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Northward Equity Income Fund Monthly Retail Report – 31 August 2015

Portfolio review
The Northward Equity Income Fund returned -5.18% for the month of August, versus the S&P/ASX 100 Accumulation Index return of -7.93%. The fund was able to start taking advantage of rising option volatility and generate significant income from multiple sources for the month of August. Higher volatility enabled us to generate option income of 0.77% and dividend income of 0.84% with strong franking credits generating a further 0.35%. We continue to own index puts which provides some protection against falls in the market. We realised some gains on our index hedge during the month and rolled it down to lower levels to protect against a further risk-off environment.
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