Antares Dividend Builder delivered a return of-0.8% (net of fees) for the month of June, underperforming its benchmark by 1.4%.
The Industrial sector of the Australian share market was virtually flat in June, with the S&P/ASX 200 Accumulation Index rising just 0.6%. Strength was evident in health care, banks and technology whilst REITs and utilities were amongst the worst underperformers, negatively impacted by the rise in domestic 10-year bond yields. Moody’s downgraded the credit ratings of the four major banks (ANZ, CBA, NAB and WBC) whilst the Australian Competition Tribunal approved the merger of Tatts Group (TTS) and Tabcorp Holdings (TAH) as long as Odyssey Gaming Services is divested. Vocus Group (VOC) received a takeover offer from private equity company, KKR.
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