Monthly Fund Commentary - Apr 2017

Global Titans Fund commentary Global stocks rose strongly in April, supported by improving world economic growth and following the French primary election, which signalled a lower potential for an anti-EU candidate to win the upcoming run-off. The weaker Australian dollar also helped drive returns in international markets. Quality stocks continued to perform well. The Fund’s unit price increased by 5.2%, after the cost of protection, in April. The performance was driven by positive contributions from our holdings in PayPal, Heineken, Comcast Corp, Unilever and Microsoft Corp. There were no negative contributors during the month. The Fund continues to have no foreign currency hedging in place

London Stock Exchange (LSE) – Don’t let the name fool you!

LSE is one of the oldest stock exchanges founded in 1801. Whilst stock exchanges were highly profitable monopolies in the past their original core business has now been commoditised with the matching of buyers and sellers not very profitable and not having great prospects. Today, LSE is not really a stock exchange any more. The business has been transformed with the bulk of its business no longer based on shares nor on trading but on other securities and activities. One of its biggest operations is clearing — taking care of the contracts after trades are done. Its SwapClear division now clears 95 per cent of the global market in over-the-counter interest rate swaps (private interest rate co

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