The Warburton Global Fund delivers an annualised return since inception of +33%

KEY TAKEAWAYS:

• Warburton Global Fund gained 3.3% in June 2018
• The value of $1 invested since inception is $1.90
• The fund recorded another positive quarter of performance in Q2, making it eight out of nine positive quarters of performance since inception
• Warburton Global Fund shares their July 2018 Presentation

Series 1 units of the Warburton Global Fund gained 3.3% in June 2018. The value of $1 invested since inception is $1.90. June was a lackluster month for the global financial markets. Most major equity indices fell, with the exception of Australia, Canada and the US. Government bond prices were mixed. The US yield curve continued to flatten, as US Treasury bonds fell in value at shorter maturities and rose in value at longer maturities. Commodity prices were lower in aggregate. Precious and industrial metal prices fell, while oil prices rose. Both the AUD and JPY fell versus the USD. The Warburton Global Fund generated a solid month of performance. Our portfolio benefited from higher expectations for inflation with our oil, US TIPS (Treasury Inflation-Protected Securities) and short 2-year US Treasury bond trades all being profitable. While commodities generally perform well in environments of higher inflation expectations, our positions in copper and gold performed poorly due to idiosyncratic reasons. We have reduced our exposure to gold. Pleasingly, the changes we made to our strategy on 1 April have improved the performance of the fund. For example, our long 20+ year US Treasury bond trade, which was sized to hedge our short 2-year US treasury bond trade, was our best performing trade this month. We believe the portfolio now has a good mix of diversification (which preserves wealth) and concentration (which builds wealth). The fund recorded another positive quarter of performance in Q2, making it eight out of nine positive quarters of performance since inception.

View Warburton Global Fund’s July 2018 Presentation here

About Warburton Global Fund

Warburton Investment Management manages client capital via the Warburton Global Fund, a global macro hedge fund that deals in international investments. The fund invests in public equity, fixed income, currency and commodity markets worldwide.

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