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| Fund Overview | |
| Manager Comments | The strong market in February came despite a small recovery in the Australian dollar, with global markets up 5.6% in US dollar terms. On a regional basis, Japan did best, with Europe and US in line with world markets, and emerging markets were weak. Gains came steadily over the period despite high anxiety mid-month about a Greek exit from the Eurozone. Stock selection rather than asset allocation accounted for most of the Fund's underperformance, with hedging costs associated with preparing to protect the Fund from the adverse effects of a failure in the Greek negotiations for an extension of its bailout adding only marginally The Fund closed the month fully invested, with the main features being overweight positions in China and India against the rest of the emerging market complex, and an overweight position in Japan and Europe against the US. Greece related hedges have been removed post month end. The Fund slightly cut its underweight position in the Australian dollar during the month. |
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