The Altrinsic Global Equities Trust (Net) was down 2.1% in June, out-performing the 2.6% decline by the MSCI All Country World ex-Australia Index. The information technology, energy, and industrial sectors contributed the most to return, while healthcare, materials, and the Trust’s overweight exposure to consumer staples detracted from performance.
· Technology holdings Nintendo, Thomson Reuters, and Oracle experienced strong performance in June. Nintendo is still seeing demand for its Switch console, Thomson Reuters is continuing with its plan to "shrink to grow,” and Oracle is benefitting from its transition to the cloud.
· In energy, Cabot Oil & Gas benefited from a market rotation out of oil-focused producers and into U.S. natural gas producers amid a period of increasingly bearish oil-price sentiment. U.S. natural gas accounts for 96% of Cabot’s production.
· While still spending heavily to strengthen its network, FedEx (an industrial holding) announced a strong quarter with healthy volume growth, particularly in the parcel business, and a renewed focus on pricing across all segments.
· In healthcare, the detailed results of Roche's APHINITY clinical trial, which combined its Herceptin and Perjeta drugs to treat breast cancer versus Herceptin alone, disappointed the market.
· Materials holding Kinross Gold underperformed on the back of lower gold prices, which declined due to speculation that central banks will further tighten monetary policies.
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