Hedge Clippings |19 June 2026

19 Jun 2026 - FundMonitors.com

Central banks are trying to sound calm. Markets are trying to sound confident. Neither looks entirely convincing.

19 Jun 2026 - Hedge Clippings |19 June 2026

By: FundMonitors.com

Hedge Clippings | 19 June 2026

Central banks are trying to sound calm. Markets are trying to sound confident. Neither looks entirely convincing.

RBA | The hold that did not sound relaxed

After three cuts, and three hikes in less than twelve months, the Reserve Bank left the cash rate unchanged at 4.35% this week, with the Board voting unanimously to stay on hold. That part was not the surprise. The tone was.

Borrowers looking for comfort would have found very little. Governor Michele Bullock made it clear that inflation remains the Board's first priority, and that any expectation of rate cuts needs to be handled with care. Markets may still be pricing in an easing later in 2026, but the RBA's tone did not appear in any hurry to endorse that view.

This is the problem with monetary policy at this stage of the cycle. Everyone wants the next move to be down, but central banks are paid to worry about what happens if they move too early. Inflation is elevated, and next Wednesday's release of May's CPI will tell a critical story, even before the reintroduction of the full federal fuel excise levy due in July.

Meanwhile employment has softened, but not collapsed. Households are under pressure, but spending has not fallen off a cliff. Consumer confidence, which has not been helped by concerns about property prices following the budget, is subdued at best, and in certain demographics at rock bottom.

That leaves the RBA in the least satisfying position available: waiting. And waiting, as any borrower will tell you, is not the same as relief.

Fed | Dots, doubts, and Kevin Warsh

Across the Pacific, the Federal Reserve held rates at 3.50% to 3.75%, which would no doubt have irritated Donald Trump, but not as much as it would have if announced by previous Fed Chairman, Jerome Powell. Persistent inflation, not helped by Trump's foray into the Middle East, is elevated in the US as well. One interesting side note to the meeting was incoming Chairman Kevin Warsh choosing to abandon forward guidance, aka the "Dot Plot".

For those fortunate enough not to spend their evenings reading Federal Reserve projections, the dot plot is where policymakers signal where they think interest rates are heading. Missing the dots does not change policy. But it does tell investors that the internal debate is not as neat as markets might like.

Markets have spent much of the past year trying to price the beginning of the next easing cycle. The Fed keeps reminding them that the beginning may be more conditional, and far less comfortable, than they would prefer.

Central banks have had a consistent fixation of keeping inflation in the 2-3% range. They can be fixated all they like, but don't hold your breath. In Australia where it is currently 4.2%, a range of 3-4% might be achievable - unless you believe there's a recession around the corner. You can view our interview with Nick Chaplin of Seed Funds Management following this week's RBA decision below.

Oil | Relief, for now

The US-Iran memorandum of understanding sent Brent crude down 9% to US$79, taking some of the heat out of energy markets after months of anxiety around the Strait of Hormuz.

That is welcome, but not conclusive. A potential Hormuz disruption still represents a serious risk, with 10 to 11 million barrels per day potentially affected in a severe shut-in scenario. The Geneva signing may reduce the immediate risk premium, but it does not remove the geopolitical fault line.

The immediate security threat may have dissipated, but it has certainly not disappeared. The price of oil may have fallen but the dislocation of supply lines and bottled-up price increases will take time to work through the system before they dissipate. Investors may have been given a breather. They have not been given certainty.

The bottom line

This was a week of holds, statements, warnings, and temporary relief. The RBA held, but did not comfort. The Fed held, but did not simplify. Oil fell, but the risk has not gone away. The G7 spoke of resilience, which usually means the world is becoming harder to manage.

For investors, the lesson is familiar. Volatility does not just reveal market direction. It reveals process. It shows which managers are relying on beta, which are managing risk, and which have a framework strong enough to survive when the story changes.

That is where FundMonitors matters. Weeks like this are exactly why manager research, peer comparison and performance analysis are worth doing properly.

News | Insights

Expert Analysis of the RBA's June 16 Rate Decision

Pressure at the pump | Magellan Investment Partners

Federal Budget 2026-27: Winners, Losers and Opportunities for the Mining Sector | Australian Secure Capital Fund

May 2026 Performance News

DS Capital Growth Fund

Bennelong Long Short Equity Fund

Insync Global Capital Aware Fund

ECCM Systematic Trend Fund

Bennelong Australian Equities Fund

If you'd like to receive Hedge Clippings direct to your inbox each Friday

JOIN OUR MAILING LIST

Performance Report: DS Capital Growth Fund

19 Jun 2026 - FundMonitors.com

The DS Capital Growth Fund rose by +1.31% in May, outperforming the ASX 200 Total Return benchmark by +0.16%. Since its inception in January 2013, the fund has returned +11.71% per annum, an outperformance of +2.60% relative to the...

Performance Report: Bennelong Long Short Equity Fund

18 Jun 2026 - FundMonitors.com

The Bennelong Long Short Equity Fund has returned +11.04% per annum, since its inception in February 2002, an outperformance of +2.75% relative to the benchmark which has returned +8.29% on an annualised basis over the same period.

