DOCSLIB.ORG

FISHER FUNDS from the UNDERGROWTH 3 Getting to Know

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
FISHER FUNDS from the UNDERGROWTH 3 Getting to Know From the UndergrowthJuly 2014 At a Glance as at 30 June 2014 Moat or Momentum? You can tell when there is a bit of heat in a market – everyone talks about it and wants Unit Prices ($) to be part of it. If the New Zealand share market is not hot, it’s certainly balmy. A New Zealand Growth Fund 5.3906 bunch of companies are planning to list in order to feed “buoyant investor demand” and investors are seemingly prepared to consider all and any IPO, regardless of the Australian Growth Fund 2.5674 company’s pedigree. Actually, that’s harsh, all companies have a pedigree. It’s just hard International Growth Fund 1.3674 to understand why investors get frothy about a company that hasn’t made any money or get excited about buying something when its owners are wanting to sell (if it’s that KiwiSaver Growth Fund 1.4678 good, why are they selling?). KiwiSaver Conservative Fund 1.2920 IPO enthusiasm is not unique to New Zealand – so far this year, there have been 144 Property & Infrastructure Fund 1.5769 IPOs in the US raising $US30 billion, making it the busiest year since 2000. Investors are excited about new companies coming to the market in New Zealand and in the US High Income Fund 1.0222 because both share markets have enjoyed good times for the past two or three years, and investors don’t want the good times to end. Net Performance (June 2014) Momentum investing is a centuries old phenomenon. It essentially involves backing winners – buying the sort of investments that have recently been successful, on the New Zealand Growth Fund 0.6% assumption that past trends will continue. However, while momentum investing has Australian Growth Fund 0.4% proven itself as a successful strategy in certain periods, it can also be costly because the momentum can end as quickly as it starts, and you don’t want to be the last International Growth Fund - 1.8% man or woman standing. In a recent investor bulletin, the Securities and Exchange KiwiSaver Growth Fund - 0.4% Commission described momentum investing as a “manifestation of magical thinking and herd behaviour”. While we wouldn’t go so far as to suggest magic, we do prefer an KiwiSaver Conservative Fund 0.1% investing approach that is grounded in logic and fundamentals, rather than emotion and Property and Infrastructure Fund 0.0% enthusiasm (especially someone else’s). That is not to say we don’t appreciate enthusiasm. We can get very enthusiastic, excited High Income Fund 0.3% even, when we find an investment that ticks the boxes and then goes on to be successful NZ50 Gross index - 0.7% as its investment thesis plays out. We have talked often about the sort of companies that we like – those with a sustainable competitive advantage or moat. Warren Buffett S&P/ASX 300 ($NZ) - 3.1% coined the phrase “economic moat” to describe a sustainable competitive advantage MSCI Global Small Cap Index ($NZ) 0.9% that a business possesses that makes it difficult for rivals to wear down its market share and profit. It can be likened to a water-filled moat that surrounded medieval castles - the wider the moat, the more difficult it would be for an invader to reach the castle. Moat and momentum investing may not be as polar opposite as one might think. To my mind, the difference between the two comes down to the eye of the beholder. A momentum investor wants to invest in companies that other investors love. A moat investor wants to invest in companies loved by their customers. If their customers continue to love them, then ultimately other investors will love them (and their profit growth) too. Now if only the momentum investors, in their rush to chase the latest hot thing, would overlook moat stocks, allowing us to buy them cheaply. Unfortunately, there is quite a bit of heat in moat stocks as well, all over the world. While we continue to find quality investments that get us interested, right now their share prices leave us cold. Thankfully our existing moat is wide enough to offer protection while we wait. Carmel Fisher, Managing Director Your Portfolios - what has been going on since we last spoke? New Zealand International The NZ Growth Fund’s net performance of 0.6% in June was Global equity markets moved higher in June despite ahead of both the broader market (NZ50G -0.7%) and the increasing tensions in Iraq and rising oil prices. The MSCI mid-cap segment (NZSEMCG -0.8%). World Index rose 1.7%, the MSCI World Small Cap Index bounced nicely in June rising 3.7% while Emerging Market The Fund’s outperformance relative to the market in June share markets continued their recovery with the MSCI can be put down to our high weightings and favourable Emerging market Index up 2.2%. share price