Australian Unity Pro-D Investment Funds – Monthly Fund Updates for August 2024
Share markets posted mixed results in August. Japan's modest increase in its official cash rate during July coincided with a "flash crash" in the Nikkei, possibly reflecting investor fears of a major unwind in the "carry trade".
The Nikkei declined -19.6% in the first 3 days of trade before rebounding strongly to close the month down -1.1%. The US unemployment rate climbed to 4.3% amid significant revisions to job gains for the year to March 2024. US CPI inflation rose at an annual rate of just 2.9% for the year to July, bolstering market expectations of a rate cut. The RBA held rates steady during the month and Australian CPI inflation moderated further, rising just 3.5% for the year to July. The Bank of England commenced an easing cycle, cutting interest rates by 0.25%.
Australian shares returned +0.4% with the Technology, Industrials, Telecommunications and Financials sectors the best performers for the month. A-REITs gained +0.6%, currency hedged international equities gained 1.8% and currency-unhedged investors returns were (-1.2%), hindered by the Australian dollar which rose sharply against the US dollar and gained against the Euro and Japanese Yen. The Australian 10-year government bond yield fell -0.15% to 3.97% and the US 10-year government bond yield fell by -0.13% to close at 3.90%.
Below are the links to the Fund Updates for the Pro-D Funds as at 31st of August 2024.
Further information
If you would like further information about these investments, please contact your Plus7FM team.
Alternatively, you can speak with a member of our Adviser Services team by calling (08) 8130 5500 or email any questions.
