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| Manager Comments | The Australian equity market continued its strong start, with the benchmark S&P/ASX 300 Accumulation index rising a further 5.3% during February. Global equity markets also rose, but stumbled mid-month due to an inconclusive result in Italian elections (and increasing support of anti-austerity parties) as well as fears the US “easy” monetary policy would be scaled back. US budget issues (avoiding automatic spending cuts which would reduce growth) also weighed on investor sentiment. Economic data in the US and China was neutral to positive. Domestically, the focus was on the reporting season. In general, the results season was viewed as positive as the number of positive surprises outnumbered negative. However price action was subdued. Cost reduction and margin expansion were some of the key themes of the season. The Fund also performed well during February, rising by 5.4% and outperforming the benchmark. Stock selection was positive, again across most sectors. The biggest positive contributors to performance were REA Group (up 29.8%), National Australia Bank (up 10.4%) and Westpac (up 9.7%). The companies which detracted from performance were Monadelphous (down 6.6%), BHP Billiton (down 1.1%) and Newcrest (down 3.2%). The fund's preferred sectors are Consumer Staples, Energy and selected quality mining services companies with an underweight in non-bank Financials. 88.6% of stock held were in the top 100 and the largest holdings were ANZ, BHP Monadelphous, Wesfarmers and Westpac. |
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