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| Fund Overview | |
| Manager Comments | The top five holdings by value were: DUET Group, ANZ Bank, Telstra, Resmed and Tatts. The largest positive contributors to the quarter's performance included Fox Group (formerly News Corporation), ANZ Bank, Ainsworth Gaming and our holdings in US Dollars. There were several large detractors including ANZ Bank, NAB, Seven Group Holdings, DUET Group, Woolworths, Mermaid Marine and Telstra. The Fund acquired two new holdings, namely the global plasma fractionator CSL and a NZ-based aged care company, 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 Fox Group, NZ based companies and US dollar exposure) stands at 20%. The Fund disposed of its holding in Fairfax and AMP and took advantage of higher prices to lighten its exposure to Seven Group, Ainsworth Gaming, and McMillan Shakespeare. |
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