| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | |
| Manager Comments | Longlead believe peak global economic growth has likely passed in the second quarter. Their view is that a number of key macroeconomic variables are currently signalling a mid-cycle slowdown. Bond yields and inflation expectations are falling and some early cycle commodities that led the reflation trend late last year such as lumber, copper, plastic resins and soft commodities are now reversing. They noted current economic activity however remains strong, supported by global monetary and fiscal stimulus, and consequently a sharp slowdown presents as unlikely. For the Fund, this late recovery was not enough to offset the impact of the decline in Taiwan in May, and the Fund accordingly experienced losses across the quarter in the Technology sector as well as non-sector hedges, partially offset by gains in Consumer Discretionary positions. Across countries in the quarter, the Fund saw a drawdown from positions in China, the United States, and Taiwan, with offsetting gains in both Hong Kong and Korea. |
| More Information |
