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| Fund Overview | |
| Manager Comments | As at 31st July, cash (including notes and preference shares) represented 28% of the Fund. The top five holdings by value were: DUET Group, ANZ Bank, Telstra, Resmed and the Caltex Group. The largest positive contributors to the month's performance came mainly from a rebound in those companies that were sold off in the prior two months. These included Duet Group, Seven West Media, Mermaid Marine and Telstra. The Fox Group (recently spun out of News Corporation) also represented a consistent positive contributor. After many years of significant and substantial gains, the McMillan Shakespeare share price fell sharply following the unexpected proposal by the Labor government to make a fundamental change to the fringe benefits tax legislation. While this impacted negatively on the Fund's monthly performance (by approximately -1%), the major portion of the Fund's holding had already been sold in prior months due to valuation concerns independent of this event. The Fund increased its existing holdings in Caltex, ANZ Bank, Resmed, Woolworths, CSL and McMillan Shakespeare with the latter occurring following the sharp sell-off during the month. 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 21%. The Fund disposed of its holdings in Myer and APN. |
| More Information | » View detailed profile of this fund |
