{"id":13972,"date":"2025-07-18T15:03:35","date_gmt":"2025-07-18T05:03:35","guid":{"rendered":"https:\/\/staging.paradice.com\/au\/au\/?p=13972"},"modified":"2026-01-14T11:35:45","modified_gmt":"2026-01-14T00:35:45","slug":"paradice-australian-equities-fund-june-2025-commentary","status":"publish","type":"post","link":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/","title":{"rendered":"Paradice Australian Equities Fund June 2025 Commentary"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13972\" class=\"elementor elementor-13972\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-627598ed elementor-section-content-middle elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"627598ed\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3c1b72ee\" data-id=\"3c1b72ee\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c51fd73 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"c51fd73\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>June, 2025<\/p><h1><strong>Monthly Commentary<\/strong><\/h1><p><strong>Paradice Australian Equities Team<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-569199\" data-id=\"569199\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-20fad544 elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"20fad544\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/paradice.com\/au\/australian-equities\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1-200x200.png\" class=\"attachment-featured size-featured wp-image-13513\" alt=\"\" srcset=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1-200x200.png 200w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1-300x300.png 300w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1-150x150.png 150w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1.png 313w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60b8f0f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"60b8f0f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-7347f109\" data-id=\"7347f109\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e19711d elementor-widget elementor-widget-image\" data-id=\"e19711d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/paradice.com\/au\/wp-content\/uploads\/PALY-June-2025-Commentary.pdf\" target=\"_blank\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1563\" height=\"625\" src=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png\" class=\"attachment-full size-full wp-image-13973\" alt=\"\" srcset=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png 1563w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5-300x120.png 300w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5-1024x409.png 1024w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5-768x307.png 768w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5-1536x614.png 1536w\" sizes=\"(max-width: 1563px) 100vw, 1563px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c60c30 elementor-widget elementor-widget-text-editor\" data-id=\"9c60c30\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"spacing--xs ng-star-inserted\"><div class=\"row ng-star-inserted\"><div class=\"col\"><div class=\"ck-editor ng-star-inserted\"><p><strong>Market Review <\/strong><\/p><p>Despite a turbulent start, the S&amp;P 500 (in USD) and the S&amp;P\/ASX 200 (in AUD) Total Return Index staged an impressive rally, up by 10.9% and 9.5% respectively during the quarter. The market climbed a wall of worries, including elevated tariff uncertainty, geopolitical instability with Israel launching an attack on Iran, and simmering concerns over the ballooning US fiscal debt.\u00a0<\/p><p>The S&amp;P\/ASX 200 was led by Information Technology, which rose by 28% as the market swung back towards AI. Financials were +15% led by CBA which rose to an all-time high. Materials (0.7%) and Utilities (+2.0%) and other low beta names lagged.<\/p><p>The Bloomberg Commodities index declined 3.1% (in USD). Gold leapt 5.8% (in USD) as a safety trade against economic uncertainty and on central bank demand, and Copper and Aluminium followed, rising by 3.8% and 3.3% respectively (both in USD). Despite heighted volatility due to the Middle East conflict, the Brent closed the quarter -9.5% (in USD).<\/p><p>The USD continues to edge lower, down \u20137.0% for the quarter. As previously discussed, investors may be concerned about 1) Fiscal concerns around US debt which is exacerbated as foreign investors reduce holdings of Treasury bond, forcing issuances at possibly higher rates. 2) Weakening investor confidence due to political instability and trade uncertainty; and 3) Rising share of alternatives to the USD.<\/p><p>We had been expecting stagflation: a combination of higher price pressures and weaker growth.\u00a0 Those expectations have not manifested in hard data.\u00a0 The CPI has remained steady, while US non-farm payrolls<sup>1<\/sup> surprised to the high side. This could still be pending; most countries have enjoyed a tariff reprieve until the Trump administration\u2019s July 9 deadline.<\/p><p><strong>Performance<\/strong><\/p><p>The Fund returned 7.16% for the June quarter, underperforming the benchmark of 9.50% by 2.34%.<\/p><p><strong>Contributors\/Detractors<\/strong><\/p><p><strong>Positives<\/strong><\/p><ul><li><strong>Santos (STO) \u2013 Overweight: <\/strong>Rose on higher oil prices and takeover offer from an Abu Dhabi led consortium.