April 2020 intra-month performance update

Performances to 17th April 2020 month-to-date  include:
• Global Large Cap and Small Cap Indices are up +2% (Russell 2000) to +12% (Nasdaq);
• Australian Large Cap and Small Cap Indices are up +9% (All Ords AI) and +12% (Small Ords); and
• The Paragon Fund is up +21.7% net after fees, driven by our longs in gold and industrials stocks.

US$ gold has recovered all of its recent sell off and is trading at 7-year highs at ~US$1,700/oz. A$ gold is continuing to break record highs at ~A$2,700/oz.

We will continue to communicate on a more regular basis as we navigate through this unprecedented period.