movements in F&P Healthcare, Mainfreight and Ryman Healthcare, negated by the earnings downgrade The International Growth Fund was up 1.4% in US Dollar by Kathmandu due to a warm winter during this big sales terms but faced significant currency headwinds over the period. The 18.8% fall in the Xero share price (not owned) month. The Reserve Bank’s interest rate increase helped also helped relative returns. push the New Zealand Dollar close to 30 year highs against the USD. As a consequence the Fund was down 1.8% in Kathmandu advised the market that they expect its earnings NZD terms. for the 11 months ended 30 June will be down 10%-15% on the same period last year (down 0% to 5% on a constant The Fund’s underperformance relative to the MSCI currency basis). Kathmandu’s three sales periods (Easter, World and Small Cap Indices was largely due to the winter & Christmas) make up 60% of its total annual revenue, mild underperformance of some of our larger holdings. with the winter sale being key. These are stocks that have been key contributors to our outperformance over the last 12 months but sold off slightly We have owned Kathmandu for over four years and during June on no company specific news. Included in acknowledge and expect that periodically one of its sales this category are companies such as Brembo, Sarine periods will not go well and have reflected this factor into Technologies, Zodiac Aerospace and United Internet, all our portfolio weighting. Overall, however, Kathmandu is in a companies in which we continue to have strong conviction. favourable sector (adventure travel), has a good track record, Positive contributor’s over the month largely came from the robust growth prospects and is well run. healthcare sector with Sirona and Stratec performing well. The recovery in Stratec is pleasing. The company has Australia struggled over the last 12-18 months following a couple of profit warnings and the loss of a large contract. We recently The Australian Growth Fund was up 0.4% in June beating had the chance to visit their headquarters in Birkenfeld the broader market (S&P/ASX 300) which fell 3.1% in New in south-west Germany, meet with the CEO and take an Zealand dollar terms. June proved a tough month in extensive tour of their factory. The tour certainly helped us Australia. Consumer stocks struggled on a spate of profit appreciate the strong technology component in the design warnings as the sharp decline in consumer confidence of their analyser systems, the powerful value proposition and an unseasonably warm start to the winter weighed on this gives their client base and the significant moats the spending. Banks (-1.1%) and Resources (-1.9%) also offered business has as a result. We continue to believe Stratec little support. will deliver good returns, and this is reflected in the high portfolio weighting. The Fund’s solid June performance was encouragingly broad-based. As we anticipated Ingenia (+11%) recovered May’s underperformance quickly to reach record highs and Property & Infrastructure Nansonics (+7%) share price pleasingly began to reflect the positive emerging fundamentals we’ve been focused on for While the Property & Infrastructure Fund was flat for the some time. Retail Food Group (+7%) distinguished itself month, there were two key pieces of news flow from from consumer peers, a development we expected given portfolio companies. that the company should clearly benefit from financially stressed consumers trading down from more expensive Firstly, Port of Tauranga signed a 10 year deal with Kotahi (a discretionary items. joint venture between Fonterra and Silver Fern Farms) that effectively underwrites Port of Tauranga’s cost of dredging During June new portfolio manager, Manuel Greenland, its harbour for bigger ships to visit ($50m), and validates its started to imprint his influence on the Fund introducing recent purchase of 50% of PrimePort Timaru. three new companies with global footprints: Flight Centre (a unique travel specialist), Sonic Healthcare (a leading Kotahi in turn has committed to providing substantial export provider of medical diagnostic services) and CSL (a leader volumes to the Maersk Line (2.5m Twenty-foot Equivalent in the growing plasma therapies market). We also sold out Units or TEUs) over the next 10 years, which means that completely of Universal Biosensors. As indicated in last Maersk will commit to bringing larger ships (6,500 TEU’s month’s newsletter we lost confidence in the management of v 4,800 TEU’s currently) to Tauranga, once its harbour is the company and preferred to exit the investment. dredged to allow for these bigger boats (expected by the end of 2016). PrimePort Timaru will now be a strong feeder Manuel introduces Sonic Healthcare in this month’s Birds Eye port to Tauranga based on Kotahi’s committed volumes.
