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Ausbil MicroCap Fund Monthly Performance Update March 2014

Market review 
Fund Performance for March was 0.46% (net) versus the benchmark of -0.65% as measured by the S&P/ASX Emerging Companies Accumulation Index.
The Australian equity market, as measured by the S&P/ASX Emerging Companies Index, closed the period 0.65% lower. 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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