Middle East tensions escalated during the month, culminating in the U.S. military launching a series of strikes on Iranian nuclear facilities—a significant escalation in the regional conflict that began with Israel’s surprise airstrikes on Iranian territory on June 13.

At the stock level, over the last quarter the Fund benefited from its overweight positions in Block Inc CDI (XYZ), Nextdc Ltd (NXT), Orica Ltd (ORI) and Qantas Airways Ltd (QAN). An underweight position in BHP Group Ltd (BHP) also benefited the portfolio.

The Fund has demonstrated it generates a dependable distribution stream over the long term with a distribution return of 4.02% over the last three years and 5.39% p.a. since inception. 

Equity Trustees has been appointed Responsible Entity for the newly launched T. Rowe Price Global Structured Research Equity Fund in Australia, continuing a long-standing partnership that has seen more than 10 funds established over 18 years.

Equity Trustees has been appointed Responsible Entity for the new Brandes Global Value Fund in Australia, marking the beginning of an exciting new partnership with US-based global investment manager Brandes Investment Partners.