Clime International Fund (CLA0001AU) Report & Performance

What is the Clime International Fund fund?

The Clime International Fund (CIF) aims to provide consistent capital growth and income over the long term (5-7 years) by investing in international securities. The Fund is intended to be a medium to high-risk fund, however the ability of the Fund to hold a significant cash position allows for capital preservation and the delivery of a smoother return profile. The Fund seeks to deliver a return in excess of the MSCI World Index. The Clime International Fund will select high quality individual investments to build an appropriately diversified, high conviction global portfolio. Through rigorous fundamental analysis we will identify high quality securities issued by businesses which contain many if not all of the following characteristics:

  • A strong balance sheet enabling the business to service debt comfortably; a high cash return on equity.
  • Relatively low capital requirements allowing a business to generate cash while growing.
  • High market share in their principal product and/or service lines.
  • Short customer repurchase cycles and long product cycles.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Clime International Fund

Clime International Fund Fund Commentary August 31, 2023

Over the month, the Fund returned 1.7% (after fees), 0.5% ahead of its benchmark.

In August, equities weakened after a strong run over the past few months. The US outperformed most major developed and emerging market countries, while growth generally outperformed value. Fixed income performance was flat to negative.

Negative equity performance appears to have been driven by an absence of positive news and markets being technically overbought after a few months of strong gains. Comments by Federal Reserve Chairman Powell stating that inflation remains uncomfortably high and the Fed is prepared to raise rates further if needed also contributed to the negative sentiment. Some negative headlines such as the Fitch downgrade of US government debt and Moody’s downgrading US regional banks did not lead to major market reactions. Telecommunications and energy were the only sectors with positive returns during the month.

With most S&P 500 companies having reported their Q2 earnings, FactSet is currently projecting a quarter over quarter earnings decline of around 5%, which would be the worst result in three years and the third straight quarter of declines.

Forward-looking composite purchasing manager indices (PMI) continued to fall. In the US, the composite PMI fell to a six-month low. Overseas, composite PMIs also declined for the UK, Eurozone and Australia. Japan was one of the only regions to see an increase in their PMI. Consumer confidence continues to weaken with growing signs of consumer distress, such as rising credit card and auto-loan delinquencies. Labor markets appear to be cooling off, but generally remain strong.

Headline inflation ticked up slightly in the US and dropped sharply in the UK and Eurozone, largely driven by base effects. Inflation remained unchanged in Japan and turned negative in China. Core inflation generally continued to soften for most regions. At the annual summit in Jackson Hole, central bankers expressed cautious optimism, while acknowledging that inflation remains elevated. The Bank of England raised the bank rate for the 14th consecutive month to 5.25%, while China’s Central Bank introduced some easing measures.

The Australian Trade Weighted Index moved lower over August (-1.1% to 60.6). This outcome was a combination of the Australian dollar depreciating against the US Dollar (-3.9% to US$0.648), Euro (-2.4% to EU€0.597), UK pound (-2.4% to GB£0.511) and Japanese Yen (-1.5% to JP¥94.287).

The MSCI All Country World ex-Australia Net Total Return Index returned 1.2% (gross) for the month, in AUD terms. The positive return was generated from the depreciation of the AUD over the month. The strongest performing sector was again Energy (5.3%) whereas the worst performing sector was Utilities (-1.9%). Other global shares markets saw the MSCI All Country World Small Cap (NR) Index (0.4%) lower and MSCI Emerging Markets (NR) Index (-2.4%) higher, all in AUD terms.

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Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Clime International FundCLA0001AUManaged FundsForeign EquityLarge Blend - SpecialisedForeign Equity - Large Specialised IndexDeveloped -World Index0.00 M1.75%0.00%0.49%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Clime International Fund1.13%1.42%19.61%10.21%9.26%9.29%11.58%9.61%-4.84%-16.98%-16.98%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Clime International FundForeign Equity - Large Specialised Index-0.95%-1.72%NA%NA%NA%0.931.89%4.48%0.980.91

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Clime International FundYes-https://clime.com.au/-

Product Due Diligence

What is Clime International Fund

Clime International Fund is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Large Specialised Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Clime International Fund has Assets Under Management of 0.00 M with a management fee of 1.75%, a performance fee of 0.00% and a buy/sell spread fee of 0.49%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Clime International Fund has returned 1.13% in the last month. The previous three years have returned 10.21% annualised and 9.61% each year since inception, which is when the Clime International Fund first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Clime International Fund first started, the Sharpe ratio is NA with an annualised volatility of 9.61%. The maximum drawdown of the investment product in the last 12 months is -4.84% and -16.98% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Clime International Fund has a 12-month excess return when compared to the Foreign Equity - Large Specialised Index of -0.95% and -1.72% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Clime International Fund has produced Alpha over the Foreign Equity - Large Specialised Index of NA% in the last 12 months and NA% since inception.

