The first of the new style reports. A second losing month, but thanks to (listed) private equity investments, we beat the ASX200 index.
The Australian Dollar fell from USD 0.7794 to USD 0.7680. The MSCI World Index fell 2.15%, and the S&P 500 2.54%. The ASX 200 lost 3.77%. All these are total returns including dividends. We lost 1.20% in Australian Dollar terms and 2.64% in US Dollar terms. So, we outperformed the Australian market and underperformed international markets.
The best performing investment in dollar terms was IPE.AX, a listed private equity fund, which gained AUD 9.8k in the continuing rise after the acquisition of Threatmetrix by Elsevier. I sold my holding in IPE prior to the stock going ex dividend, as I didn't want an AUD 11k income tax bill. I then bought back even more shares than before as MVT.AX were recently still acquiring shares.
The worst performer in dollar terms was not surprisingly CFS Geared Share Fund, down $18.6k. The best performing asset class was private equity, which gained 7.12%. The only other asset class with gains was hedge funds, up 0.57%. The worst performing asset class was large cap Australian stocks down 3.01%.
We made a little progress towards the new long-run asset allocation:
Total leverage includes borrowing inside leveraged (geared) mutual (managed) funds. The allocation is according to total assets including the true exposure in leveraged mutual funds. The "improvement" in allocation, came partly due to market movements and partly due to investment activity. We invest AUD 2000 monthly in a set of managed funds, and there are also retirement contributions. Then there are distributions from funds and dividends. During the month, I also:
The Australian Dollar fell from USD 0.7794 to USD 0.7680. The MSCI World Index fell 2.15%, and the S&P 500 2.54%. The ASX 200 lost 3.77%. All these are total returns including dividends. We lost 1.20% in Australian Dollar terms and 2.64% in US Dollar terms. So, we outperformed the Australian market and underperformed international markets.
The best performing investment in dollar terms was IPE.AX, a listed private equity fund, which gained AUD 9.8k in the continuing rise after the acquisition of Threatmetrix by Elsevier. I sold my holding in IPE prior to the stock going ex dividend, as I didn't want an AUD 11k income tax bill. I then bought back even more shares than before as MVT.AX were recently still acquiring shares.
The worst performer in dollar terms was not surprisingly CFS Geared Share Fund, down $18.6k. The best performing asset class was private equity, which gained 7.12%. The only other asset class with gains was hedge funds, up 0.57%. The worst performing asset class was large cap Australian stocks down 3.01%.
We made a little progress towards the new long-run asset allocation:
Total leverage includes borrowing inside leveraged (geared) mutual (managed) funds. The allocation is according to total assets including the true exposure in leveraged mutual funds. The "improvement" in allocation, came partly due to market movements and partly due to investment activity. We invest AUD 2000 monthly in a set of managed funds, and there are also retirement contributions. Then there are distributions from funds and dividends. During the month, I also:
- Sold out of Clime Capital (CAM.AX)
- Bought a small amount of Oceania Capital Partners (OCP.AX, listed private equity)
- Did the trading in IPE.AX
- Bought more units in the Winton Global Alpha fund (managed futures - in the commodities category)
Over time we've been reducing our exposure to large cap Australian stocks since the post financial crisis high:
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