Ethical SRI Newsletters

Pleasingly, the portfolio performed well during the August reporting season, with many core holdings meeting or exceeding market expectations. However, our focus is not on near term “meets” or “beats”, but rather how companies and management teams continue to position themselves for the medium to longer term.

After a flurry of activity in the March quarter, there were fewer changes to the holdings within the portfolio. In this edition, we take a deep dive into our key holding "AUB Group", general Fund activity and outline our outlook on what lies ahead.

The emergence of COVID-19 has given rise to incredible volatility in global financial markets, as we have all grappled with uncertainty regarding the duration and severity of the disease with regards to both, health and economic impacts. We discuss how the portfolio is positioned in aggregate and what changes have been made, given the magnitude of market moves over the last weeks.

Unsurprisingly, given a strong 2019, in early 2020 most people are now bullish and risks that dominated the headlines such as trade war, recession, and political uncertainty have seemingly faded to be little more than distant memories. In this newsletter, we discuss key contributors and detractors over the quarter and current portfolio positioning.