Load more

Recommended publications
  • Socially Conscious Australian Equity Holdings
    Socially Conscious Australian Equity Holdings As at 30 June 2021 Country of Company domicile Weight COMMONWEALTH BANK OF AUSTRALIA AUSTRALIA 10.56% CSL LTD AUSTRALIA 8.46% AUST AND NZ BANKING GROUP AUSTRALIA 5.68% NATIONAL AUSTRALIA BANK LTD AUSTRALIA 5.32% WESTPAC BANKING CORP AUSTRALIA 5.08% TELSTRA CORP LTD AUSTRALIA 3.31% WOOLWORTHS GROUP LTD AUSTRALIA 2.93% FORTESCUE METALS GROUP LTD AUSTRALIA 2.80% TRANSURBAN GROUP AUSTRALIA 2.55% GOODMAN GROUP AUSTRALIA 2.34% WESFARMERS LTD AUSTRALIA 2.29% BRAMBLES LTD AUSTRALIA 1.85% COLES GROUP LTD AUSTRALIA 1.80% SUNCORP GROUP LTD AUSTRALIA 1.62% MACQUARIE GROUP LTD AUSTRALIA 1.54% JAMES HARDIE INDUSTRIES IRELAND 1.51% NEWCREST MINING LTD AUSTRALIA 1.45% SONIC HEALTHCARE LTD AUSTRALIA 1.44% MIRVAC GROUP AUSTRALIA 1.43% MAGELLAN FINANCIAL GROUP LTD AUSTRALIA 1.13% STOCKLAND AUSTRALIA 1.11% DEXUS AUSTRALIA 1.11% COMPUTERSHARE LTD AUSTRALIA 1.09% AMCOR PLC AUSTRALIA 1.02% ILUKA RESOURCES LTD AUSTRALIA 1.01% XERO LTD NEW ZEALAND 0.97% WISETECH GLOBAL LTD AUSTRALIA 0.92% SEEK LTD AUSTRALIA 0.88% SYDNEY AIRPORT AUSTRALIA 0.83% NINE ENTERTAINMENT CO HOLDINGS LIMITED AUSTRALIA 0.82% EAGERS AUTOMOTIVE LTD AUSTRALIA 0.82% RELIANCE WORLDWIDE CORP LTD UNITED STATES 0.80% SANDFIRE RESOURCES LTD AUSTRALIA 0.79% AFTERPAY LTD AUSTRALIA 0.79% CHARTER HALL GROUP AUSTRALIA 0.79% SCENTRE GROUP AUSTRALIA 0.79% ORORA LTD AUSTRALIA 0.75% ANSELL LTD AUSTRALIA 0.75% OZ MINERALS LTD AUSTRALIA 0.74% IGO LTD AUSTRALIA 0.71% GPT GROUP AUSTRALIA 0.69% Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340) the trustee of Aware Super (ABN 53 226 460 365).
