Monthly Reports Archive
November 2016 Report
The Australian market (ASX 200) rose 3.0% in November whereas small cap stocks were generally out of favour with the Small Ords falling -1.2%, and the NZX 50 down -0.9%. There was talk that the banking sell-off has been overdone, with financials the leading sector (+6.0%) while a number of our managers highlighted the market's rotation out of higher quality and defensive stocks trading at higher P/E multiples and into lower quality cyclical stocks trading at lower multiples.
