Moomin's 2025 Investment Performance

I recently reported how well Little My's portfolio did in 2025. I was pretty pleased with his performance for the year. Today, my brother sent me the 31 December value of Moomin's investment portfolio, which he manages in my mother's home country. Both received the same amount of money (£25k) from my mother's estate. He gained 57.4% in AUD terms! His account is now worth AUD 114k while Little My's is worth AUD 73k. For the last two years Moomin's money has been invested in two mutual funds. Prior to that my brother had many more investments and changed them frequently with mediocre results. 

Each child can access their money at age 23. Two of my brother's children were already 23 when the estate was settled. I was interested to hear that neither of the two who had their 23rd birthday since then have asked to get their money. So, he is still managing their accounts as well as his youngest daughter's.

How Well Did Your Super Fund Do in 2025?

The Australian reports on superannuation funds' performance for calendar year 2025. Neither of our employer funds - Unisuper and PSS(AP) - made the top ten. Unisuper Balanced is in the top 10 for the last 10 years. The average return for 2025 was between 8.8% and 9.3% depending on the source. I assume this is for accumulation funds. I estimate that Unisuper made 7.8% pre-tax or around 6.8% post-tax. PSS(AP) made 10.5% or 9.2% post-tax. On the other hand, our SMSF returned -6.1% pre-tax :( This is mostly because of its outperformance in 2024 (34.0%) and cryptocurrency coming back down to Earth in 2025.

Little My 2025 Investment Performance

Little My (our second child) had a good year investment-wise:

His estimated pre-tax return was 20.8%.* The ASX200 had a gross return including estimated franking credits of 11.9%. The MSCI gross world index returned 14.1% in AUD terms and our target portfolio has an estimated return of 7.3%. 

 

Seems like I have finally managed to put together a decent portfolio for him. Currently, we have 33% in the L1 Long Short Fund, 28% in the Dimensional 70/30 fund, 10% in Generation Life Tax Effective Australian Shares, and the remainder in two Magellan fund options.

 

* 30% tax is deducted automatically from the returns of "investment bonds".  However, there is a trick that could reduce this tax to the recipient's marginal tax rate when the bond is finally cashed out. By adding an additional payment the ten year period of investment that is needed to get the 30% rate will be reset. This makes sense if the recipient has a marginal rate below 30%. This works because additional contributions have to be within 125% of the previous year's contribution in order not to reset the bond. Given that our additional contributions since the initial investment have been zero...

 

December 2025 Report

December was the first post-retirement month. I am changing the layout of these reports to remove investment performance over the last five years and add in the income and spending report I dropped back in 2018. This is because I have a new focus on making sure spending stays within our budget, whereas it is hard to change investment performance over a five year period on a monthly basis. I will report on longer term investment performance in the annual review as usual.

In December, the Australian Dollar rose from USD 0.6550 to USD 0.6674 meaning that USD investment returns are better than AUD investment returns. We had a good month in terms of investment return. Stock markets were slightly up with a lot of intramonth volatility (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): 1.07%

S&P 500: 0.06%

HFRI Hedge Fund Index: 0.26% (forecast)

Australian Dollar Benchmarks

ASX 200: 1.36%

Target Portfolio: -0.19% (forecast - depends on HFRI result)

Australian 60/40 benchmark: 0.22%

We gained 1.28% in Australian Dollar terms or 3.28% in US Dollar terms. So we outperformed all benchmarks apart from the ASX 200, which we got fairly close to.  These returns are preliminary, as we won't get results from Aura Venture for more than a month, and Angellist report with a three month lag. I was curious about how much I end up revising my monthly performance figures when all the data is available. Here are the results for the last year:

"Original" is the rate of return reported in this blog and "Current" is my current estimate. In the last year, on average I overestimated the rate of return initially. On the other hand, I initially underestimated the return for last December but as you can see I have already trimmed this December's number a little.

The SMSF again outperformed, returning 0.62% beating Unisuper (0.37%) and PSS(AP) (0.40%). 

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. Only US stocks lost money. Futures had the highest rate of return with Australian Dollar Futures contributing the most. Hedge funds made the largest overall contribution.

Things that worked well this month:

• As mentioned above, most hedge funds did well with Tribeca Global Resources (TGF.AX) gaining AUD 42k and Regal Investment Fund (RF1.AX) 17k. Gold, 3i (III.L), and Cadence Opportunities (CDO.AX) all gained between AUD 9 and 10k.

What really didn't work:

• Only five investments lost money and no investment lost more than AUD 10k.

We moved towards our target allocation. Our actual allocation currently looks like this:

About 65% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily liquidity, so our portfolio is not as illiquid as you might think.

Moominmama receives employer superannuation contributions every two weeks. We also make monthly concessional contributions to Moominmama's superannuation to reach the annual cap on contributions. I made the last USD 10k contribution to the Unpopular Ventures Rolling Fund this month. There will still be capital calls from Aura Venture Fund II and III. I am receiving monthly TTR pension payments from both Unisuper and our SMSF. I will decide how much to recontribute to superannuation later in the financial year. 

This was a quieter month in terms of transactions:

• I sold 5k WAM Capital (WAM.AX) shares.
• I bought net 1k shares of WCM Global Quality (WCMQ.AX). 
• I sold 250 Perth Mint Gold ETF (PMGOLD.AX) shares. 
• I sold all our position in WAM Strategic Value (WAR.AX, 100k shares) in order to fund the 1:1 entitlement offer for the L1 Global Long Short Fund (GLS.AX, formerly Platinum Capital, 85k new shares). 

Here are the income and spending accounts for this month:

Results are shown separately for retirement and non-retirement accounts as well as housing, which nowadays doesn't have much activity. The grey lines are additional notes. Total investment income is split into investment income before exchange rate moves and the contribution of exchange rates. Other income is non-investment income including salaries, employer superannuation contributions, and net tax returns. Investment income is shown pre-tax. Tax credits include franking credits on Australian Dividends and imputed tax on superannuation returns. These are taken away from investment income to get changes in actual net worth. Inheritances include gifts from relatives. Saving is from non-investment income, transfers, and inheritances.