    [Show full text]
  • Westpac Online Investment Loan Acceptable Securities List - Effective 3 September2021
    Westpac Online Investment Loan Acceptable Securities List - Effective 3 September2021 ASX listed securities ASX Code Security Name LVR ASX Code Security Name LVR A2M The a2 Milk Company Limited 50% CIN Carlton Investments Limited 60% ABC Adelaide Brighton Limited 60% CIP Centuria Industrial REIT 50% ABP Abacus Property Group 60% CKF Collins Foods Limited 50% ADI APN Industria REIT 40% CL1 Class Limited 45% AEF Australian Ethical Investment Limited 40% CLW Charter Hall Long Wale Reit 60% AFG Australian Finance Group Limited 40% CMW Cromwell Group 60% AFI Australian Foundation Investment Co. Ltd 75% CNI Centuria Capital Group 50% AGG AngloGold Ashanti Limited 50% CNU Chorus Limited 60% AGL AGL Energy Limited 75% COF Centuria Office REIT 50% AIA Auckland International Airport Limited 60% COH Cochlear Limited 65% ALD Ampol Limited 70% COL Coles Group Limited 75% ALI Argo Global Listed Infrastructure Limited 60% CPU Computershare Limited 70% ALL Aristocrat Leisure Limited 60% CQE Charter Hall Education Trust 50% ALQ Als Limited 65% CQR Charter Hall Retail Reit 60% ALU Altium Limited 50% CSL CSL Limited 75% ALX Atlas Arteria 60% CSR CSR Limited 60% AMC Amcor Limited 75% CTD Corporate Travel Management Limited ** 40% AMH Amcil Limited 50% CUV Clinuvel Pharmaceuticals Limited 40% AMI Aurelia Metals Limited 35% CWN Crown Limited 60% AMP AMP Limited 60% CWNHB Crown Resorts Ltd Subordinated Notes II 60% AMPPA AMP Limited Cap Note Deferred Settlement 60% CWP Cedar Woods Properties Limited 45% AMPPB AMP Limited Capital Notes 2 60% CWY Cleanaway Waste
    [Show full text]
  • Balanced Style Investing — Winning by Not Losing September 2020
    Insights Active Quantitative Equity (AQE) Balanced Style Investing — Winning by Not Losing September 2020 Bruce Apted Head of Portfolio Management Australia Active Quantitative Equity Human emotions and biases affect all investors. Left unchecked, these emotions can sabotage financial decisions and generate suboptimal investment outcomes. However, by understanding how human emotions and behaviour impacts our decision making we can unlock opportunities for investors. The key to unlocking these opportunities is: • understanding how financial markets interact with human behaviour; and • finding an investment style to exploit these biases. Emotions are the Financial markets have the ability to generate and destroy wealth. They are complex and Enemy for Investors volatile and evoke significant emotions. Figure 1 depicts an all too common emotional roller coaster for investors. The worst case scenario is letting your emotions drive your investment decisions — buying a security near the high or capitulating and selling near the low. How can investors avoid the mistakes of mass psychology and turn emotional short comings into opportunity? Be risk averse when the market is overly optimistic (Euphoria) and risk seeking when the market is overly pessimistic (Panic and Capitulation). 10 Figure 1 Euphoria Market Becomes Expensive — Greatest Financial Risk The Emotional Roller Coaster of Investing 8 Thrill Anxiety Denial Excitment 6 Fear Optimism Optimism 4 Panic Relief 2 Hope Market Becomes Cheap — Greatest Financial Opportunity Capitulation Depression 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Source: State Street Global Advisors. The information contained above is for illustrative purposes only. Over the last 20 years, there are many examples of Euphoria followed by Fear and Capitulation (see Figure 2).
    [Show full text]
  • NZX Celebrates World Investor Week
    NZX Limited Level 1, NZX Centre 11 Cable Street PO Box 2959 Wellington 6140 New Zealand Tel +64 4 472 7599 www.nzx.com 1 October 2018 NZX celebrates World Investor Week NZX is celebrating World Investor Week by continuing to provide an increased range of opportunities for New Zealanders to learn about companies listed on the market. Retail investor evenings will be held by the NZX in Christchurch, Wellington and Auckland this week, offering a great chance for local attendees to increase their knowledge of companies listed on New Zealand’s exchange and ask the leaders of these businesses any questions. The exchange’s inaugural investor evenings sold out in 36 hours demonstrating the unprecedented demand from retail investors to hear first-hand from some of New Zealand’s most well-known businesses. NZX Head of Issuer Relationships Joanna Lawn commented: “Connecting retail investors and listed companies is part of our ongoing efforts to provide a better platform for customers to tell their stories, and to educate the New Zealand public about the benefits of investing in the share market.” “As an exchange we need to do our bit to encourage new investors into the New Zealand market and embark on their investing journey. These evenings are a simple but significant step towards achieving this.” World Investor Week is a global campaign promoted by International Organisation of Securities Commissions to raise awareness about the importance of investor education and protection, while highlighting the various initiatives of securities regulators in these two areas. Companies at NZX’s retail investor evenings include: Chorus, Cooks Global Foods, Fisher Funds, Infratil, Kathmandu, Mainfreight, Meridian Energy, Ryman Healthcare, Sanford, Scales Corporation, and six UK investment trust companies.
