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| Manager Comments | The economic outlook in Australia, however, remains a concern. The boom in new mining investment has now clearly come to an end but, as the chart below shows, the impact on the economy has been cushioned so far by the completion of old projects. The contribution of business investment to gross domestic product (GDP), currently at record highs, is set to fall heavily. Investment from the last decade ensures Australia will export record tonnes of ore, but unlike investment and construction, the additional benefits to the wider economy are limited. So what does this mean for the portfolio? Luckily value investors do not have to play fair (the idea is pretty much to play as unfairly as possible) so the Fund can cherry pick areas it likes and avoid other ones entirely. It has been a theme for the past five years, but we are still focused on finding foreign currency exposure on the ASX. The trends highlighted above are likely to force the Australian dollar, which has appreciated 5% to US$0.943 this year, lower long term. The full text of the Fund's quarterly report is on the AFM website under the Fund's profile. |
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