Funding renewable projects across the world

18 Jun 2026 - Pendal

The transition to renewable electricity continues to be one of the most pressing global challenges.

18 Jun 2026 - Funding renewable projects across the world

By: Pendal

Funding renewable projects across the world

Pendal

June 2026

(2 minutes read time)

Electricity generation is a large source of global emissions
Green bonds support net zero through cleaner electricity
Find out more about Pendal's Responsible Investing capabilities

Around two thirds of global emissions come from electricity generation.

Renewables and low carbon energy is a fundamental requirement in the transition to a net zero world.

Regnan Credit Impact Trust and Pendal Sustainable Australian Fixed Interest Fund invested in an AUD green bond by the Canada Pension Plan Investment Board (CPP Investments).

CPP Investments is controlled by the Canadian government and is one of the largest pension funds in the world.

It issued its first green bond in 2018[1] and continues to raise funds for investments in renewable energy and energy efficiency, low carbon and clean transportation and green buildings.

In the past, these types of bonds have invested in renewable energy projects across the world.

This includes two wind parks in northeastern Brazil run by Votorantim Energia, six wind and solar power projects in Canada operated by Cordelio Power, and three offshore wind farms in France that are under construction by Maple Power.

We anticipate this green bond to invest in similar types of projects.

A component of investing in this green bond includes reporting of environmental impact indicators associated with underlying projects.

This includes renewable energy generated per year, emissions avoided, waste reused or recycled, and reduction in air pollutants due to implementing low carbon and clean transportation.

[1] CPPIP 2023 Green Bond Impact Report 2023

Funds operated by this manager:

Pendal MicroCap Opportunities Fund , Pendal Global Select Fund - Class R , Pendal Sustainable Australian Fixed Interest Fund - Class R , Pendal Focus Australian Share Fund , Pendal Horizon Sustainable Australian Share Fund , Regnan Credit Impact Trust Fund , Pendal Sustainable Australian Share Fund , Pendal Sustainable Balanced Fund - Class R , Pendal Multi-Asset Target Return Fund

This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current as at December 8, 2021. PFSL is the responsible entity and issuer of units in the Pendal Multi-Asset Target Return Fund (Fund) ARSN: 623 987 968. A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient's personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. Any projections are predictive only and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Performance Report: Insync Global Capital Aware Fund

17 Jun 2026 - FundMonitors.com

The Insync Global Capital Aware Fund rose by +2.61% in May. The fund has delivered positive returns 81% of the time since inception in October 2009, in months when the market was positive.

Are we losing the AGM,and does it matter?

17 Jun 2026 - Redwheel

Across Europe, annual general meetings are becoming less accessible. In Italy, 67% of AGMs in 2025 are being held behind closed doors, with no in-person or virtual access for shareholders. (4-minute read)

Performance Report: ECCM Systematic Trend Fund

16 Jun 2026 - FundMonitors.com

The ECCM Systematic Trend Fund rose by+1.42% in May, outperforming the SG Trend benchmark by +1.16%. Since its inception in January 2020, the fund has returned +14.79% per annum, an outperformance of +6.75% relative to the benchmark, which...

Federal Budget 2026-27: Winners, Losers and Opportunities for the Mining Sector

16 Jun 2026 - Argonaut Funds Management

Argonaut Research Analyst Pia Donovan contributed to the latest edition of AMEC (Association of Mining and Exploration Companies)'s Explorer Magazine, sharing her analysis of the 2026-27 Federal Budget and what it means for the mining...

Performance Report: Cyan C3G Fund

15 Jun 2026 - FundMonitors.com

The Cyan C3G Fund rose by +6.15% in May, outperforming the ASX Small Ordinaries Total Return benchmark +2.03%. The fund has delivered positive returns 78% of the time since its inception in August 2014, in months when the market was positive.

Pressure at the pump

15 Jun 2026 - Magellan Investment Partners

Fuel prices squeeze toll road traffic but long-term outlook remains positive. (6-minute read)

Search for:
Fund:	Type a few letters to search
Manager:
Publish Dates:	From: To:

Fund Monitors Pty Ltd

News

NEWS

19 Jun 2026 - Hedge Clippings |19 June 2026

19 Jun 2026 - Performance Report: DS Capital Growth Fund

18 Jun 2026 - Performance Report: Bennelong Long Short Equity Fund

18 Jun 2026 - Funding renewable projects across the world

17 Jun 2026 - Performance Report: Insync Global Capital Aware Fund

17 Jun 2026 - Are we losing the AGM,and does it matter?

16 Jun 2026 - Performance Report: ECCM Systematic Trend Fund

16 Jun 2026 - Federal Budget 2026-27: Winners, Losers and Opportunities for the Mining Sector

15 Jun 2026 - Performance Report: Cyan C3G Fund

15 Jun 2026 - Pressure at the pump

Category

Search

Events Calendar