This month, salary hit a record number as I received the redundancy payment of more than AUD 1/4 million. Spending was fairly average at AUD 12k. There was a larger than normal transfer out of superannuation as I made excess concessional superannuation contributions in the previous tax year, which I withdrew from Unisuper. We received a cash gift from Muminmama's father (counted as inheritance). As a result of all this, net worth increased by AUD 347k, almost all of it in non-retirement accounts. Now, I will have to decide how much to contribute to superannuation. I want to hit the goal of transferring AUD 2 million to a tax free pension account. I also want to max out the concessional contribution cap of AUD 30k for this year to help reduce my taxes, which will be very high because of the redundancy payment. The payment itself has low taxes but it pushes most of the rest of my income into the top tax bracket.

To keep things simple, I will use net worth at the end of this month as the "retirement number". Net worth at the end of December not including our house is AUD 6.875 million. Using the 4% rule means we could dissave AUD 275k per annum. Our spending is a lot below that. Total net worth is AUD 8.112 million.

A More Realistic Target Portfolio

A couple of changes to the target portfolio. There are really two target portfolios. One is our desired asset allocation and the other is the benchmark portfolio I compare performance to each month and year. 

The first change applies to the benchmark portfolio. Up till now, I have used the FTSE DSC venture and buyout indices as the proxy for venture capital and buyout PE. But these indices track gross performance before investment fees. Investment fees are very high for these asset classes and it is unrealistic to assume I could match the gross performance. By contrast, the HFRI index I use for hedge funds is net performance after fees. So, I am going to apply the standard 2 and 20 investment fee structure to the returns of these indices. 2 refers to the 2% annual management fee and 20 refers to the carried interest or performance fee - 20% of the profits. 

There is actually a big difference between hedge funds and private equity in how these fees are applied. Hedge funds charge 2% of NAV each year and 20% of the profit above a hurdle rate of return. Usually, if gross profits are in a drawdown - below the previous "high water mark" - no performance fee would be charged. Private equity charges 2% of the original investment and only charges carried interest when an investment is realised - but usually there is no hurdle rate. I will deduct 2%/12 of NAV each month and 20% of profits when gross profits are above the high water mark. I implement this by computing the gross index and then a high water mark index - the maximum of the gross index in all previous months. If the gross index at the end of the month is above the the high water mark, 20% of the percentage increase relative to the high water mark is deducted from returns.* This exaggerates likely fees. On the other hand, I don't take into account the dilution that often happens to early stage venture investors. 

Venture returns are reduced from 1.67% per month gross since January 2008 to 1.22% net and buyout returns fall from 1.29% to 0.93%. These returns are still better than any other asset class.

I have also tweaked the allocations to give 20% to each of long public equity, hedge funds, and private equity. I have also increased the credit allocation to 10%. So, the benchmark portfolio consists of:

MSCI All Country World Index Gross in AUD 9%  

ASX 200 Total Return Index 11%

HFRI Fund Weighted Hedge Fund Index 20%

Net FTSE Venture Index 10% 

Net FTSE Buyout Index 10%

Gold Spot Price in AUD 10% 

TIAA Real Estate Fund 12%

CREF Bond Fund 10%

Winton Global Alpha Fund 5%

Australian Dollar Cash 3%

Short Australian Dollar Futures 31% 

The index is effectively rebalanced monthly.

The 31% short Australian Dollar position is half the total position in hedge funds, private equity, real estate, and bonds. The indices or funds for each of these is in US Dollars. This hedge implies that half of the allocation to these assets is in Australian Dollar denominated funds and half in US Dollar denominated funds.

Our target allocation for investment is close to this. We split the Australian stock allocation into 7% large cap and 4% small cap. Real assets, credit, and futures categories are also broader than the specific funds listed here.

I won't bother deducting fees from the long stocks allocation as you could use ETFs with very low fees to track these indices. 

Here is a graph of the simulated performance of the benchmark since September 1996:

The benchmark has about matched the returns of the MSCI index and gold with a lot less volatility. My own performance was terrible up to 2012 and has tracked the benchmark pretty well since then (it's a log chart). Here is a comparison of the benchmark, myself, and the Vanguard 60/40 benchmark since the latter funds inception:

 

* A simpler approach is just to multiply the gross return by 0.8 and deduct 2%/12 each month. The result of this approach is highly correlated with the high water mark approach. The high water mark approach is more realistic though. Let's say you invested $1000 and gross performance was 100%. Your account now has $1800 and the manager has $200. Now the gross price falls by 10%. Both your share and the manager's share fall by 10%. It would be incorrect to say that your $1800 fell by only 8%.

November 2025 Report

In November, the Australian Dollar rose very slightly from USD 0.6542 to USD 0.6550 meaning that USD investment returns are slightly better than AUD investment returns. Stock markets were flat or fell with a lot of intramonth volatility (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): 0.02%

S&P 500: 0.25%

HFRI Hedge Fund Index: 0.01% (forecast)

Australian Dollar Benchmarks

ASX 200: -2.51%

Target Portfolio: -0.34% (forecast - depends on HFRI result)

Australian 60/40 benchmark: -0.42%

We lost 1.93% in Australian Dollar terms or 1.88% in US Dollar terms. So the only benchmark we beat was the ASX 200. Our performance was hit by the crash in the price of 3i (see below). After underperforming last month, the SMSF returned 0.16% beating Unisuper (-1.06%) and PSS(AP) (-0.61%).

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. Returns were very mixed. Gold had the largest gain, while rest of the world stocks had the lowest. Gold made the greatest positive contribution and private equity the most negative contribution.

Things that worked well this month:

• Two investments gained more than AUD 10k: Gold (AUD 38k), Berkshire Hathaway (11k).

What really didn't work:

• Four investments lost more than AUD 10k: 3i (-), bitcoin (-28k), Defi Technologies (-20k), and Dash/IPS (-17k). 3i crashed after saying sales growth recently was soft in Action's French market. A more than 25% fall in the share price seems to be an irrational response. The actual earnings report was great. I bought more, but as usual was too early. I got out of all crypto investments (see below). IPS didn't do as well as hoped and so the "earn out" component of the takeover was less than expected.

