During the month of July, the markets saw a massive momentum trade unwind, with the Korea KOSPI falling over 33% during the month. With this global AI and semiconductor unwind, the broader ASX was supported by financials and energy.
Whilst some of the largest names in the portfolio pulled back during the month after strong performance during FY26, they rebounded into month-end as the electrification theme remains compelling. We continue to analyse the fundamental outlook for each position in the Fund as share prices will follow earnings in the long-term and we look to take advantage of the shorter-term volatility.
The largest contributors to the Fund were Janus Electric (JNS:ASX), Iondrive (ION:ASX) and Vysarn (VYS:ASX), whilst the largest detractors included Aura (AXQ ASX) and Frontier Energy (FHE: ASX).
Janus (JNS:ASX) had a very strong month following an improved order outlook for their swappable battery solution, which enables heavy duty truck decarbonisation.
Read the Full Report Here: NorthStar July Monthly Report
