Australian funds steady in July
The median Australian share fund manager marginally underperformed the benchmark last month, with materials continuing to prove the standout sector, according to Morningstar.
The median fund returned 4.2 per cent in the month to July 31, 0.2 per cent below the index, with annualised returns 17.2 per cent for the year, 14.5 per cent over three years and 11.1 per cent over five years.
Allan Gray (27.4 per cent), Millinium (24.7 per cent) and Bernstein Value (23.3 per cent) offered the highest returns for the month.
Materials was again the best performing sector for July, returning 7.7 per cent, followed by resources at 6.7 per cent and information technology at 5.7 per cent.
Utilities (0.9 per cent), energy (2.2 per cent), and healthcare (2.9 per cent) again returned less favourable growth.
Recommended for you
Franklin Templeton has announced it will close its Australian Core Plus Bond Fund, having changed two fixed income funds in its Brandywine range last week.
Investment solution provider Channel Capital has appointed James Archer as its latest distribution director, joining from Pinnacle Investment Management.
Bennelong Funds Management has signed a memorandum of understanding with US private credit manager Monroe Capital to distribute its products in Australia.
Global equity manager Talaria Capital has appointed a Sydney-based sales director as it grows its distribution presence across Australia.