Here are the investment performance statistics for the last five years:

The top three lines give our performance in USD and AUD terms, while the last three lines give the same statistics for four benchmarks. The middle block gives our performance relative to the indices. 

Our alpha relative to the ASX200 is 2.9% with a beta of only 0.51. We have much lower volatility, resulting in a information ratio of 1.30 vs. 0.99. We capture much less of the downside moves than the upside moves in the market. We also have very good performance relative to the Vanguard 60/40 portfolio with similar volatility but 3.5% p.a. more return. We captured 104% of the upside of this portfolio but only 69% of the downside. But as we optimize for Australian Dollar performance, our USD statistics are much worse. We do beat the HFRI hedge fund index in terms of return, but at the expense of far higher volatility. Our USD volatility is at least less than that of the MSCI index, but our return is almost five percentage points lower!

We moved a bit away our target allocation due to investments and investment performance. Our actual allocation currently looks like this:

About 65% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily liquidity, so our portfolio is not as illiquid as you might think.

We receive employer superannuation contributions every two weeks. We make monthly concessional contributions to Moominmama's superannuation to reach the annual cap on contributions. There is one remaining USD 10k contribution to make to the Unpopular Ventures Rolling Fund and there will be capital calls from Aura Venture Fund II and III. I am now receiving TTR (soon to be retirement) pension payments from both Unisuper and our SMSF and contributing more than the total of these back to my superannuation accounts for the remainder of this financial year. 

I was quite busy making the following additional moves this month:

• I bought 700 shares of 3i (III.L) after the price crashed. I still believe in the company.
• I sold our entire bitcoin position across three accounts. This was just over one bitcoin's worth.
• I also sold our ether position. 
• I sold our Defi Technologies (DEFT) position (15k shares).
• I bought 36k WAM Capital (WAM.AX) shares.
• I bought 5k Regal Partners (RPL.AX) shares.
• I sold 1k WCM Global Quality (WCMQ.AX) shares.
• I sold 500 Pershing Square Holdings (PSH.L) shares.
• I bought 30k Cadence Opportunities (CDO.AX) shares.
• I bought 1k Putnam BDC (PBDC) shares.
• I sold 750 PMGOLD.AX gold ETF shares.
• I made a non-concessional contribution of AUD 40k to Unisuper.
• I bought 2k Hearts and Minds (HM1.AX) shares. 

On the whole it is a shift from speculative investments to income investments, though the extra 3i shares are speculative. The last day of the month was my retirement date. This month's net worth (not including our house) together with the redundancy payment I should get this week constitutes our "retirement number". It should be approximately AUD 6.8 million. Using the 4% rule means we could spend AUD 272k per annum. Our spending is a lot below that. Total net worth at the end of November is at AUD 7.78 million.

October 2025 Report

In October, the Australian Dollar fell from USD 0.6613 to USD 0.6542 meaning that USD investment returns are worse than AUD investment returns. Stock markets continued to rise (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): 2.26%

S&P 500: 2.34%

HFRI Hedge Fund Index: 0.55% (forecast)

Australian Dollar Benchmarks

ASX 200: 0.39%

Target Portfolio: 1.36% (forecast - depends on HFRI result)

Australian 60/40 benchmark: 1.55%

We gained 1.78% in Australian Dollar terms or 0.69% in US Dollar terms. So we beat three of the benchmarks.

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. Hedge funds had the highest rate of return and the greatest contribution to total return.

Things that worked well this month:

• Seven investments gained more than AUD 10k: Gold (32k), 3i (24k), Tribeca Global Resources (24k), Pershing Square Holdings (23k), Platinum Capital (12k), PSS(AP) (11k), and Domacom (10k). Domacom has not been relisted on the ASX but has issued shares in private placements at 14 cents per share.

What really didn't work:

• No investment lost more than AUD 10k.

Here are the investment performance statistics for the last five years:

The top three lines give our performance in USD and AUD terms, while the last three lines give the same statistics for four benchmarks. The middle block gives our performance relative to the indices. 

Our alpha relative to the ASX200 is 3.0% with a beta of only 0.48. We have much lower volatility, resulting in a information ratio of 1.47 vs. 1.17. We capture much less of the downside moves than the upside moves in the market. We also have very good performance relative to the Vanguard 60/40 portfolio with the same volatility but 3.5% p.a. more return. We captured 102% of the upside of this portfolio but only 62% of the downside. But as we optimize for Australian Dollar performance, our USD statistics are much worse. We do beat the HFRI hedge fund index in terms of return, but at the expense of far higher volatility. Our USD volatility is at least less than that of the MSCI index, but our return is more than five percentage points lower!

We moved a bit away our target allocation due to investments and investment performance. Our actual allocation currently looks like this:

About 65% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily liquidity, so our portfolio is not as illiquid as you might think.

We receive employer superannuation contributions every two weeks. We make monthly concessional contributions to Moominmama's superannuation to reach the annual cap on contributions. We contribute USD 10k each quarter to the Unpopular Ventures Rolling Fund and less frequently there will be capital calls from Aura Venture Fund II. I am now receiving TTR pension payments from both Unisuper and our SMSF and contributing more than the total of these back to my superannuation accounts. During the month I worked on finalizing my redundancy and renewing my wholesale investor certification.

I was quite busy making the following additional moves this month:

•  I made a AUD 75k investment in Aura Group.
• I bought 900 IBTC.AX bitcoin ETF shares.
• I bought 100 QETH.AX ether ETF shares. 
• I sold 6,000 WAM Capital (WAM.AX) shares.
• I bought 9,312 MCP Income Opportunities private credit shares (MOT.AX).
• I bought 5,000 Regal Investment Fund (RF1.AX) shares.
• I sold 19,174 Pengana Private Equity (PE1.AX) shares. 
• I sold 5,000 Regal Partners (RPL.AX) shares.
• I bought 5,445 Cadence Opportunities (CDO.AX) shares.
• I bought 20,000 WAM Alternative Assets (WMA.AX) shares.
• I sold 250 gold ETF (PMGOLD.AX) shares.
• I sold 2,000 Tribeca Global Resources (TGF.AX) shares. 
• I sold 1,000 WCM Quality (WCMQ.AX) shares. 

