Fund Commentary
During February our fund rose 5.0%1, delivering performance in line with the Small Ordinaries Index and outperforming the Small Industrials Index by 0.3%. Over the twelve months to February, the fund is up 16.0%1, which is 19.6% above the Small Ordinaries and 7.9% above the Small Industrials.
Global markets were strong in February, with the US market up 4.3% to new highs driven by a strong third quarter earnings season. The domestic sharemarket rose 5.0% driven primarily by retail and energy stocks. Australian small CAP stocks also rose 5.0% during the month.
February was dominated by companies releasing their first half results and outlook comments. The majority of our key stocks posted results which were in line with, or better than our expectations. Companies such as Amcom Telecommunications, Capitol Health, G8 Education, and Slater & Gordon continue to grow organically in industries not heavily reliant on the economy.
