Avenir Global Fund March 2019 Commentary

Avenir Global Fund commentary for the month ended March 31, 2019.

Dear Partner:

The Avenir Global Fund (the “Fund”) delivered a 9.9% (net of fees) return for the March 2019 quarter.1 In comparison, the MSCI ACWI index (in AUD) increased by 11.2% over the same period. Over the year up until 31 March 2019, the Fund has delivered 12.3% (net of fees) compared to the MSCI ACWI index which returned 10.8%.1

The market’s gain in the March quarter largely offset the sharp decline in the market in the last quarter of 2018. For some reason, the “quarter” has been set upon as the ideal unit of time for fund managers to report...