The Alpha Plus Fund returned +1.74% in August, ahead of the S&P/ASX 200, which gained +1.54%. The ASX 200 set a record high of 9,272 on 6 August, then drifted back to close the month at 9,076. It was a record without much fanfare, and that tells you something. Step back and the index has been range-bound since mid 2025, trading roughly between 8,400 and 9,100, bouncing off the lows three times and meeting resistance four times. A record high in a market going nowhere says more about the absence of conviction than the presence of it.
