July was a strong month for the ASX200 but a difficult month for fundamental portfolio managers as banks rallied ~7% and value stocks rebounded sharply. This was a complete reversal to the prior few months and was in stark contrast to the weakening fundamentals for many domestically exposed cyclical and rate sensitive areas. This was not a rotation to chase given it was a positioning than fundamental reversal. Hear from lead portfolio manager Jun Bei Liu as she outlines the major hits and misses throughout the month and how she is positioned as we enter the August reporting season.
