Off the mark
The MG Alpha Return portfolio fell 10.34%, whilst the ASX200 rose 1.98% in the March quarter. The underperformance can be attributed to three stocks; Jervois Global (JRV), IODM (IOD) and Whitehaven Coal (WHC). For JRV and WHC falling commodity prices caused the large falls, and for IOD there was a small capital raise, along with profit taking. Markets began the year strongly, before retreating on concerns for the banking sector following the collapse of Silicone Valley Bank and Credit Suisse. The Dow Jones rose 0.4%, NASDAQ 16.8% and in the UK, the FTSE gained 2.4%. Interest rate hikes were paused in April as investors now ponder if the next move in rates is down.