What are similar investment products?

For a full list of investment products in the Foreign Equity - Large Specialised Index category, you can click here for the Peer Investment Report.

What level of diversification will Clime International Fund provide?

Clime International Fund has a correlation coefficient of 0.91 and a beta of 0.93 when compared to the Foreign Equity - Large Specialised Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on Clime International Fund and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Clime International Fund with the Developed -World Index?

For a full quantitative report on Clime International Fund compared to the Developed -World Index, you can click here.

Can I sort and compare the Clime International Fund to do my own analysis?

To sort and compare the Clime International Fund financial metrics, please refer to the table above.

Has the Clime International Fund been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Clime International Fund?

If you or your self managed super fund would like to invest in the Clime International Fund please contact via phone or via email .

How do I get in contact with the Clime International Fund?

If you would like to get in contact with the Clime International Fund manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Clime International Fund. All data and commentary for this fund is provided free of charge for our readers general information.

Historical Performance Commentary

Performance Commentary - July 31, 2023

Over the quarter, the Fund returned 2.4% (after fees), inline with its benchmark.

In July, equities continued their run of strong performance with most regions delivering midsingle digit returns. Fixed income performance was mixed with riskier parts of the market faring better.

Equity returns were positive with value modestly outperforming growth during the month. US equities performed in line with international developed markets, while emerging markets outperformed. While the S&P 500 is set to report an earnings decline for the second quarter, most companies that have reported so far have announced better than expected results.

The MSCI All Country World ex-Australia Net Total Return Index returned 2.4% (gross) for the month, in AUD terms. The strongest performing sector was Energy (5.3%) whereas the worst performing sector was Healthcare (0.2%). Other global shares markets saw the MSCI All Country World Small Cap (NR) Index (3.8%) lower and MSCI Emerging Markets (NR) Index (4.84%) higher, all in AUD terms.

Performance Commentary - June 30, 2023

Over the quarter, the Fund returned 7.0% (after fees), outperforming its benchmark by 0.2%. Over the quarter both Ironbark Royal London and William Blair outperformed the benchmark.

During the second quarter, the global economy displayed remarkable resilience, notwithstanding a slowdown in China. The US experienced decent economic activity, with its labour market remaining robust with a substantial number of new jobs and stable wages. In contrast, Europe witnessed a slight softening in economic growth, barely maintaining positive territory. Economic growth in China, after a robust start to the year, slowed, primarily due to weakness in its manufacturing sector and renewed signs of fragility in the property market.

Global inflation rates experienced a decline at the headline level, albeit showing less significant reductions at the core level in various regions. Consequently, central banks in developed countries continued to raise interest rates.

Meanwhile, global equity markets demonstrated strong growth during the June quarter, mainly driven by the receding inflationary expectations. Valuations deteriorated from already elevated levels.

The quarter witnessed a narrow leadership in equity returns, rendering them susceptible to a potential shift in momentum, particularly in the tech sector. The MSCI All Country World ex-Australia Net Total Return Index performed well, recording a return of 6.9% for the quarter. Notably, Information Technology (14.4%) and Communication Discretionary (8.9%) sectors exhibited the strongest performance, while Materials (-0.2%) and Utilities (0.5%) emerged as the worst performers, all in AUD terms.

Performance Commentary - May 31, 2023

Over the month, the Fund returned 1.38% (after fees), outperforming its benchmark by 0.28%. Over the month both Ironbark Royal London and William Blair outperformed the benchmark.

In May, performance was mixed for US equities and mostly negative for non-US equities, bonds and real assets. News flow during the month focused predominantly on the looming debt ceiling deadline. Overall, the market impact has been fairly limited, although ratings agencies have placed US credit on watch for potential downgrades. Economic data in general remained resilient in May. US unemployment fell back to the lowest level in over 50 years, although other indicators, such as wage growth, show that the labour market is gradually cooling.

