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| Manager Comments | The manager comments that equity markets were buoyant in February driven by liquidity generated by global central banks. Also assisting sentiment were signs of an improving US economy and comments by US Fed chairman Bernanke that the benefits of QE outweighed the costs. In Europe an inconclusive Italian election with a strong anti-austerity protest vote was a reminder that the European debt issue is still far from resolved. The fund's performance was broadly based with the largest contributions from Wyndham, Roche and Reckitt Benckiser. Negative contributions came from Coach, SAP and Oracle. With buoyant equity markets and very low levels of volatility Insync took the opportunity to increase the level of the fund's protection to reduce the impact of any correction. Key fund holdings were Nestle S.A, McDonald's, Accenture, Richemont and SAP AG. Average market capitalisation of stocks in the portfolio was $A92.9bn with a weighted forecast dividend yield of 2.68% and PE ratio of 15.1 times. The fund was not hedged back into $A. |
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