It was a strong month for the Alpha Plus Fund where we were quick to pivot and add more beta following US President Trump’s announcement of a 90 day pause period for implementing reciprocal tariffs. The fund rose 3.74% in April, outperforming the ASX200 Accumulation Index which rose 3.62% and taking annualized net performance since inception to 11.3% against a benchmark return of 8.5% (2.8% p.aoutperformance). The violent rotation from risk-off to risk-on is a strong reminder of how fluid and uncertain the global backdrop remains and how sensitive it is to changing newsflow. We still don’t know where tariff agreements will land or what damage the trade war has already caused, and this will likely keep markets highly sensitive to political and economic developments.