    [Show full text]
  • Stoxx® Pacific Total Market Index
    STOXX® PACIFIC TOTAL MARKET INDEX Components1 Company Supersector Country Weight (%) CSL Ltd. Health Care AU 7.79 Commonwealth Bank of Australia Banks AU 7.24 BHP GROUP LTD. Basic Resources AU 6.14 Westpac Banking Corp. Banks AU 3.91 National Australia Bank Ltd. Banks AU 3.28 Australia & New Zealand Bankin Banks AU 3.17 Wesfarmers Ltd. Retail AU 2.91 WOOLWORTHS GROUP Retail AU 2.75 Macquarie Group Ltd. Financial Services AU 2.57 Transurban Group Industrial Goods & Services AU 2.47 Telstra Corp. Ltd. Telecommunications AU 2.26 Rio Tinto Ltd. Basic Resources AU 2.13 Goodman Group Real Estate AU 1.51 Fortescue Metals Group Ltd. Basic Resources AU 1.39 Newcrest Mining Ltd. Basic Resources AU 1.37 Woodside Petroleum Ltd. Oil & Gas AU 1.23 Coles Group Retail AU 1.19 Aristocrat Leisure Ltd. Travel & Leisure AU 1.02 Brambles Ltd. Industrial Goods & Services AU 1.01 ASX Ltd. Financial Services AU 0.99 FISHER & PAYKEL HLTHCR. Health Care NZ 0.92 AMCOR Industrial Goods & Services AU 0.91 A2 MILK Food & Beverage NZ 0.84 Insurance Australia Group Ltd. Insurance AU 0.82 Sonic Healthcare Ltd. Health Care AU 0.82 SYDNEY AIRPORT Industrial Goods & Services AU 0.81 AFTERPAY Financial Services AU 0.78 SUNCORP GROUP LTD. Insurance AU 0.71 QBE Insurance Group Ltd. Insurance AU 0.70 SCENTRE GROUP Real Estate AU 0.69 AUSTRALIAN PIPELINE Oil & Gas AU 0.68 Cochlear Ltd. Health Care AU 0.67 AGL Energy Ltd. Utilities AU 0.66 DEXUS Real Estate AU 0.66 Origin Energy Ltd.
    [Show full text]
  • The Climate Risk of New Zealand Equities
    The Climate Risk of New Zealand Equities Hamish Kennett Ivan Diaz-Rainey Pallab Biswas Introduction/Overview ØExamine the Climate Risk exposure of New Zealand Equities, specifically NZX50 companies ØMeasuring company Transition Risk through collating firm emission data ØCompany Survey and Emission Descriptives ØPredicting Emission Disclosure ØHypothetical Carbon Liabilities 2 Measuring Transition Risk ØTransition Risk through collating firm emissions ØAimed to collate emissions for all the constituents of the NZX50. ØUnique as our dataset consists of Scope 1, Scope 2, and Scope 3 emissions, ESG scores and Emission Intensities for each firm. ØCarbon Disclosure Project (CDP) reports, Thomson Reuters Asset4, Annual reports, Sustainability reports and Certified Emissions Measurement and Reduction Scheme (CEMAR) reports. Ø86% of the market capitilisation of the NZX50. 9 ØScope 1: Classified as direct GHG emissions from sources that are owned or controlled by the company. ØScope 2: Classified as indirect emissions occurring from the generation of purchased electricity. ØScope 3: Classified as other indirect GHG emissions occurring from the activities of the company, but not from sources owned or controlled by the company. (-./01 23-./014) Ø Emission Intensity = 6789 :1;1<=1 4 Company Survey Responses Did not Email No Response to Email Responded to Email Response Company Company Company Air New Zealand Ltd. The a2 Milk Company Ltd. Arvida Group Ltd. Do not report ANZ Group Ltd. EBOS Ltd. Heartland Group Holdings Ltd. Do not report Argosy Property Ltd. Goodman Property Ltd. Metro Performance Glass Ltd. Do not report Chorus Ltd. Infratil Ltd. Pushpay Holdings Ltd. Do not report Contact Energy Ltd. Investore Property Ltd.