<\/li><li><strong>Catapult (CAT) \u2013 Overweight: <\/strong>Rose on a solid result and tech rally<\/li><li><strong>Newmont (NEM) \u2013 Overweight: <\/strong>Rose on higher gold prices<\/li><li><strong>Woodside (WDS) \u2013 Underweight: <\/strong>Underperformed the broader rally. The portfolio closed the underweight during the quarter as Middle East conflict triggered a spike in oil prices.<\/li><li><strong>Rio Tinto (RIO) \u2013 Underweight: <\/strong>Iron ore prices underperformed and the CEO announced his pending departure.<\/li><\/ul><p><strong>Negatives<\/strong><\/p><ul><li><strong>Commonwealth Bank (CBA) \u2013 Underweight: <\/strong>CBA continued to rally on minimal earnings changes.<\/li><li><strong>Treasury Wine (TWE) \u2013 Overweight: <\/strong>US wine demand continues to be soft. The impact Trump\u2019s tariffs may have on consumer spending also weighed on sentiment.<\/li><li><strong>Ansell (ANN) \u2013 Overweight: <\/strong>Declined on tariff impact and anticipated industrial slowdown<\/li><li><strong>Block (XYZ) \u2013 Overweight: <\/strong>Declined on lowered 2Q25 guidance, portfolio weight was trimmed.<\/li><li><strong>Alcoa (AAI) \u2013 Overweight: <\/strong>Tariff impacted and expectations of lower aluminium demand due to slower growth<\/li><\/ul><p><strong>\u00a0<\/strong><\/p><p><strong>Portfolio Changes<\/strong><\/p><p><strong>Purchases<\/strong><\/p><ul><li><strong>National Australia Bank (NAB<\/strong>): Increased to manage overall Financials position and risk<\/li><li><strong>Commonwealth Bank (CBA): <\/strong>Increased to manage overall Financials position and risk<\/li><li><strong>Xero (XRO): <\/strong>Increased on increased confidence around subscriber and Average Revenue Per User (ARPU) growth<\/li><li><strong>Santos (STO): <\/strong>Increased on higher oil price expectations in light of Middle East conflict<\/li><li><strong>Cleanaway (CWY): <\/strong>New position, on confidence around improved earnings trajectory<\/li><\/ul><p><strong>Sales<\/strong><\/p><ul><li><strong>Newmont (NEM):<\/strong> Trimmed on outperformance and some signs of tariff uncertainty unwinding.<\/li><li><strong>CSL (CSL):<\/strong> Reduced on weakening flu vaccine backdrop and impact of potential tariffs on plasma<\/li><li><strong>QBE (QBE):<\/strong> Reduced on moderating global premium environment<\/li><li><strong>BHP (BHP):<\/strong> Reduced on lower iron ore prices<\/li><li><strong>Block (XYZ):<\/strong> Reduced on lowered 2Q25 gross profit outlook<\/li><\/ul><p><strong>Outlook and Positioning<\/strong><strong>\u00a0<\/strong><\/p><p>Markets have rallied strongly over the last quarter as they increasingly discount USA tariff related negotiations as more rhetoric than long lasting policy. Whilst this may be true over the long term, in the short term there are still plenty of deals to be concluded, many of which will inevitably settle at higher tariffs than those in effect prior to Trump 2.0. These tariffs should have a negative effect on economic activity in the USA and abroad given they are a transfer of wealth from private to public (USA government) with the ultimate effect depending on the size of the tariffs.<\/p><p>Any tariff related impacts could, however, be offset by a faster pace of interest rate cuts from the US Federal Reserve (Fed) if they chose to look through any tariff induced inflation as short-term noise. In any case an expectation of decelerating economic growth in the 2nd half of 2025 will require the Fed to cut rates especially if relatively expensive equity markets are to be supported at current or higher levels. If the Fed cuts 3 times in 2025, as the rates market currently expects, then equity markets may look through any short-term economic slowdown and keep charging into 2026. Historically though, buying the S&amp;P500 on greater than the current 22x PE has not yielded good long-term returns for investors so some caution is likely warranted for now.<\/p><p>In Australia, a pending RBA rate cutting cycle should support domestic cyclicals and potentially see the private sector do some of the heavy lifting which for the last couple of years has been the sole domain of the government sector. With the market trading at 19x forward earnings, cheaper money-courtesy of RBA rate cuts may be exactly what\u2019s needed to sustain elevated earnings multiples over the next 12 months.<\/p><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c3e551f elementor-widget elementor-widget-text-editor\" data-id=\"1c3e551f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For further details on fund positioning please refer to the\u00a0Paradice Australian Equities Quarterly <a href=\"https:\/\/paradice.com\/au\/wp-content\/uploads\/PALY_June_2025_Factsheet-FINAL.pdf\" target=\"_blank\" rel=\"noopener\">Fact Sheet<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-233d9bd2 elementor-widget elementor-widget-text-editor\" data-id=\"233d9bd2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><sup>1<\/sup>Source: US Bureau of Labour Statistics<\/p><p style=\"text-align: left;\"><em>Disclaimer:<\/em><\/p><p><em>This material is prepared by Paradice Investment Management Pty Ltd (ABN 64 090 148 619 AFSL No 224158) (Paradice, we or us) to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information.