| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | |
| Manager Comments | As at 31st May, cash (including notes and preference shares) represented 31% of the Fund. The top five holdings by value were: DUET Group, Caltex, ANZ Bank, Telstra and Resmed. The Fund acquired two new holdings, namely the Australian wagering operator, Tabcorp Holdings, and the New Zealand based retirement village developer and operator, Summerset. In addition, the Fund took advantage of the lower prices to add to existing holdings in Mermaid Marine, Caltex, Woolworths, DUET Group and Telstra. The Fund's exposure to non-Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed and News Corporation, NZ based companies and US dollar exposure) stands at 19%. The Fund disposed of its holding in Fairfax and took advantage of higher prices to lighten its exposure to Seven Group, Ainsworth Gaming, AMP and McMillan Shakespeare. Australian businesses are still fighting cyclical and structural factors such as a cautious consumer, the impact of a lack of confidence in Government policy decisions (exaggerated by a prolonged election campaign), an unseasonably warm start to winter and the increasing number of large companies announcing intentions to shrink their work forces. While the lower Australian dollar will provide some relief for export focussed businesses (including the agricultural, tourism and education industries) this may take some time to work its way through the system. We have become less optimistic on the short to medium term outlook for discretionary spending and employment levels. |
| More Information | » View detailed profile of this fund |