September 2025 Report

In September, the Australian Dollar rose from USD 0.6540 to USD 0.6613 meaning that USD investment returns are better than AUD investment returns. International stock markets rose yet again, though the Australian market was down (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): 3.66%

S&P 500: 3.65%

HFRI Hedge Fund Index: 0.83% (forecast)

Australian Dollar Benchmarks

ASX 200: -0.52%

Target Portfolio: 2.70% (forecast - depends on HFRI result)

Australian 60/40 benchmark: 0.83%

We gained 3.63% in Australian Dollar terms or 4.79% in US Dollar terms. So we beat all benchmarks!

Our SMSF returned 3.42% beating both Unisuper (0.60%) and PSS(AP) (0.81%).

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. All asset classes gained. Gold had the greatest return, but hedge funds made the largest contribution to total returns.

Things that worked well this month:

• The following investments gained more than AUD 10k: Gold (AUD 86k), Pershing Square Holdings (PSH.L, 35k), Tribeca Global Resources (TGF.AX, 31k), Regal Investment Fund (RF1.AX, 28k), WAM Capital (WAM.AX, 16k), Platinum Capital (PMC.AX, 11k).

What really didn't work:

• No investment lost more than AUD 10k.

Here are the investment performance statistics for the last five years:

The top three lines give our performance in USD and AUD terms, while the last three lines give the same statistics for four benchmarks. The middle block gives our performance relative to the indices. 

Our alpha relative to the ASX200 is 3.0% with a beta of only 0.49. We have much lower volatility, resulting in a information ratio of 1.49 vs. 1.19. We capture much less of the downside moves than the upside moves in the market. We also have very good performance relative to the Vanguard 60/40 portfolio with the same volatility but 4% p.a. more return. We captured 100% of the upside of this portfolio but only 60% of the downside. But as we optimize for Australian Dollar performance, our USD statistics are much worse. We do beat the HFRI hedge fund index in terms of return, but at the expense of far higher volatility. Our USD volatility is at least less than that of the MSCI index, but our return is more than four percentage points lower.

We moved a little bit away our target allocation. Our actual allocation currently looks like this:

About 65% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily liquidity, so our portfolio is not as illiquid as you might think.

We receive employer superannuation contributions every two weeks. We make monthly concessional contributions to Moominmama's superannuation to reach the annual cap on contributions. We contribute USD 10k each quarter to the Unpopular Ventures Rolling Fund and less frequently there will be capital calls from Aura Venture Fund II. I am now receiving TTR pension payments from both Unisuper and our SMSF and contributing more than the total of these back to my superannuation accounts. I made the following additional moves this month:

• I bought 15k WAM Strategic Value (WAR.AX).
• I bought 15k shares of Defi technologies (DEFT.AX), a stock I previously held until April. 
• I bought 4,555 shares of Cadence Opportunities (CDO.AX). 
• I did a trade in gold, buying 500 PMGOLD shares and then selling 750.
• bought 375 Metrics Income Opportunities shares (MOT.AX).

Investors' Returns vs. Fund Returns

Report from Morningstar on investors' returns vs. fund returns. Due to badly timed trading, investors made 1.2% less per year than the funds they invested in. My return in USD terms for the relevant period was 6.83%, which is roughly what the average investor made. My AUD return was 9.81% over the same period!

 

August 2025 Report

In August, the Australian Dollar rose from USD 0.6433 to USD 0.6540 meaning that USD investment returns are better than AUD investment returns. It was our second highest spending (in nominal terms, January 2015 was the highest) month ever at AUD 27k. School fees and airfares booking coincided. Stock markets rose again (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): 2.51%

S&P 500: 2.03%

HFRI Hedge Fund Index: 0.54% (forecast)

Australian Dollar Benchmarks

ASX 200: 3.30%

Target Portfolio: 0.86% (forecast - depends on HFRI result)

Australian 60/40 benchmark: 1.37%

We gained 1.07% in Australian Dollar terms or 2.76% in US Dollar terms. So we beat all the US Dollar benchmarks but under-performed relative to two of the Australian Dollar benchmarks.

Our SMSF returned 1.31% beating Unisuper (0.75%) but not PSS(AP) (1.35%).

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. All asset classes apart from private equity had positive returns. US stocks had the greatest return and hedge funds made the largest contribution to total return.

Things that worked well this month:

• The following investments gained more than AUD 10k: Gold (16k), Tribeca Global Resources (16k), Berkshire Hathaway (10k).

What really didn't work:

• Bitcoin lost AUD 14k and 3i 10k.

Here are the investment performance statistics for the last five years:

The top three lines give our performance in USD and AUD terms, while the last three lines give the same statistics for four benchmarks. The middle block gives our performance relative to the indices. 

Our alpha relative to the ASX200 is 2.9% with a beta of only 0.48. We still have much lower volatility, resulting in a information ratio of 1.42 vs. 1.12. We capture much less of the downside moves than the upside moves in the market. We also have very good performance relative to the Vanguard 60/40 portfolio with the same volatility but 4% p.a. more return. We captured 100% of the upside of this portfolio but only 60% of the downside. But as we optimize for Australian Dollar performance, our USD statistics are much worse. We do beat the HFRI hedge fund index in terms of return, but at the expense of far higher volatility. Our USD volatility is at least less than that of the MSCI index, but our return is more than four percentage points lower.

We moved a little bit away our target allocation. Our actual allocation currently looks like this:

About 65% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily liquidity, so our portfolio is not as illiquid as you might think.