<\/em><\/p><p><em>This material is not intended to constitute advertising or advice (including investment advice or security, market or sector recommendations) of any kind. In addition, this material represents only the views of the Paradice Australian Equities team as at the time of release and is not intended, and may not, represent the views of Paradice or any of the other investment teams at Paradice.<\/em><\/p><p><em>Equity Trustees Limited (ABN 46 004 031 298, AFSL No. 240975) (Equity Trustees) is the responsible entity of, and issuer of units in, the Paradice Australian Equities Fund (Fund). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX:EQT).\u00a0<\/em><\/p><p><em>It may contain certain forward looking statements, opinions and projections that are based on the assumptions and judgments of Paradice with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Paradice. Because of the significant uncertainties inherent in these assumptions, opinions and judgments, you should not place undue reliance on these forward looking statements. For the avoidance of doubt, any such forward looking statements, opinions, assumptions and\/or judgments made by Paradice may not prove to be accurate or correct.\u00a0You should perform your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein. Specific securities identified herein are not representative of all securities purchased, sold, or recommended by the Fund previously or in the future. Following publication of this material, the investment teams at Paradice may transact or continue to transact in any of the securities covered herein, and may be positive, negative or neutral at any time hereafter regardless of our initial conclusions, or opinions.<\/em><\/p><p><em>The content of this publication is current as at the date of its publication and is subject to change at any time. It does not reflect any events or changes in circumstances occurring after the date of publication.\u00a0<\/em><\/p><p><em>You should consider your own needs and objectives and consult with a licensed financial adviser when deciding whether the Fund is suitable for you. Past performance should not be taken as an indicator of future performance. You should also read the current Product Disclosure Statement before making a decision about whether to invest in this product and the Target Market Determination available at <\/em><a href=\"http:\/\/www.paradice.com\/\"><em>www.paradice.com<\/em><\/a><em> . A Target Market Determination is a document which describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. This material is not to be copied, reproduced or published at any time without the prior written consent of Paradice. Neither Paradice, Equity Trustees, nor any of their respective related parties, directors or employees, make any representation or warranty as to the accuracy, completeness, reasonableness or reliability of the information contained in this publication or accept liability or responsibility for any losses, whether direct, indirect or consequential, relating to, or arising from, the use or reliance on any part of this material.\u00a0 <\/em><\/p><p><em>Copyright\u00a9 2025 Paradice<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-2e770f55\" data-id=\"2e770f55\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5a969d64 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5a969d64\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-317c1952\" data-id=\"317c1952\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-60a25b8b elementor-widget elementor-widget-image\" data-id=\"60a25b8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/paradice.com\/au\/team\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"540\" height=\"540\" src=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment.jpg\" class=\"attachment-large size-large wp-image-5644\" alt=\"\" srcset=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment.jpg 1000w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment-300x300.jpg 300w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment-150x150.jpg 150w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment-768x768.jpg 768w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment-200x200.jpg 200w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-6235bb11\" data-id=\"6235bb11\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-16bee97 elementor-widget elementor-widget-text-editor\" data-id=\"16bee97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Contributors:<\/strong><\/p><p><strong>Julia Weng<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-63216b38 elementor-widget elementor-widget-spacer\" data-id=\"63216b38\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-784dd1c7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"784dd1c7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-1f3abaf6\" data-id=\"1f3abaf6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-28c78509 elementor-widget elementor-widget-heading\" data-id=\"28c78509\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Further Information<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49b6098f elementor-widget elementor-widget-text-editor\" data-id=\"49b6098f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/paradice.com\/au\/wp-content\/uploads\/PALY-June-2025-Commentary.pdf\" target=\"_blank\" rel=\"noopener\">Download this report as a PDF