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Antares Australian Equities Fund - February 2017

The Antares Australian Equities Fund delivered a return of 2.4% (net of fees) for
the month of February, outperforming its benchmark index by 0.1%. (1)

The Australian share market performed well in February, with the S&P/ASX 200 Accumulation Index up 2.3%. The main focus was the February reporting season which was generally positive. Company profits rebounded, mainly due to strength in resource sector earnings that were boosted by higher commodity prices. High dividend pay-outs and the focus on cost cutting continued to be dominant themes and there were early signs of improvement for companies exposed to infrastructure and capital spending. There were consensus upgrades to aggregate FY17 earnings, driven by resources and banks, although the outlook for industrial earnings was more subdued.

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