We receive employer superannuation contributions every two weeks. We make monthly concessional contributions to Moominmama's superannuation to reach the annual cap on contributions. We contribute USD 10k each quarter to the Unpopular Ventures Rolling Fund and less frequently there will be capital calls from Aura Venture Fund II. I am now receiving TTR pension payments from both Unisuper and our SMSF and contributing more than the total of these back to my superannuation accounts. I made the following additional moves this month:

• I bought 1,100 shares of the IBTC.AX bitcoin ETF. I also did a small unprofitable bitcoin futures trade.
• I bought 500 shares of the QETH.AX ethereum ETF.
• I sold 10k shares of WAM Capital (WAM.AX).
• I bought 2k shares of Regal Investment Fund (RF1.AX).
• I bought 85k shares of Platinum Capital (PMC.AX).
• I sold 73k shares of Cadence Opportunities (CDO.AX).

June 2025 Report

I waited for all investment returns for the financial year to be in before posting this report, though, in the end, it didn't make much difference. In June, the Australian Dollar rose from USD 0.6431 to USD 0.6559 meaning that USD investment returns are better than AUD investment returns. Stock markets rose (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): 4.53%

S&P 500: 5.09%

HFRI Hedge Fund Index: 2.36%

Australian Dollar Benchmarks

ASX 200: 1.47%

Target Portfolio: 1.95%

Australian 60/40 benchmark: 1.79%

We gained 0.68% in Australian Dollar terms or gained 2.68% in US Dollar terms. So the only benchmark we beat was the HFRI. We under-performed the target portfolio because our returns for private equity and US stocks were a lot below the benchmark returns.

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. All asset classes but gold and Australian small cap had positive returns with the strongest rate of return and the largest contribution from Australian large cap.

Things that worked well this month:

• More than AUD 10k gain: Unisuper (19k), Regal Investment Fund (RF1.AX, 12k), Australian Dollar Futures (10k). Also at all time high profits:  PSS(AP) (9k for the month), CREF Social Choice (7k), Acadian (6k), WCM Global (WCMQ.AX, 2k), CFS Imputation (2k).

What really didn't work:

• Gold (-14k). At all time low profits: WAM Capital (WAM.AX, -1k).

Here are the investment performance statistics for the last five years:

The top three lines give our performance in USD and AUD terms, while the last three lines give the same statistics for four benchmarks. This month, we have added the Vanguard 60/40 ETF portfolio to the set of benchmarks. The middle block gives our performance relative to the indices. 

These are now measured from the end of June 2020. Our alpha relative to the ASX200 fell to 3.0% with a beta of only 0.48. We still have much lower volatility, resulting in a information ratio of 1.41 vs. 1.09. We capture much less of the downside moves than the upside moves in the market. We also have very good performance relative to the Vanguard 60/40 portfolio with the same volatility but almost 4% p.a. more return. But as we optimize for Australian Dollar performance, our USD statistics are much worse. We do beat the HFRI hedge fund index in terms of return, but at the expense of much higher volatility. Our USD volatility is at least less than that of the MSCI index, but our return is more than four percentage points lower.

We moved towards our target allocation as I again tweaked the allocation. Our actual allocation currently looks like this:

About 65% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily liquidity, so our portfolio is not as illiquid as you might think.

We receive employer superannuation contributions every two weeks. We make an annual concessional contribution to Moominmama's superannuation to reach the annual cap on contributions. We contribute USD 10k each quarter to the Unpopular Ventures Rolling Fund and less frequently there will be capital calls from Aura Venture Fund II. I am now receiving TTR pension payments from both Unisuper and our SMSF and contributing more than the total of these back to my superannuation accounts. (around AUD 4k net contribution per month). I made the following additional moves this month:

• Closed investments in Generation Global and Aspect Diversified Futures and switched the money to the Acadian Global Long Short Fund.
• Invested USD 2,500 in a syndicated start up at Unpopular Ventures. In my reporting, all these small investments are reported together with the UV Rolling Fund. Similarly, individual paintings I invested in at Masterworks are all reported together, as are individual property investments at Domacom.
• Sold 1,000 shares of James Hardie (JHX.AX) closing this trade for about an AUD 600 loss.
• Bought 500 shares of the gold ETF (PMGOLD.AX). 
• Net sold 3,250 shares of WCM Global Quality (WCMQ.AX). 
• Bought AUD 45k of the First Sentier Imputation Fund. 

All Time Contributions of Asset Classes

I was wondering how much each asset class has contributed to our total profits to date. It was easy to compute this number using the spreadsheet I use to compute monthly gains on individual investments and asset classes. The numbers are only estimates. For multi-asset class funds, I assume that each asset class in the fund has the same rate of return. So I multiply each asset class share by the total profit for the fund to get the contributions of that fund to total returns for that asset class. This is also how I compute asset class returns each month. Here are the results:

Private equity has contributed the most followed by Australian large cap and gold. Contributions of bonds and real assets are surprisingly large. They may be an artifact of how I compute the contributions from multi-asset funds like our employers' superannuation funds. Also, Commonwealth Bank is all attributed to bonds, when about half my return was from my investment in the Colonial IPO rather than my later investments in CBA hybrids. Finally, 17% of Regal Investment Fund (RF1.AX) is currently in private credit but most of my returns were made before they even invested in private credit! So, this is biased upwards.

Coincidentally, I am changing the name of the Bonds asset class to Credit. Private credit isn't bonds. It isn't even "fixed income". The category covers both private credit and bonds.

July 2025 Report

In June, the Australian Dollar fell from USD 0.6559 to USD 0.6433 meaning that USD investment returns are worse than AUD investment returns. Stock markets rose (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): 1.38%

S&P 500: 2.24%

HFRI Hedge Fund Index: 0.27% (forecast)

Australian Dollar Benchmarks

ASX 200: 2.36%

Target Portfolio: 1.82% (forecast - depends on HFRI result)

Australian 60/40 benchmark: 1.90%

We gained 3.38% in Australian Dollar terms or 1.38% in US Dollar terms. So the only benchmark we didn't beat was the S&P 500. It seemed that some stocks that were beaten down at the end of the last Australian financial year rebounded strongly. A good example is Regal Partners (RPL.AX), which gained 35%. Maybe a classic case of selling for tax losses. In absolute Australian Dollar terms it was our fourth best month ever gaining AUD 203k. November 2024 was the best ever month with a gain of AUD 335k followed by January 2025 (280k) and March 2024 (229k).

