The Sage Capital portfolios produced solid returns in April. The CC Sage Capital Absolute Return Fund delivered a net return of 1.72%* and the CC Sage Capital Equity Plus Fund delivered a net return of 4.30%*, outperforming their respective benchmarks by 1.72% and 0.83% for the month.
The S&P/ASX200 Accumulation Index finished up 3.47% in April as easy liquidity conditions and improving economic momentum drove markets. The bond yield rallied a little and the yield curve stopped steepening, so rather than rotation - there was strength right across the market.
Resources were the strongest performing Sage Group^ with stocks ripping higher on the back of strong iron ore and base metal prices. Copper was a real standout for gains along with iron ore. With a little bond relief, Growth rebounded with a broad-based move higher across the space. Yield was also an outperformer. Solid gains across fund managers, banks and insurers helped to drive the Yield group. Not surprisingly in a strong market, the more defensive groups such as REITs, Gold and Defensives were the laggards.
View our monthly reports below for additional commentary around performance, market review, portfolio positioning and outlook.
* Past performance is not indicative of future performance. ^ Sage Capital uses a custom grouping system for long short positions (Defensives, Domestic Cyclicals, Global Cyclicals, Gold, Growth, REITs, Resources and Yield). With a focus on the principal macro earnings drivers for each stock, Sage Groups allow for comparisons to GICS for selecting stocks within a sector.
This information is for wholesale and professional investors only and has been prepared by Sage Capital Pty Ltd ACN 632 839 877 AR No. 001276472 (‘Sage Capital’). Channel Investment Management Limited ACN 163 234 240 AFSL 439007 (‘CIML’) is the responsible entity and issuer of units in the CC Sage Capital Equity Plus Fund ARSN 634 148 913 and the CC Sage Capital Absolute Return Fund ARSN 634 149 287 (collectively ‘the Funds’). Channel Capital Pty Ltd ACN 162 591 568 AR No. 001274413 (‘Channel’) provides investment infrastructure services for Sage Capital and is the holding company of CIML. This information is supplied on the following conditions which are expressly accepted and agreed to by each interested party (‘Recipient’).
This information contains general financial product advice only and has been prepared without taking into account the objectives, financial situation or needs of any particular person. It is intended solely for wholesale clients (including sophisticated investors) as defined under sections 761G and 761GA of the Corporations Act 2001 (Cth).
The information provided should not be considered personal advice, a recommendation, or an offer to invest in the Funds. Recipients should not rely on this information in making investment decisions. A Recipient should, before making any investment decisions, consider the appropriateness of the information, and seek professional advice.
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