Alpha Plus was flat against a narrowly driven market in July. The Fund returned +0.02% underperforming the ASX 200 which rose +2.26%. Over the month, we saw one of the most violent factor rotations in recent years as momentum unwound while value - low volatility and yield - were rewarded handsomely. Positioning, not earnings, was the dominant driver of returns across the market. Banks rose ~7% (Commonwealth Bank alone added 82bps to the index), while Materials and Industrials detracted. Large caps rose 3.7% versus a 3.2% fall in the Small Ordinaries, a tough combination for a portfolio weighted to quality mid-caps.