Our SMSF returned 4.59% beating Unisuper (1.67%) and PSS(AP) (2.08%).  This was a welcome change after five months of under-performance.

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. All asset classes had positive returns. Australian small cap had the greatest return and hedge funds made the largest contribution to total return.

Things that worked well this month:

• Ten investments gained more than AUD 10k: Pershing Square Holdings (PSH.L 40k), Regal Partners (RPL.AX, 22k – RPL's best month so far for me), Regal Investment Fund (RF1.AX, 22k), Pengana Private Equity (PE1.AX, 15k), Bitcoin (15k), Unisuper (12k), Gold (12k), WAM Capital (WAM.AX, 12k), PSS(AP) (11k), and WAM Alternatives (11k).

What really didn't work:

• Australian Dollar Futures lost AUD 12k. (-14k).

Here are the investment performance statistics for the last five years:

The top three lines give our performance in USD and AUD terms, while the last three lines give the same statistics for four benchmarks. This month, we have added the Vanguard 60/40 ETF portfolio to the set of benchmarks. The middle block gives our performance relative to the indices. 

Our alpha relative to the ASX200 is 3.2% with a beta of only 0.49. We still have much lower volatility, resulting in a information ratio of 1.46 vs. 1.12. We capture much less of the downside moves than the upside moves in the market. We also have very good performance relative to the Vanguard 60/40 portfolio with the same volatility but 4% p.a. more return. We captured 100% of the upside of this portfolio but only 60% of the downside. But as we optimize for Australian Dollar performance, our USD statistics are much worse. We do beat the HFRI hedge fund index in terms of return, but at the expense of far higher volatility. Our USD volatility is at least less than that of the MSCI index, but our return is more than four percentage points lower.

We moved a little bit away our target allocation. Our actual allocation currently looks like this:

About 65% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily liquidity, so our portfolio is not as illiquid as you might think.

We receive employer superannuation contributions every two weeks. We make monthly concessional contributions to Moominmama's superannuation to reach the annual cap on contributions. We contribute USD 10k each quarter to the Unpopular Ventures Rolling Fund and less frequently there will be capital calls from Aura Venture Fund II. I am now receiving TTR pension payments from both Unisuper and our SMSF and contributing more than the total of these back to my superannuation accounts. I made the following additional moves this month:

• Made a USD 7,500 investment in African start-up Yassir. In my reporting, all these small investments are reported together with the UV Rolling Fund. Similarly, individual paintings I invested in at Masterworks are all reported together and different property investments at Assetora (formerly Domacom) are wrapped together.
• Bought 400 more shares of the Monochrome bitcoin ETF (IBTC.AX). 
• Bought 2,000 more shares of WCM Global Quality (WCMQ.AX). 

Switching from Generation Global to Acadian Global Long-Short

Generation Global Fund is one of our longest held investments. I first invested in April 2008. It was a good fund but has been weaker recently. I also invested in the Acadian Global Long-Short Fund back in April 2008. But I exited in 2012 because it had underperformed and we needed the cash for our house-buying fund.

It turns out that that was about when the fund started to outperform. Its overall track record since inception has now been very good with a beta of 0.3 to the MSCI All Country World Index and an alpha of 7.7%. In the last 5 years it has done even better:

Beta has been 0.3 over the last five years too, while alpha has been even higher. I noticed because of an article in The Australian. I then went and downloaded the data from Colonial First State (CFS) and did the analysis. So, I am switching from Generation to Acadian. This will tilt the portfolio away from an overweight on US stocks and back towards hedge funds. Though this hedge fund has a strong weight on US stocks itself.

P.S. 14 June 2025

I have also decided to switch from Aspect Diversified Futures to this Acadian Fund in our SMSF. Aspect was flagged as an underperformer in our Investments Review.

I haven't managed to do either transaction yet. I found that the manager still has Moominmama's old mobile number and to change your phone number you need to use your existing phone as authentication. You can log into the account using email for authentication. So I placed a secure request inside the account to change the number. They are just refusing to do the switch at "this time" in the SMSF account. Will try again on Monday and phone them if it doesn't work.

P.P.S. 17 June 2025 

I phoned CFS and they called me back. It turns out that CFS's "mezzanine" investments each have separate PDSs (prospectuses) for each fund manager. So, I had to make a new application for the Acadian Fund rather than a switch. I have now done that. So, we are halfway there. By the way, this new hedge fund investment means I am again tweaking the target portfolio to make sure it remains a good benchmark. I am raising hedge funds to 15%, reducing RoW stocks to 4%, Australian large cap to 9% and Australian small cap to 4%.

May 2025 Report

In May, the Australian Dollar rose from USD 0.6392 to USD 0.6431 meaning that USD investment returns are a bit better than AUD investment returns. Stock markets rose (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): 5.81%

S&P 500: 6.29%

HFRI Hedge Fund Index: 1.30% (forecast)

Australian Dollar Benchmarks

ASX 200: 4.38%

Target Portfolio: 3.70% (forecast - depends on HFRI result)

Australian 60/40 benchmark: 3.17%

We gained 2.27% in Australian Dollar terms or gained 2.90% in US Dollar terms. So the only benchmark we are expected to beat is the HFRI. We underperformed the target portfolio because of the very high private equity returns of 14% for venture and 11% for buyout that fed into it. By comparison we earned 0.89% on our private equity investments.

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. All asset classes but gold had positive returns with the strongest returns from Australian small cap and the largest contribution from hedge funds, mainly due to a rebound in Pershing Square Holdings.

Things that worked well this month:

• Six investments gained more than AUD 10k: Pershing Square Holdings (PSH.L, 37k), Unisuper (23k), PSS(AP) (15k), Regal Partners (RPL.AX, 14k), WCM Global (WCMQ.AX, 12k), and Bitcoin (12k).

What really didn't work:

• Regal Investment Fund (RF1.AX) lost AUD 10k.