    [Show full text]
  • Dividend Reinvestment Plan
    196 09) DIVIDEND REINVESTMENT PLAN CONTENTS PAGE SUMMARY OF RULES 1 COMMONLY ASKED QUESTIONS AND ANSWERS 4 DIVIDEND REINVESTMENT PLAN RULES 7 Sonic Healthcare Limited ABN 24 004 196 909 Version date: 15 February 2017 SUMMARY OF RULES The Sonic Healthcare Limited ("Sonic") Dividend Reinvestment Plan (the ”DRP”) allows you to automatically reinvest some or all of your cash dividend in exchange for additional ordinary shares. This booklet has been prepared to assist you in deciding whether you wish to receive a cash dividend or increase your shareholding in Sonic by reinvestment of your dividend. A copy of the DRP Rules is contained in this booklet, which you should read carefully before deciding whether to participate in the DRP, or vary or withdraw from your participation where you have previously elected to participate. That decision should be taken after considering your particular financial and taxation position. It is stressed that while this summary provides an outline of the Plan’s operation, nothing in this booklet is intended to constitute financial product advice (and Sonic is not licensed to provide such advice). This booklet provides general comments only and does not take into account your personal objectives, financial situation or needs and should not be relied on as the basis for any decision you make in relation to participating in the DRP. You should obtain independent financial, legal and taxation advice in relation to your personal circumstances and how the participation in the DRP will affect you before making any decision to participate. If you are not already a DRP participant, it is not necessary for you to take any action if you wish to continue to receive your dividends in the form of cash only.
    [Show full text]
  • ESG Reporting by the ASX200
    Australian Council of Superannuation Investors ESG Reporting by the ASX200 August 2019 ABOUT ACSI Established in 2001, the Australian Council of Superannuation Investors (ACSI) provides a strong, collective voice on environmental, social and governance (ESG) issues on behalf of our members. Our members include 38 Australian and international We undertake a year-round program of research, asset owners and institutional investors. Collectively, they engagement, advocacy and voting advice. These activities manage over $2.2 trillion in assets and own on average 10 provide a solid basis for our members to exercise their per cent of every ASX200 company. ownership rights. Our members believe that ESG risks and opportunities have We also offer additional consulting services a material impact on investment outcomes. As fiduciary including: ESG and related policy development; analysis investors, they have a responsibility to act to enhance the of service providers, fund managers and ESG data; and long-term value of the savings entrusted to them. disclosure advice. Through ACSI, our members collaborate to achieve genuine, measurable and permanent improvements in the ESG practices and performance of the companies they invest in. 6 INTERNATIONAL MEMBERS 32 AUSTRALIAN MEMBERS MANAGING $2.2 TRILLION IN ASSETS 2 ESG REPORTING BY THE ASX200: AUGUST 2019 FOREWORD We are currently operating in a low-trust environment Yet, safety data is material to our members. In 2018, 22 – for organisations generally but especially businesses. people from 13 ASX200 companies died in their workplaces. Transparency and accountability are crucial to rebuilding A majority of these involved contractors, suggesting that this trust deficit. workplace health and safety standards are not uniformly applied.
