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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Devon Alpha Fund returned 2.7% in June, driven by strong performance from Brambles, Port of Tauranga, and Summerset. The manager sees New Zealand's economy turning upward from a lower base while Australia shows fatigue, creating an attractive opportunity set for active stock selection."
The Devon Alpha Fund generated a solid 2.7% return in June 2026, with the three-month return reaching 11.3%. Key contributors included Brambles (up 17.6%), Port of Tauranga (up 9.5%), and Summerset (up 8.5%). The fund benefited from improving global equity appetite following progress in the Middle East. The manager observes a significant shift in the Trans-Tasman economic cycle, with New Zealand beginning to turn upward from a lower base while Australia shows signs of fatigue after a period of strength. For much of the post-pandemic period, New Zealand struggled with higher interest rates, falling house prices, and soft consumer spending, while Australia benefited from a resilient jobs market and stronger population growth. However, recent indicators suggest momentum is shifting in New Zealand's favor. The manager maintains a constructive view on the opportunity set for active investing across both markets, with heightened volatility in Australia providing opportunities to purchase shares at discounted levels. The fund increased exposure to BHP Group and Cleanaway at attractive levels.
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