Here are the investment performance statistics for the last five years:

The top three lines give our performance in USD and AUD terms, while the last three lines give the same statistics for four benchmarks. This month, we have added the Vanguard 60/40 ETF portfolio to the set of benchmarks. The middle block gives our performance relative to the indices. 

These are now measured from the end of May 2020. Our alpha relative to the ASX200 fell to 3.1% with a beta of only 0.48. We still have much lower volatility, resulting in a information ratio of 1.43 vs. 1.11. We capture much less of the downside moves than the upside moves in the market. We also have very good performance relative to the Vanguard 60/40 portfolio with the same volatility but 4% p.a. more return. But as we optimize for Australian Dollar performance, our USD statistics are much worse. We do beat the HFRI hedge fund index in terms of return, but at the expense of much higher volatility. Our USD volatility is at least less than that of the MSCI index, but our return is more than three percentage points lower.

We moved strongly towards our target allocation as we completed redeployment of cash from the sales in April. Our actual allocation currently looks like this:

About 70% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily liquidity, so our portfolio is not as illiquid as you might think.

We receive employer superannuation contributions every two weeks. We make an annual concessional contribution to Moominmama's superannuation to reach the annual cap on contributions. We contribute USD 10k each quarter to the Unpopular Ventures Rolling Fund and less frequently there will be capital calls from Aura Venture Fund II. I am now receiving TTR pension payments from both Unisuper and our SMSF and contributing more than the total of these back to my superannuation accounts. (around AUD 4k net contribution per month). It was another busy month. I made the following additional moves this month:

• I made a UK pension contribution for the 2024-25 financial year.
• I bought 200 shares of Berkshire Hathaway B (BRK/B). I think Greg Abel may find better things to do with the cash pile than Buffett did and, as he is an operations guy, rationalize some of the existing subsidiaries.
• I bought 40k shares of a Metrics private credit LIT (MOT.AX). The idea is that this will fund TTR pension payouts next financial year. It is trading about 7% below NAV so has some margin of safety.
• I sold 1,000 shares of the gold ETF PMGOLD.AX. We hold 13k shares now.
  
• I bought net 2.5k more shares of an ASX200 ETF (IOZ.AX). Yes, I'm getting more comfortable with passive investing for the long equity portion of our portfolio. We now have 3k shares.
  
• I bought 2,000 more shares of the WCM Global Quality managed ETF (WCMQ.AX). We now have 13k shares.
• I bought 10k more shares of the Pengana private equity LIT (PE1.AX). We now have 87k shares.
• I bought net 60k more shares of the WAM Capital LIC (WAM.AX). We now have 100k shares.
• I bought 1,175 more shares of a bitcoin ETF (IBTC.AX). We now have 8k shares. Roughly 0.8 BTC.
• I bought 300 more shares of 3i (III.L) after it sold off on what looks like a great earnings report. Earnings on stated NAV were 25% up 25% on the previous year. It trades way above NAV, but that is because NAV is stated pretty conservatively I think. We now have 3,800 shares.
• I bought 500 more shares of Pershing Square Holdings (PSH.L). Their reduction of their position in Universal Music, increase in positions in tech stocks, and possibility of strong performance for Fannie Mae and Freddie Mac together with the price being way below NAV, encouraged me to add to the position. We now have 5,500 shares.

April 2025 Report

April was our third down month in a row, though the loss was less than in the previous two months. I also went through something of a mental health crisis involving insomnia. I am already beginning to feel better. As a result of the crisis I closed all our investments listed on North American markets. I also decided to continue in my job on a full-time basis for now rather than quit or go part time. Also, because the information ratio of our SMSF is now lower than both Unisuper and PSS(AP), I am redirecting our non-concessional contributions to the latter funds instead of to the SMSF. On the other hand, the SMSF's rate of return since inception still beats the professionally managed funds (8.4% p.a. vs. 5.7% and 6.6%). But I got that extra return by taking on more risk. I now think that was too much risk for my health.

 

The Australian Dollar rose from USD 0.6240 to USD 0.6392 meaning that USD investment returns are better than AUD investment returns. Stock indices and other benchmarks performed as follows (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): 0.98%

S&P 500: -0.68%

HFRI Hedge Fund Index: 0.18% (forecast)

Australian Dollar Benchmarks

ASX 200: 3.63%

Target Portfolio: 0.58% (forecast - depends on HFRI result)

Australian 60/40 benchmark: 0.48%

We lost 0.93% in Australian Dollar terms or gained 1.49% in US Dollar terms. So we outperformed the US Dollar indices and underperformed the Australian Dollar benchmarks.

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. Performance was mixed, with rest of the world stocks having the worst rate of return and the most negative contribution to overall return followed by Australian small cap in terms of rate of return. Gold performed best, but private equity made the most positive contribution to total return (with gold in second place).

Things that worked well this month:

• 3i (III.L) was the star performer, gaining AUD 45k. Gold gained AUD 32k and Australian Dollar Futures 10k.

What really didn't work:

• Defi Technologies (DEFI.NE) was the biggest loser at AUD 52k. Bitcoin lost 33k, Pershing Square Holdings (PSH.L) 18k, Aspect Diversified Futures 11k, Regal Partners (RPL.AX) 12k, and Winton Global Alpha 10k.

Here are the investment performance statistics for the last five years:

The top three lines give our performance in USD and AUD terms, while the last three lines give the same statistics for three indices. The middle block gives our performance relative to the indices. 

These are now measured from the end of April 2020 and so are quite different to last month's data as they include one month of the post-pandemic rebound in the baseline value. Our alpha relative to the ASX200 fell to 3.15% with a beta of only 0.49. We still have much lower volatility, resulting in a Sharpe ratio of 1.12 vs. 0.93. We capture much less of the downside moves than the upside moves in the market. But as we optimize for Australian Dollar performance, our USD statistics are much worse. We do beat the HFRI hedge fund index in terms of return, but at the expense of much higher volatility. Our USD volatility is at least less than that of the MSCI index, but our return is almost three percentage points lower.

