Portfolio review
The Northward Equity Income fund gained 2.95% for the quarter vs our benchmark +3.35% (50% S&P/ASX 100 Accumulation Index and 50% RBA cash rate). Income distribution for the quarter was 1.5 cents per unit (CPU) and a running yield of 8.49%. Grossed up to include franking credits the yield was 9.51%.
Key performance drivers for the quarter included positive contributions from Lend Lease, Telstra and Wesfarmers. Detractors from performance included our Index hedge, Suncorp and Sonic Healthcare. The fund was able to generate strong option income (+1.6%) during the quarter through call overwriting in BHP Billiton, Wesfarmers, Woolworths, Westpac Banking Corporation, Telstra, ANZ Bank, CSR Limited, Stockland Group and QBE Insurance.
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