here<\/a><\/span><\/p><p><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/paradice.com\/au\/team\/\" target=\"_blank\" rel=\"noopener\">Meet Our Investment Teams<\/a><\/span><\/p><p><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/paradice.com\/au\/investor-centre\/\" target=\"_blank\" rel=\"noopener\">Investor Centre<\/a><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>June, 2025 Monthly Commentary Paradice Australian Equities Team Market Review Despite a turbulent start, the S&amp;P 500 (in USD) and the S&amp;P\/ASX 200 (in AUD) Total Return Index staged an impressive rally, up by 10.9% and 9.5% respectively during the quarter. The market climbed a <span class=\"ellipsis\">&hellip;<\/span> <span class=\"more-link-wrap\"><a href=\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/\" class=\"more-link\"><span>Read More<\/span><\/a><\/span><\/p>\n","protected":false},"author":5,"featured_media":13973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_mo_disable_npp":"","footnotes":""},"categories":[76],"tags":[],"class_list":["post-13972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-perspectives"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Paradice Australian Equities Fund June 2025 Commentary - Paradice Investment Management AU<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paradice Australian Equities Fund June 2025 Commentary - Paradice Investment Management AU\" \/>\n<meta property=\"og:description\" content=\"June, 2025 Monthly Commentary Paradice Australian Equities Team Market Review Despite a turbulent start, the S&amp;P 500 (in USD) and the S&amp;P\/ASX 200 (in AUD) Total Return Index staged an impressive rally, up by 10.9% and 9.5% respectively during the quarter. The market climbed a &hellip; Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/\" \/>\n<meta property=\"og:site_name\" content=\"Paradice Investment Management AU\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-18T05:03:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-14T00:35:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1563\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Kathryn Wenborn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kathryn Wenborn\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/\"},\"author\":{\"name\":\"Kathryn Wenborn\",\"@id\":\"https:\/\/staging.paradice.com\/au\/#\/schema\/person\/32358b2b3fa9f1f683a457fcc69a8425\"},\"headline\":\"Paradice Australian Equities Fund June 2025 Commentary\",\"datePublished\":\"2025-07-18T05:03:35+00:00\",\"dateModified\":\"2026-01-14T00:35:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/\"},\"wordCount\":1487,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/#organization\"},\"image\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png\",\"articleSection\":[\"Perspectives\"],\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/\",\"url\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/\",\"name\":\"Paradice Australian Equities Fund June 2025 Commentary - Paradice Investment Management AU\",\"isPartOf\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png\",\"datePublished\":\"2025-07-18T05:03:35+00:00\",\"dateModified\":\"2026-01-14T00:35:45+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#primaryimage\",\"url\":\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png\",\"contentUrl\":\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png\",\"width\":1563,\"height\":625},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/staging.paradice.com\/au\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Paradice Australian Equities Fund June 2025 Commentary\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/staging.paradice.com\/au\/#website\",\"url\":\"https:\/\/staging.paradice.com\/au\/\",\"name\":\"Paradice Investment Management AU\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/staging.paradice.com\/au\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-AU\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/staging.paradice.com\/au\/#organization\",\"name\":\"Paradice Investment Management AU\",\"url\":\"https:\/\/staging.paradice.com\/au\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/staging.paradice.com\/au\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/paradice-logo-black.svg\",\"contentUrl\":\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/paradice-logo-black.svg\",\"width\":146,\"height\":36,\"caption\":\"Paradice Investment Management AU\"},\"image\":{\"@id\":\"https:\/\/staging.paradice.com\/au\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.linkedin.com\/company\/paradice-investment-management-pty-ltd\/?originalSubdomain=au\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/staging.paradice.com\/au\/#\/schema\/person\/32358b2b3fa9f1f683a457fcc69a8425\",\"name\":\"Kathryn Wenborn\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/staging.paradice.com\/au\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/bfb38ef550b7adf070a47852f08a56fb6a89a665fcf74300b300b6080f73583e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/bfb38ef550b7adf070a47852f08a56fb6a89a665fcf74300b300b6080f73583e?s=96&d=mm&r=g\",\"caption\":\"Kathryn Wenborn\"},\"url\":\"https:\/\/staging.paradice.com\/au\/author\/kathryn-wenborn\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Paradice Australian Equities Fund June 2025 Commentary - Paradice Investment