The Northward Equity Income Fund declined 4.90% for the quarter against the S&P/ASX 100 Accumulation index decline of 6.70%. Income distribution for the quarter was strong at 1.71 cents per unit and a running yield of 8.15%.Grossed up to include franking credits the yield was 9.12%.
Key performance drivers for the quarter included positive contributions from the Index hedge, underweights in both commonwealth Bank and BHP Billiton. Detractors from performance included Lend Lease, CSR Limited and Santos.
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