Forward-looking purchasing manager indices remain in expansion territory across most major regions, with strength in services outweighing weakness in manufacturing. Despite economic resilience, headline inflation continued to decline in most major economies. It fell to just under 5% in the US. Inflation in Japan rose to 3.5%, which is high by historical standards, but still lower than in other developed countries. In the UK and Eurozone, inflation remains more resilient, but also on a downward trajectory.

Inflation in China remains low amid a slowly developing economic recovery. Central banks in the US, UK, Eurozone and Australia raised their respective benchmark rates. Equity returns ranged from mid-single digit increases for US growth stocks to declines for value stocks as optimism over developments in artificial intelligence (AI) exposed growth stocks, while more cyclical sectors that dominate value indexes lagged. US equities generally outperformed non-US equities, with emerging markets outperforming non-US developed markets. The AUD Trade Weighted Index remained unchanged at 59.8 over May. The AUD depreciated against the US Dollar (-2.1%) and the Pound Sterling (-0.7%), while appreciating against the Euro (1.4%) and the Japanese Yen (0.5%). The MSCI All Country World ex-Australia Net Total Return Index returned 1.1% (gross) for the month, in AUD terms. The strongest performing sector was information Technology (4.3%) whereas the worst performing sector was Energy (-7.2%). Other global shares markets saw the MSCI All Country World Small Cap (NR) Index (-0.2%) lower and MSCI Emerging Markets (NR) Index (0.4%) higher but at lower levels than the larger developed markets, all in AUD terms.

Performance Commentary - April 30, 2023

Over the month, the Fund returned 2.94% (after fees), outperforming its benchmark by 0.12%. Over the month, both Ironbark Royal London and William Blair outperformed the benchmark.

In April, risk asset returns in developed markets were mostly positive, while defensive assets also provided modest gains. Emerging market equities were lower on the weakness in Chinese stocks. News flow during April was quiet until the last week of the month when banking concerns resurfaced, as First Republic Bank came under pressure and was ultimately acquired by JP Morgan.

Equity market volatility ended the month at its lowest level since late-2021, despite a brief spike during the last week. Major economies remained resilient, driven largely by service activity. US GDP for Q1 rose at a 1.1% annualised rate, below expectations. Consumer confidence remained on the rise and labour markets remained tight, in spite of high-profile layoffs in the US. Headline inflation continued to decline in major economies, reaching 5% in the US, which is its lowest level since mid-2021. In the UK, inflation fell by less than expected and remained above 10%, the highest rate in major developed economies. Monetary policy remained tight. The People’s Bank of China and Reserve Bank of Australia (RBA) left key lending rates unchanged in April. For the RBA, this was the first pause in their hiking cycle since early 2022.

Equity returns were positive for most sectors with energy delivering the largest gains for the month. Value outperformed growth among large and mid-cap stocks, while growth outperformed among small caps. Emerging markets were relatively flat for the month as weakness in China outweighed better performance for India and Brazil. The AUD Trade Weighted Index decreased to 59.8 over April, down by 0.8% from March.

The AUD depreciated against the US Dollar (-1.3%), the Pound Sterling (-2.9%) and the Euro (-2.9%), while appreciating against the Japanese Yen (1.0%). The MSCI All Country World ex-Australia Net Total Return Index returned 2.8% (gross) for the month, in AUD terms. The strongest performing sector was Energy (5.5%) whereas the worst performing sector was Consumer Discretionary (0.5%).

Performance Commentary - February 28, 2023

Over the month, the Fund returned 1.9% (after fees), outperforming its benchmark by 0.3%.

Both risk and duration assets sold off in February as pessimism over the monetary policy outlook took hold.
The US economy is showing few signs of a material slowdown in spite of almost a year of monetary tightening. Even though more large companies announced layoffs in February, the labour market as a whole remains exceptionally strong. Consumer confidence strengthened to the highest level in over a year, retail spending came in much stronger than expected and one of the forward looking purchasing manager composite indices returned into expansionary territory. Outside the US, economic data also indicated stronger growth momentum.

