Monthly Fund Commentary - Jul 2017

Global Titans Fund commentary Global stocks posted modest gains in local currencies, amid healthy corporate earnings reports and an improving outlook for global economic growth, but finished lower in Australian dollars. The markets seem to be largely unconcerned about the pace of interest rate increases or the unwinding of massive central bank balance sheets. Returns this month were generally led by cyclicals, with the materials, energy, financials and technology sectors among the best performing. Trailing were the more defensive health care and consumer staples sectors The Fund’s unit price decreased by 1.5%, after the cost of protection, in July. The performance was driven by positive con

Reckitt Benckiser – Powerbrands & Megatrends

Reckitt Benckiser (RB) is a beneficiary of 2 powerful global megatrends; the rapidly growing middle class in developing countries and the increasing demand for OTC healthcare products because of the rapidly ageing population. There has been an increasing secular trend towards self-medication which is being increasingly supported by governments keen on reducing their respective healthcare bills. RB is a leading global fast moving consumer goods company in consumer health, hygiene and home care categories, with operations in 60 countries and sales in 180 countries. RB holds strong global market share positions behind its 19 Powerbrands, including Mucinex, Durex, Nurofen in Consumer Health and
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