 91bps. We benefited from exposure to both domestic and global cyclicals as well as rate sensitives (including property). We remain positioned for lower interest rates and an improving growth backdrop while we are balancing this with high-quality structural growers where we see durable earnings power.
