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    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/dFPQSgGLBcE"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview An upside US inflation surprise and increased expectations around tapering in Europe drove sovereign bond yields higher in the early part of the...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/Iww4qEPYRIc"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview April saw sovereign bonds turn around the poor performance of recent months, and a weak CPI led to some changes in market expectations...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/Zz19gpx5cHw"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview In a challenging period for markets, the fund delivered positive performance in each month of the quarter Overlay performance was positive for the...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/_kBbr1gmWL0"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview February saw Australian 10-year bond yields rise by 78 basis points, the largest move higher since June 1994. This saw many fixed income...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/ll5HCAK3-5o"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview Continued improvement in the dataflow and outlook saw credit spreads continuing their move narrower, amid continued strong demand for new issues. Higher break-even...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://www.youtube.com/watch?v=A7ZWJu6_b8A&feature=youtu.be"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview Performance has been strong, with tighter credit spreads the main driver. This was particularly the case in October and November, with spread compression...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview The news flow was dominated by positive vaccine news, the resolution of the uncertainty surrounding the US Presidential election, and a re-opening of Australian state borders This positive environment for risk...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_video link="https://youtu.be/4ZrPU2vjVg4"][vc_column_text] Overview Both the US presidential election and falling near-term US fiscal stimulus expectations were the main market drivers in October A democratic clean sweep was likely to see significantly higher bond...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/bQ4Ke7qXfRg"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview Performance has been strong, with tighter credit spreads the main driver over both the month and the quarter. Our decision to reduce the...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/tAZYEt7E8pI"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview August saw further outperformance from credit markets. Locally, non-financial bonds were the main driver. Meanwhile, bank senior spreads have surpassed their pre-Covid tights. ...