Monthly Performance Update - Nov-25: An Australian specific Wobble

The Alpha Plus Fund fell -5.93% in November, underperforming the S&P/ASX200, which was down -2.66%. The Australian equity market suffered a sharp correction led by growth stocks,and particularly those trading on high valuation multiples. This correction was specific to Australia with the local bourse meaningfully underperforming global markets and global growth stocks. The rotation away from growth stocks / YTD winners and towards defensive and value orientated exposures was initially triggered by expectations that Fed rate cuts were being put on hold with this rotation gathering momentum as domestic data also indicated that the RBA was finished cutting policy rates.