Itwas a strong month for the Alpha Plus fund which rose 5.4% to meaningfully outperformthe ASX200 Accumulation index which rose 4.2%. This takes annualized netperformance 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 theUS could avoid recession increased and bear case economic and market scenario werereversed. Cyclicals and growth stocks led the charge higher although by latemonth, even defensive laggards had joined in the upswing. There appeared verylittle to trouble the equity market through May despite weathering mixed newson the trade side and a reasonably sharp spike in US long bond yields with theRBA helping to inject some confidence with a dovish rate cut in early May.
