The Alpha Plus fund fell 1.15% in September, underperforming the ASX200 Accumulation Index, which fell 0.78%, by 37bps. This represented a bit of payback / consolidation after an exceptional August, although not enough to dent 3Q returns which saw the fund rise 5.67% (outperforming the ASX200 by 96bps). September was a bit of a nothing month for the Australian market which was down despite US equities posting a solid 3%+ return and the tech heavy Nasdaq up nearly 6%. For the most part, there was no strong macro and/or directional drivers other than a winding back of RBA cash rate support post a very hot monthly inflation print and despite a pro-cyclical tilt to performance, it wasn’t enough to lift the bourse into positive territory.
