The Ethical Investment Mid-Cap Portfolio returned 6.17% for the quarter. This brings the total return for the portfolio over the past year to 12.12%, and 7.33% per annum over the past three years.
The Australian share market saw another very strong quarter of returns, with the All Ordinaries Accumulation Index rising 7.83%, backing up the return of 11.06% in the first three months of 2019. The market is now trading very close to its all-time highs back in 2007.
The top performing investments for the quarter included the waste management and recycling company, Bingo Industries (+47%) and the tyre recycling company, Pyrolyx AG (+41%), as well as Hansen Technologies (+33%) and NIB Holdings (+42%).
The lowest returns were mainly from some of the smaller holdings in the fund, including Redflow (-33%), Windlab (-21%), Australian Ethical Investment (-22%) and Duxton Water (-16%).
Australian Pharmaceutical Industries was added to the portfolio during the quarter. Australian Pharmaceutical Industries (API) is an Australian health and beauty services company. API provides wholesale product delivery services, retail services, marketing programs and business advisory services to customers. API also has as a number of brands and banners in the retail health and beauty industry, including Priceline, Soul Pattinson and Pharmacist Advice.
We also added to our holdings in Sims Metal Management, Next DC and Cochlear. Arowana International was removed from the portfolio in June after disappointing with its continued underperformance.
Redflow, a company focussing on the development and manufacturing of zinc-bromide flow batteries, raised $8.4 million via an entitlement offer which we participated in. The company was raising capital to support the rollout of their batteries. Redflow manufactures batteries for both residential and commercial use.
During the quarter we also reduced our positions in several companies including Technology One, Chorus, Challenger, Medibank Private and Meridian Energy.