News and Announcements
The Warburton Global Fund delivers an annualised return since inception of +35%.
- Published September 16, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Series 1 units of the Warburton Global Fund returned +9.8% in August 2018.
- The value of $1 invested since inception is $2.06.
August was an uneasy month for the global financial markets. Most major equity indices fell, with the exception of Australia and the US. Commodity prices were generally lower. Precious metal and industrial metal prices fell sharply, while oil prices registered moderate gains. Government bond price movements varied across developed markets. The US yield curve continued to flatten, as US Treasury bonds gained in value at both shorter and longer maturities. The AUD and JPY fell versus the USD.
The Warburton Global Fund generated a strong return for the month. Continuing from July, our portfolio benefited from higher growth expectations for the US economy and lower volatility in the equity market. Our long US equity, USD and oil trades comprised the bulk of the month’s profit. For the first time in seven months, the S&P500 Index went a whole month without registering a daily change greater than 1%.
The USD continued to rise versus the AUD and JPY as the market priced in an eighth rate hike from the US Federal Reserve. While we were positioned for the flattening of the US yield curve, the profits and losses from our bond positions largely offset each other because bonds rallied at both ends of the curve, rather than just the long end. As outlined in the June monthly report, we had already significantly reduced our exposure to both gold and copper (whilst maintaining an appropriate level of diversification in the portfolio). The Fund therefore avoided any significant impact to returns from the continued fall in metal prices.
We remind investors that returns will not come in a straight line. For example, the positional rebalancing that occurred in June and July did not meaningfully impact the Fund’s performance until this month. We therefore encourage investors not to focus on month-to-month returns and to view the fund as a long-term investment.
About Warburton Global Fund
Warburton Investment Management manages client capital via the Warburton Global Fund, a global macro hedge fund that deals in international investments. The fund invests in public equity, fixed income, currency and commodity markets worldwide.
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