abrdn Australia Equity Fund Commentary For The Quarter Ended January 31, 2025

Summary

• The Fund outperformed the ASX 200 Index, returning 0.94% due to strong stock selection, particularly in healthcare and consumer discretionary sectors.
• Key performers included Pro Medicus, ResMed, Aristocrat Leisure, ALS, and Hub24, while Northern Star Resources and Mirvac underperformed.
• New investments were made in Viva Energy, Capstone Copper Corporation, and Seven Group, while exiting Medibank.
• The RBA cut interest rates, and the portfolio strategy focuses on quality companies with strong pricing power and clear growth prospects.

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Fund performance

The Fund returned 0.94% over the review period, outperforming the benchmark ASX 200 Index’s gain of 0.04%. Pleasingly, the outperformance was driven almost entirely by strong stock selection, especially in the health care and consumer discretionary sectors.1