The Fund returned negative 7.3% net of fees during May 2022. This compares with the All Ordinaries Accumulation Index return of negative 3.1%. The Fund’s largest exposures over the month were spread across the consumer discretionary, communication services, real estate, materials and financials sectors.

The Fund returned negative 3.3% net of fees during April2022. This compares with the All Ordinaries Accumulation Index return of negative 0.8%. The Fund’s largest exposures over the month were spread across the consumer discretionary, communication services, materials, real estate and financials sectors

Auscap’s views on Mineral Resources Limited (“MinRes” or “MIN”) discussed below are based on factual information available to us at the date of publication of this newsletter.

The Fund returned negative 3.1% net of fees during February 2022. This compares with the All Ordinaries Accumulation Index return of 1.7%. The Fund’s largest exposures over the month were spread across the consumer discretionary, real estate, communication services, materials and financials sectors.

The Fund returned negative 7.2% net of fees during January 2022. This compares with the All Ordinaries Accumulation Index return of negative 6.6%. The Fund’s largest exposures over the month were spread across the consumer discretionary, real estate, communication services, materials and financials sectors.

Disruption. Change. Innovation. These are terms synonymous with the current investing landscape. The developments being witnessed across a number of fields are so potentially ground-breaking it is hard not to get excited at the prospect of major technological, healthcare, energy, environmental and productivity advances that might occur over the next few decades.

The Fund returned 2.8% net of fees during November 2021. This compares with the All Ordinaries Accumulation Index return of negative 0.3%. The Fund’s largest exposures over the month were spread across the consumer discretionary, real estate, communication services, financials and materials sectors

The Fund returned 3.6% net of fees during October 2021. This compares with the All Ordinaries Accumulation Index return of 0.2%. The Fund’s largest exposures over the month were spread across the consumer discretionary, real estate, communication services, financials and materials sectors.

The residential real estate market has been a significant driver of China’s economic growth over the last two decades

The Fund returned 3.5% net of fees during August 2021. This compares with the All Ordinaries Accumulation Index return of 2.6%. The Fund’s largest exposures over the month were spread across the consumer discretionary, real estate, communication services, materials and financials sectors