Highlights for the month
Performance
The Fund returned -0.01% (net of fees) for the month of November.
Contributors to performance (relative to the benchmark)
The principal positive contributor to the Fund’s performance during November was the 12bp of excess running yield earned from the fund’s holdings. The widening in credit spreads, particularly the widening in the iTraxx index of Australian credits, driven primarily by the energy names BHP, RIO and Woodside, detracted 7bp from returns.
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