The Australian Growth Fund returned +1.7% in June, compared to its benchmark of +1.4%.

June was a volatile month for the Australian share market with Energy (+9%), Financials (+4%) and Communication Services (+2%) leading the market higher, whilst Materials (-3%), Consumer Staples (-2%) and Utilities (-1%) weighed on the ASX200 returns.

Insurance remediation services provider, Johns Lyng Group's (+24%) share price rose sharply after the company announced that a private equity suitor had entered into takeover discussions with Johns Lyng. The Board of Directors has provided the private equity firm with exclusive access to due diligence which should be completed in July, at which point, a takeover offer may be tabled for the company. Although the price of the potential takeover offer has not been disclosed to the market, this demonstrates that latent valuation upside exists for Johns Lyng. We are monitoring these events closely.

Domino's (-18%) was our worst performer in the month, with the share price sinking throughout June, albeit with no material news on the company during the month. That said, in early July the company announced that recently appointed CEO Mark van Dyk would be stepping down. and the Chairman and largest shareholder in the company, Jack Cowin would assume the role of Executive Chair. Mr Cowin and the Board of Directors have commenced an international search process for a replacement CEO. Given there has been a lot of change in the executive leadership team at Domino's over the last year, this latest announcement was disappointing for shareholders.