    [Show full text]
  • Sonic Healthcare Limited ABN 24 004 196 909 Annual Report – 30 June 2018
    Sonic Healthcare Limited ABN 24 004 196 909 Annual Report – 30 June 2018 Contents Corporate Directory 1 Chairman’s Letter 2 CEO Report 3 Financial History 4 Directors’ Report 5 Corporate Governance Statement 36 Financial Report 47 Directors’ Declaration 114 Independent Auditor’s Report to the Members 115 Shareholders’ Information 121 Corporate Responsibility Report 2018 - Please refer to the Sonic Healthcare website at: http://investors.sonichealthcare.com/corporate-responsibility/?page=corporate-responsibility Sonic Healthcare Limited and controlled entities Corporate Directory Directors Prof. M.R. Compton Chairman Dr C.S. Goldschmidt Managing Director Mr C.D. Wilks Finance Director Dr P.J. Dubois Mr N. Mitchell Mr L.J. Panaccio Ms K.D. Spargo Dr E.J. Wilson Company Secretary Mr P.J. Alexander Principal registered office in Australia 14 Giffnock Avenue, Macquarie Park, New South Wales, 2113, Australia. Ph: 61 2 9855 5444 Fax: 61 2 9878 5066 Website: www.sonichealthcare.com Share registry Computershare Investor Services Pty Limited Level 5, 115 Grenfell Street, Adelaide, South Australia, 5000, Australia. Ph: 1300 556 161 (Within Australia) Ph: 61 3 9415 4000 (Outside Australia) Fax: 1300 534 987 (Within Australia) Fax: 61 3 9473 2408 (Outside Australia) Website: www.computershare.com Email: www.investorcentre.com/contact Auditor PricewaterhouseCoopers Solicitors Allens Bankers Australia and New Zealand Banking Group BNP Paribas Citibank Commerzbank Commonwealth Bank of Australia Crédit Industriel et Commercial DNB Asia HSBC JPMorgan Chase Bank Mizuho Bank MUFG Bank National Australia Bank Westpac Banking Corporation Stock exchange listings Sonic Healthcare Limited (SHL.AX) shares are listed on the Australian Securities Exchange. Sonic Healthcare Limited also has a Level 1 sponsored American Depositary Receipt (ADR) facility managed by BNY Mellon (the ‘Depositary’).
    [Show full text]
  • Concise Annual Report 2018
    Concise Annual Report 2018 ABN 24 004 196 909 Corporate Directory DIRECTORS Prof. M.R. Compton | Chairman Dr C.S. Goldschmidt | Managing Director Mr C.D. Wilks | Finance Director Dr P.J. Dubois Mr N. Mitchell Mr L.J. Panaccio Ms K.D. Spargo Dr E.J. Wilson COMPANY SECRETARY Mr P.J. Alexander PRINCIPAL REGISTERED OFFICE IN AUSTRALIA 14 Giffnock Avenue, Macquarie Park New South Wales, 2113, Australia P 61 2 9855 5444 F 61 2 9878 5066 W www.sonichealthcare.com SHARE REGISTRY Computershare Investor Services Pty Limited Level 5, 115 Grenfell Street, Adelaide, South Australia, 5000, Australia. P 1300 556 161 (Within Australia) P 61 3 9415 4000 (Outside Australia) F 1300 534 987 (Within Australia) F 61 3 9473 2408 (Outside Australia) W www.computershare.com E www.investorcentre.com/contact AUDITOR PricewaterhouseCoopers SOLICITORS Allens BANKERS Australia and New Zealand Banking Group BNP Paribas Citibank Commerzbank Commonwealth Bank of Australia Crédit Industriel et Commercial DNB Asia HSBC JPMorgan Chase Bank Mizuho Bank MUFG Bank National Australia Bank Westpac Banking Corporation STOCK EXCHANGE LISTINGS Sonic Healthcare Limited (SHL.AX) shares are listed on the Australian Securities Exchange. Sonic Healthcare Limited also has a Level 1 sponsored American Depositary Receipt (ADR) facility managed by BNY Mellon (the ‘Depositary’). Sonic Healthcare Limited’s ADRs are traded under the code ‘SKHHY’. Contents Chairman’s Letter 03 CEO Report 04 Financial History 07 Directors’ Report 10 Corporate Governance Statement 48 Concise Financial Report 61 Directors’ Declaration 77 Report of the Independent Auditor on the concise financial report to the members of Sonic Healthcare Limited 78 Shareholders’ Information 80 Corporate Responsibility Report 2018 Please refer to the Sonic Healthcare website at: http://investors.sonichealthcare.com/corporate-responsibility/?page=corporate-responsibility Sonic Healthcare achieved a record net profit for the 2018 financial year of A$476 million, on revenues of A$5.54 billion, an increase of 11% and 8% respectively.
