Paragon Australian Long Short Fund – Monthly Update April 2024
The Fund returned +0.3% after fees in April. Global Indices were mixed: Nasdaq -4.6%, Russell -7.1%, Lithium -0.2% and Gold +4.8%. Local Indices were down: All Ords AI -2.7%, Small Ords AI -3.1%, except Resources +0.4%. Orabanda, WA1 (took profits) and Firefly performed well for the Fund, offset by falls in Genmin, Patriot and Peninsula.
Rising geopolitical risks in the Middle East drove volatility across global markets, with Israel-Iran tensions initially escalating before easing back by month end. The US$ rose +1.7% and US 10yr bonds rose 48bps, both typically headwinds for Resources. Gold was up +2.5%, Silver +5.3%, Oil +0.4%, Uranium + 2.2%, Copper continued to break out rising +13.9% and Lithium rose +4.8%.
In this month’s update we highlight how inflows into Resources and Commodities are underway.