Australian government bond yields moved higher through January, mostly reflected in the front-end, as markets materially repriced Reserve Bank of Australia (RBA) policy expectations following stronger than expected December quarter inflation, with trimmed mean inflation at 3.4% y/y pushing markets to price a high probability of a February rate hike and a “higher for longer” cash rate profile.

A new philanthropic grant is helping a small Port Adelaide charity extend its work supporting vulnerable people. At a weekly CHATS gathering, vulnerable community members find friendship, support and sometimes life-changing help.

Investment markets continue to be highly volatile with a range of significant macro themes and geopolitical events impacting returns at an asset class and sector level.

The Fund, along with a range of other active managers, has been impacted by increasing volatility in the market, the “low quality” risk-on rally in the second half of 2025 and the underperformance of “quality” as a style – which has been abnormally soft.