July 2019

This investment commentary contains the following articles:

Quarter in review

Afterpay

Capital Offence

Adrian Orr is right to look at bank capital

A narrative to take markets higher

 

This quarter we review a solid quarter for the funds in a particularly strong quarter for equity markets, especially the antipodean ones.  We then provide some comment on the price volatility of one of our holdings in “Afterpay".  Capital is a theme of our commentaries this quarter.  We question Fletcher Building’s use of its Balance Sheet in “Capital Offence” and weight into the debate on the RBNZ’s proposal to increase bank capital in “Adrian Orr is right to look at bank capital”.  Finally, we discuss the possible role of the new buzz phrase in economics, Modern Monetary Theory, in “A narrative to take markets higher”.

 

Disclaimer: The following commentaries represent only the opinions of the authors. Any views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest. All material presented is believed to be reliable, but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Castle Point Funds may or may not have investments in any of the securities mentioned.

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