• Angus Crennan

First Quarter 2021 Investor Letter - Extract

Updated: Apr 7

Below is an executive summary extracted from our Balmoral Fund Investor Letter sent 7 April 2021.

If you would like additional information please contact me.



Our Fund has performed successfully, as forecast, over the first three months of 2021, up 5.7% from the end of December 2020.

More importantly our longer-term performance continues to align with our two objectives of delivering consistently positive and meaningful real returns:

  1. Our positive return focus means we look to deliver positive returns regardless of market conditions. That was demonstrated in the exceptionally stressed conditions over the first 3 months of 2020 when global equity markets collapsed over 30% yet the Balmoral Fund increased in value.

  2. Our meaningful real returns focus means we look to compound our investment capital at 8% per year over rolling 3-year periods.

As at the end of March 2021:

  • Our 3-year compound annual growth rate was 8.5%.

  • Since Inception (Australia Day 2017) our Fund has delivered a compound annual growth rate of 8.2%.

Inflation in Australia was 0.9% in 2020 and 1.8% in 2019. This means an 8% compounding rate each year meaningfully improves our capital’s purchasing power.

As importantly targeting 8% has permitted us room to utilise risk management appropriate to the conditions which is so critical to our positive return focus.

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