PORTFOLIO PERFORMANCE

The North American Portfolio returned +4.8% in AUD terms for the month of July, slightly outperforming the S&P 500 benchmark, which gained +4.6%. In USD terms, the portfolio rose +2.3%, with currency gains contributing +2.5%, reflecting AUD depreciation against the USD during the month. This marks the third consecutive month of outperformance versus the benchmark and consolidates year-to-date gains in high-convexity growth and infrastructure enabler names.