Australia’s big four banks bounced in March and April as investors bet that higher interest rates would support margins. Lazard took this as a selling opportunity.
The Hyperion fund had consistently been one of the best-performing funds of 2020 thanks to allocations to companies winning market shares from weaker competitors as the pandemic had been a catalyst for market leadership disruption.
Meanwhile, APSEC had a long-bias strategy and invested in Australian-listed securities and derivatives.
Best-performing fund versus ASX 200 and Australian equity sector over one year to 30 November 2020
At the bottom end of the spectrum, there were 146 funds which reported losses, which represented 65% of the sector. However, only seven of these funds reported double-digit losses with the worst-performing fund being Invesco Australian Equity Efficient Income which lost 19.9%.