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Northward Capital, Monthly Investment Report - Northward Capital Australian Equity Trust - Retail

Markets Review
The Northward Australian Equity Strategy was up 0.34% for the month of November against the S&P/ASX 300 Accumulation Index -0.68%, representing outperformance of 1.0% for the month and 5.49% for the year to November.
The Metals & Mining sub-sector was by far the worst performing sector during the month, both domestically and globally, as commodity prices fell sharply. Not surprisingly, the Australian equity market underperformed its global counterparts, given its heavy weighting to the sector. Almost all major commodity prices fell during the month, probably in part due to a strengthening U.S. dollar. Iron ore, oil, copper, nickel and gold in particular fell heavily and posted new post-GFC lows. Real private new capital expenditure in the September quarter fell a much worse-than-expected 9.2% quarter on quarter or 20.0% year on year – the steepest such falls in the history of the data (since 1985).
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