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Northward Equity Income Fund Quarterly Retail Report 30 June 2015

Portfolio review
The Northward Equity Income Fund declined 2.67% for the quarter against the S&P/ASX 100 Accumulation index decline of 6.69%. Income distribution for the quarter was strong at 2.25 cents per unit and a running yield of 8.06%. Grossed up to include franking credits the yield was 9.35%.
 
The June quarter was a strong period for income from the fund’s holdings. The fund was able to generate solid dividend income from Industrial REIT Fund, Stockland Group and GPT Group and was also able to generate significant option income through call overwriting in BHP Billiton, CSR Limited, Insurance Australia Group, Telstra Corporation, Westpac Banking Corporation, ANZ Banking Group, National Australia Bank, Brambles, Macquarie Group, CSL Limited and Woodside Petroleum.
 
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