The Warburton Global Fund delivers an annualised return since inception of +36%.

Series 1 units of the Warburton Global Fund gained 1.6% in April 2018. The value of $1 invested since inception is $1.89.

April was a mixed month for the global financial markets. Government bond prices declined around the world, while most major equity indexes advanced higher. The US yield curve continued to flatten, as US Treasury bonds fell in value at both shorter and longer maturities. Commodity price movements were mixed. Oil prices rose strongly, industrial metal prices firmed and precious metal prices fell. The USD strengthened versus both the AUD and JPY.

The Warburton Global Fund generated a solid month of performance. In aggregate, our commodity and bond positions were positive, while the stronger USD was a drag on performance. In our commodity portfolio, our vanadium holdings performed well and despite the surge in the USD hitting the prices of both copper and gold, oil remained well bid and was our best performer for the month. In our bond portfolio, a short position in two-year US Treasuries proved profitable, as did a long position in US TIPS. Our weighting towards a flatting yield curve also proved correct. While the strengthening USD and the lower equity market volatility contributed to the JPY being our worst performer for the month, losses were offset by gains made shorting the AUD.