It was a strong month for the Alpha Plus fund which rose 5.4% to meaningfully outperform the ASX200 Accumulation index which rose 4.2%. This takes annualised net performance since inception to 12.1% against a benchmark return of 9.1% (3.0%p.a. outperformance). Investors chased the market higher as confidence that the US could avoid recession increased and bear case economic and market scenario were reversed. Cyclicals and growth stocks led the charge higher although by late month, even defensive laggards had joined in the upswing. There appeared very little to trouble the equity market through May despite weathering mixed news on the trade side and a reasonably sharp spike in US long bond yields with the RBA helping to inject some confidence with a dovish rate cut in early May.
