Auscap Asset Management commentary for the month ended May 31, 2024.
Auscap Long Short Australian Equities Fund
Portfolio Commentary
The Fund returned negative 2.3% net of fees during May 2024. This compares with the All Ordinaries Accumulation Index return of +0.9%.
During May, the financials, real estate and communication services sectors contributed positively to returns, while the consumer discretionary, materials and health care sectors detracted.
Over the month, HMC Capital Ltd (ASX:HMC) was the largest positive contributor to performance. Nick Scali Limited (ASX:NCK) and Eagers Automotive Ltd (ASX:APE) were the most significant detractors from returns.
Auscap Ex-20 Australian Equities Fund
Portfolio Commentary
The Fund returned negative 0.8% net of fees during May 2024. This compares with the S&P/ASX 300 Ex S&P/ASX 20 Index return of negative 0.9%.
During May, the Fund’s exposure to the financials, real estate and communication services sectors contributed positively to returns. The Fund’s exposure to the consumer discretionary, materials, health care and consumer staples sectors detracted from returns.
The Fund’s holding in HMC Capital contributed most positively to returns. Nick Scali and James Hardie Industries plc (ASX:JHX) were the most significant detractors from performance.
