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Australian Emerging Leaders Fund Monthly Performance Update March 2014

Market review
Fund performance for March 2014 was 1.17% versus the benchmark return of -0.13%.
The Australian mid/small cap equity market, as measured by the Emerging Leaders composite benchmark2, closed the period slightly lower (-0.1%). Chinese data released during the month was softer in tone, suggesting weaker than forecast GDP growth. The US Fed announced the continuation of  its tapering program in April with rhetoric pointing towards potential rate hikes in late 2015. In Europe, low inflation poses the new threat for the European Central Bank (ECB) whilst political tension in Crimea grabbed the headlines. Domestically, employment posted strong gains whilst the RBA left the cash rate unchanged.
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