The August reporting season was a challenging one across the board in Australian small-caps with just 38% of stocks in the Small Ordinaries Index delivering positive EPS growth in the second half of FY19, the lowest number in a decade.
The OC Premium Small Companies Fund and OC Dynamic Equity Fund returned -4.7% and -4.4% in August respectively, while the S&P/ASX Small Ordinaries Accumulation Index and the S&P/ASX Small Industrials Accumulation Index returned -3.0% and -3.9% respectively. The OC Micro-Cap Fund finished down 0.1%, ahead of the S&P/ASX Emerging Companies Index which was down 0.7%.
Overall, we were comfortable with the operating performance of our Fund’s holdings during FY19 and remain upbeat about their prospects, albeit we were disappointed to have posted negative returns during the month.
To discuss our portfolios in detail, contact your local Copia business development team member.
View August 2019 reports