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| Fund Overview | |
| Manager Comments | The portfolio's top holdings as at the end of December were Cash (7.4%), NAB (6.1%), DBS Group Holdings (5.8%), Suncorp Metway (4.5%), Toyota Finance Australia (4.4%), Network Finance (4.4%), AAI Limited (4.3%), UBS AG Australia (3.7%), Multiplex Sites Trust (3.2%) and APN Regional Property Fund (3.2%). In their latest report, Spectrum discuss the fall in global risk asset prices and the rally in government bonds and their respective contributing factors. These included weaker global economic indicators and heightened geopolitical risk, the draining of liquidity by central banks and plummeting oil prices. Domestically, they noted, A$ credit spreads rose around 8bps over the month, reaching their highest level since early 2017. Spectrum remain concerned the price declines in the residential property markets in Sydney and Melbourne look set to continue, which they say could impact the health of the economy and bond issuers. In their view, A$ bonds from internationally headquartered issuers look appealing as they look outside of Australia for opportunities. Spectrum reiterate that capital preservation remains paramount in their decision making. The Fund maintains a strong floating rate note bias in A$ corporate bonds. |
| More Information |
