The Alpha Plus Fund rose 2.24% in April, modestly outperforming the S&P/ASX200, which gained 2.18%. It was a modest recovery for the Australian market after a brutal March sell-off that saw the equity market fall ~8%. Disappointingly, the domestic market significantly lagged global markets, and in particular the US, which rose 10% as the tech sector rebounded from the Iran conflict driven lows. The divergence reflects concerns around a deteriorating domestic backdrop as inflation forces the RBA to lift rates into a cost-of-living crisis. The result has seen weakness toward cyclical and rate sensitive parts of the market.