Consumer inflation continued to come down from high levels in the US, UK and Eurozone, although increased in Japan and China. US producer inflation, however, came in stronger than expected. The combination of a resilient economy and mixed signals on inflation turned sentiment for the worse. Markets once again priced in the possibility of more inflationary growth momentum that could force central banks to continue with monetary tightening.
Equity returns were negative in February for most countries and sectors though with the depreciation of the AUD over the month, this led to a positive return for Australian investors. The 4Q2022 earnings season continues to disappoint according to what has been reported so far. Negative year-on-year earnings growth is expected for this earnings season.

The AUD Trade Weighted Index decreased to 61.4 over February, down by 1.6% from January. The AUD depreciated against the US Dollar (-4.3%), the Pound Sterling (-2.7%) and the Euro (-2.0%), and slightly appreciated against the Japanese Yen (0.2%).

The MSCI All Country World ex-Australia Net Total Return Index returned 1.6% (gross) for the month, in AUD terms. The strongest performing sector was Information Technology (4.1%) whereas the worst performing sector was Materials (-1.6%). Other global shares markets saw the MSCI All Country World Small Cap (NR) Index (2.3%) higher whilst the MSCI Emerging Markets (NR) Index (-2.3%) was lower, all in AUD terms.

Performance Commentary - January 31, 2023

Over the month, the Fund returned 4.1% (after fees), outperforming its benchmark by 1.0% with both Ironbark Royal London and William Blair outperforming the benchmark.

Markets started 2023 on an optimistic note. Equities, bonds and alternatives generally rose. Rates and spreads declined and equity market volatility fell to its lowest level in almost a year. Positive market sentiment was helped by US CPI inflation falling for the sixth month in a row. It also seems to have peaked in other developed countries. Investors are still hoping for an end to the monetary tightening cycle, even if central banks remain cautious. Consumer confidence improved over the month, with the University of Michigan consumer sentiment index unexpectedly rising to the highest level since April 2022.

Investors are still hoping for an end to the monetary tightening cycle, even if central banks remain cautious. Your International Fund | January 2023 Forward-looking purchasing manager indices rose in the US, although remained in contraction territory. In the UK and Eurozone, purchasing manager indices also edged higher, as a sharp decline in natural gas prices raised hopes that Europe will avoid a deep recession. Existing home sales, car sales and retail sales on the other hand hinted at an ongoing economic slowdown. Additionally, a number of high profile lay-offs were announced by large US companies.

Equity returns were strong on receding inflation and falling interest rates. Fundamentals were otherwise unfavourable. The first month of the 2022Q4 earnings season yielded disappointing results from a number of companies in a quarter that could see its first decrease in earnings since 2020Q3. Market Commentary The AUD Trade Weighted Index increased to 62.4 over January, up by 1.6% from December.

The Australian Dollar appreciated against the US Dollar (3.9%), the Pound Sterling (1.5%), the Euro (2.1%) and the Japanese Yen (2.4%). The MSCI All Country World exAustralia Net Total Return Index returned 3.1% (gross) for the month. The strongest performing sector was Consumer Discretionary (9.8%) whereas the worst performing sector was Healthcare (-4.2%). Other global shares markets saw the MSCI All Country World Small Cap (NR) Index (4.8%) and MSCI Emerging Markets (NR) Index (3.8%) higher.

Performance Commentary - December 31, 2022

Over the month, the Fund returned –0.3% (after fees), performing in line with its benchmark. Over the quarter both Ironbark Royal London and William Blair marginally outperformed the benchmark.

The third quarter of 2022 began with a strong rally in July, however, was followed by a moderate decline in August and a broad based sell-off in September. US Federal Reserve chair Jerome Powell reasserted that monetary policy will be tighter for longer, if needed, during his speech at Jackson Hole. Economic data continued to deteriorate over the quarter with most countries reporting higher than expected inflation and labour markets remained tight. Your International Fund | December 2022 Global equity market performance declined over the third quarter, similarly, the AUD depreciated against all major developed currencies, which provided some downside protection to unhedged investors.

The MSCI All Country World ex-Australia Net Total Return Index returned -0.3% for the quarter. The strongest performing sectors were Energy (5.3%) and Consumer Discretionary (4.0%), while Communication Services (-8.0%) and Real Estate (-6.3%) were the worst performers. Market Commentary Other global share indexes were mixed with the MSCI Small Caps (TR) Index up 1.3% whilst the MSCI Emerging Markets (NR) Index was down -5.4% over the quarter, all in AUD terms.

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