We moved away from our target allocation partly because we changed the allocation and partly because of our trades. Our actual allocation currently looks like this:

About 70% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily, monthly, or quarterly liquidity, so our portfolio is not as illiquid as you might think.

We receive employer superannuation contributions every two weeks. We make an annual concessional contribution to Moominmama's superannuation to reach the annual cap on contributions. We contribute USD 10k each quarter to the Unpopular Ventures Rolling Fund and less frequently there will be capital calls from Aura Venture Fund II. I am now receiving TTR pension payments from both Unisuper and our SMSF and contributing more than the total of these back to our superannuation accounts. (around AUD 4k net contribution per month). I made the following additional moves this month:

• I sold all our position in Defi Technologies (DEFI.NE and DEFTF). We made a 90%+ IRR on the investment, which is some consolation, despite giving up the potential for more profit.
• We sold all our position in the Fidelity Bitcoin ETF (FBTC) (for a 17% IRR) and opened a much smaller position in Australia in the Monochrome Bitcoin ETF (IBTC.AX). Our allocation is now just 1.7% of net worth, which removed my anxiety entirely. My mistake was buying too much bitcoin at relatively high prices after first entering the investment at a reasonable price. This made me anxious about losing money and I sold out near a local low. Maybe we will do better next cycle. As a result of these two moves, we now have a huge pile of cash to re-invest - near AUD 700k.
• I bought 500 shares of IOZ.AX, an ASX200 ETF. This is to begin to match the new target allocation that has a larger allocation to long-only shares. 
• I bought 40,000 shares of WAM Capital (WAM.AX), which is a small cap Australian stock fund managed by Wilson Asset Management. It has a very good track record. Another move to match the new target. We will gradually buy into these positions, which are both still very small.
• I did a quick trade of 5,000 RF1.AX shares (bought these by mistake in the wrong account!). I bought 15,000 RF1.AX shares in the SMSF.
  

March 2025 Report

March was a second down month in a row. The Australian Dollar rose from USD 0.6208 to USD 0.6240 meaning that USD investment returns are a bit better than AUD investment returns. Stock indices and other benchmarks performed as follows (total returns including dividends):

US Dollar Indices

MSCI World Index (gross): -3.90%

S&P 500: -5.63%

HFRI Hedge Fund Index: -0.91% (forecast)

Australian Dollar Benchmarks

ASX 200: -3.12%

Target Portfolio: -2.04% (forecast - depends on HFRI result)

Australian 60/40 benchmark: -2.45%

We lost 3.20% in Australian Dollar terms or 2.72% in US Dollar terms. So we out-performed the international stock indices, roughly matched the ASX 200 but underperformed HFRI and the target and 60/40 benchmarks. The SMSF lost 3.94%. Better than the previous month but still bad.

Here is a report on the performance of investments by asset class:

The asset class returns are in currency neutral terms as the rate of return on gross assets and do not include investment expenses such as margin interest, and so the total differs from the Australian Dollar returns on net assets mentioned above. All asset classes lost money apart from gold, which gained 7.4% in AUD terms. Australian small cap was the worst loser, down 16.5%.

Things that worked well this month:

• Only gold gained more than AUD 10k. It was up AUD 48k.

What really didn't work:

• Eight investments lost more than AUD 10k. The worst was Pershing Square Holdings (PSH.L) down AUD 53k.

Here are the investment performance statistics for the last five years:

The top three lines give our performance in USD and AUD terms, while the last three lines give the same statistics for three indices. The middle block gives our performance relative to the indices. 

Because these are measured from the pandemic crash bottom in March 2020 the numbers have changed significantly from last month. Both our performance and that of the benchmarks jumped strongly. But the ASX performance was particularly strong and we now underperform the index. We still have much lower volatility, resulting in a Sharpe ratio of 1.24 vs. 0.98. Our alpha relative to the ASX200 fell to 3.65% (from 4.48%) with a beta of only 0.49. We capture much less of the downside moves than the upside moves in the market. But as we optimize for Australian Dollar performance, our USD statistics are much worse. We do beat the HFRI hedge fund index in terms of return, but at the expense of much higher volatility. Our USD volatility is at least less than that of the MSCI index, but our return is three percentage points lower.

We moved away from our target allocation in large part due to the switch out of TIAA Real Estate but also due to losses at Pershing Square and other hedge funds. Our actual allocation currently looks like this:

About 70% of our portfolio is in what are often considered to be alternative assets: real estate, art, hedge funds, private equity, gold, and futures. A lot of these are listed investments or investments with daily, monthly, or quarterly liquidity, so our portfolio is not as illiquid as you might think.

We receive employer superannuation contributions every two weeks. We contribute USD 10k each quarter to the Unpopular Ventures Rolling Fund and less frequently there will be capital calls from Aura Venture Fund II. I am now receiving TTR pension payments from both Unisuper and our SMSF and contributing more than the total of these to the SMSF (around AUD 4k net contribution per month). I made quite a lot of additional moves this month:

• I did a trade in shares of Metrics Income Opportunities Fund (MOT.AX). Buying 15k shares for a couple of days generating around AUD 1,400 in profit.
• I sold 50k shares of URF.AX (US residential real estate fund) to fund the trade. Wilson Asset Management (via WAR.AX) exited this fund, thinking that the potentially gain going forward was not that great. We still have 150k shares.
• I bought 16k shares of CD3.AX (private equity) with the proceeds of these first two moves. It is trading very far below NAV.
• I sold 17k shares of TGF.AX (Tribeca Global Resources) and bought 5k shares of Regal Partners (RPL.AX). That has not been a good move so far.  
• I did a couple of trades in Bitcoin futures for about a breakeven.
• I started a trade in James Hardie (JHX.AX) shares. It's not gone well so far. 
• I did some tax loss harvesting trades, selling in some names and buying in others. That resulted in a net sale of around 3k Cadence Opportunity Fund (CDO.AX) shares.
• I switched all my holding of TIAA Real Estate to CREF Social Choice (a 60/40 balanced fund) in my US retirement account. From the perspective of April, this was not a good move!