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| Manager Comments | Longlead noted equity markets had a challenging quarter, initially driven by concerns over the imposition of regulations on a number of industries in China and ongoing challenges to global supply chains. Later in the quarter, these worries extended to rising bond yields and the spectre of reduced central bank support for markets in the period ahead. In September, China Evergrande Group, China's largest property developer, announced that a slowdown in property sales was placing pressure on its cash flow and putting it at risk of defaulting on its debt repayments. This created widespread concern of broader contagion in the debt markets that flowed through to weaker performance in equities. The cumulative impact of these factors resulted in the weakest period of equity market performance since the outbreak of the pandemic in the March 2020 quarter. The Fund navigated this challenging backdrop effectively, generating positive returns on both the long and short sides of the portfolio in the quarter. The Fund generated positive returns in Consumer Staples, Materials and Information Technology positions, while experiencing draw downs in Healthcare and Communication Services names. By country, gains were realised in Australia, the United States and Japan, while losses were seen in China and Taiwan. |
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