Management AU","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/","og_locale":"en_US","og_type":"article","og_title":"Paradice Australian Equities Fund June 2025 Commentary - Paradice Investment Management AU","og_description":"June, 2025 Monthly Commentary Paradice Australian Equities Team Market Review Despite a turbulent start, the S&amp;P 500 (in USD) and the S&amp;P\/ASX 200 (in AUD) Total Return Index staged an impressive rally, up by 10.9% and 9.5% respectively during the quarter. The market climbed a &hellip; Read More","og_url":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/","og_site_name":"Paradice Investment Management AU","article_published_time":"2025-07-18T05:03:35+00:00","article_modified_time":"2026-01-14T00:35:45+00:00","og_image":[{"width":1563,"height":625,"url":"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png","type":"image\/png"}],"author":"Kathryn Wenborn","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Kathryn Wenborn","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#article","isPartOf":{"@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/"},"author":{"name":"Kathryn Wenborn","@id":"https:\/\/staging.paradice.com\/au\/#\/schema\/person\/32358b2b3fa9f1f683a457fcc69a8425"},"headline":"Paradice Australian Equities Fund June 2025 Commentary","datePublished":"2025-07-18T05:03:35+00:00","dateModified":"2026-01-14T00:35:45+00:00","mainEntityOfPage":{"@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/"},"wordCount":1487,"commentCount":0,"publisher":{"@id":"https:\/\/staging.paradice.com\/au\/#organization"},"image":{"@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png","articleSection":["Perspectives"],"inLanguage":"en-AU","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/","url":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/","name":"Paradice Australian Equities Fund June 2025 Commentary - Paradice Investment Management AU","isPartOf":{"@id":"https:\/\/staging.paradice.com\/au\/#website"},"primaryImageOfPage":{"@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#primaryimage"},"image":{"@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png","datePublished":"2025-07-18T05:03:35+00:00","dateModified":"2026-01-14T00:35:45+00:00","breadcrumb":{"@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#breadcrumb"},"inLanguage":"en-AU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/"]}]},{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#primaryimage","url":"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png","contentUrl":"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-5.png","width":1563,"height":625},{"@type":"BreadcrumbList","@id":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-june-2025-commentary\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/staging.paradice.com\/au\/"},{"@type":"ListItem","position":2,"name":"Paradice Australian Equities Fund June 2025 Commentary"}]},{"@type":"WebSite","@id":"https:\/\/staging.paradice.com\/au\/#website","url":"https:\/\/staging.paradice.com\/au\/","name":"Paradice Investment Management AU","description":"","publisher":{"@id":"https:\/\/staging.paradice.com\/au\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/staging.paradice.com\/au\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-AU"},{"@type":"Organization","@id":"https:\/\/staging.paradice.com\/au\/#organization","name":"Paradice Investment Management AU","url":"https:\/\/staging.paradice.com\/au\/","logo":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/staging.paradice.com\/au\/#\/schema\/logo\/image\/","url":"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/paradice-logo-black.svg","contentUrl":"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/paradice-logo-black.svg","width":146,"height":36,"caption":"Paradice Investment Management AU"},"image":{"@id":"https:\/\/staging.paradice.com\/au\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/paradice-investment-management-pty-ltd\/?originalSubdomain=au"]},{"@type":"Person","@id":"https:\/\/staging.paradice.com\/au\/#\/schema\/person\/32358b2b3fa9f1f683a457fcc69a8425","name":"Kathryn Wenborn","image":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/staging.paradice.com\/au\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/bfb38ef550b7adf070a47852f08a56fb6a89a665fcf74300b300b6080f73583e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/bfb38ef550b7adf070a47852f08a56fb6a89a665fcf74300b300b6080f73583e?s=96&d=mm&r=g","caption":"Kathryn Wenborn"},"url":"https:\/\/staging.paradice.com\/au\/author\/kathryn-wenborn\/"}]}},"_links":{"self":[{"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/posts\/13972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/comments?post=13972"}],"version-history":[{"count":1,"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/posts\/13972\/revisions"}],"predecessor-version":[{"id":15381,"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/posts\/13972\/revisions\/15381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/media\/13973"}],"wp:attachment":[{"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/media?parent=13972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/categories?post=13972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.paradice.com\/au\/wp-json\/wp\/v2\/tags?post=13972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}