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Northward Equity Income Fund Monthly Retail Report - 30 November 2015

Portfolio review
The Northward Equity Income Fund (NEIF) returned -0.02% for the month of November, against the benchmark (50% S&P/ASX 100 accumulation index and 50% RBA cash rate) -0.26. It was good month on the options front as the fund was able to take advantage from the recent spike in volatility and generate good income (+0.89%) from Woolworths, Wesfarmers, BHP Billiton, CSR Limited, Lend Lease, ANZ Bank, Stockland Property Group and QBE Insurance. November was also an important month for dividends held in the portfolio including ANZ Bank, National Australia Bank, Westpac Banking Corporation and Macquarie Group. The fund’s average exposure continues to be less than half the market exposure of the ASX100 Accumulation Index.
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