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MCTDF delivered 0.37% (gross) for the March Quarter, and 1.88% (gross) for the year. With the COVID-19 virus spreading aggressively beyond China’s borders and the global economy going into crisis, the Australian Government and the RBA introduced unprecedented measures. The RBA cut the official cash rate to 0.25% and started a quantitative easing program to target a 3 year bond rate at 0.25%. Banks will likely rely on deposit funding to avoid issuing into wholesale markets, which we expect will allow the fund to continue to access attractive deposit rates and maintain the outperformance of the index.