Monthly Fund Commentary - Jun 2017

Global Titans Fund commentary During the month, global stocks advanced in local currencies amid accelerating economic growth in the U.S. and Europe, coupled with signs of diminishing political risk in the euro zone. Investor sentiment improved markedly as political newcomer Emmanuel Macron defeated Marine Le Pen in the French presidential election, largely erasing concerns that France may attempt to leave the European Union. The Fund’s unit price decreased by 2.3% in June, after the cost of protection, compared to the benchmark return of -2.6%. The stronger Australian dollar was the major driver behind the negative returns for the fund and the benchmark. The performance was driven by posit

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