    [Show full text]
  • Notice of Annual Meeting 2020
    KATHMANDU HOLDINGS LIMITED Notice of Annual Meeting 2020 Will be held online at: www.virtualmeeting.co.nz/kmd20 Wednesday, 25 November 2020 at 11am NZDT NOTICE OF ANNUAL MEETING 2020 3 Kathmandu Holdings Limited (ARBN 139 836 918) Notice of annual meeting NOTICE IS GIVEN that the eleventh Annual Meeting of Auditor remuneration Kathmandu Holdings Limited (“the Company”) will be Resolution 4. held online at www.virtualmeeting.co.nz/kmd20, on That the Board be authorised to fix the remuneration Wednesday, 25 November 2020 at 11:00am (NZDT). of the Company’s auditor for the ensuing year. The Board has decided to hold a virtual-only Annual Meeting given the current uncertainties The Board unanimously supports resolutions caused by COVID-19 and the restrictions on 1 to 4 and recommends that shareholders gatherings and travel that have applied to date, vote in favour of them at the meeting. and may be in place at the time of the meeting. Item 4: Other business AGENDA To consider any other business, including shareholder questions, properly brought before the meeting. Item 1: Chairman’s address By order of the Board Item 2: Group CEO’s address Item 3: Resolutions To consider and, if thought fit, to pass the following ordinary resolutions: Frances Blundell Company Secretary Re-election of Directors 21st October 2020 Resolution 1. That John Harvey be re-elected as a Director of the Company. Resolution 2. That Philip Bowman be re-elected as a Director of the Company. Resolution 3. That Brent Scrimshaw be re-elected as a Director of the Company.
    [Show full text]
  • For Personal Use Only Use Personal For
    Monthly Investment Update & Net Tangible Assets Report September 2020 NET TANGIBLE ASSETS (NTA)*as at 30 September QV EQUITIES 2020 QVE ASX Code QVE NTA before tax $0.92 Listed 22 Aug 14 NTA after tax $0.97 Shares on issue 254.2M *The before and after tax NTA numbers relate to the provision for tax on net profit in addition to deferred tax on the unrealised gains/losses in the Company’s investment portfolio. The Company is a long term investor and does not intend disposing of its S&P/ASX 300 Ex20 total portfolio. Under current accounting standards, the Company is required to provide for tax on any gains/losses that might Benchmark arise on such a theoretical disposal, after utilisationof brought forward losses. All figures are unaudited and approximate. Accumulation PERFORMANCE QVE’s NTA QVE’s NTA Number of stocks 20 – 50 (as at 30.09.20) (pre tax) (after tax) BENCHMARK Dividend Half yearly 1 Month -1.1% -0.5% -3.6% Frequency 3 Months +0.5% +0.9% +2.3% Suggested investment time 5+ years 6 Months +17.4% +11.9% +25.9% frame 1 Year -14.1% -8.9% -7.3% To provide a rate of Investment return which exceeds the Since Inception Total Objective return of its benchmark Return p.a +3.3% +3.5% +8.1% on a rolling 5-year basis The above returns are after fees and assumes all declared dividends are reinvested and excludes tax paid from pre tax NTA. Past performance is not indicative of future performance. SHAREMARKET COMMENTARY Following five consecutive months of strong gains the MSCI World Index recorded its first monthly loss since the pandemic broke out in March with a loss of -3% in September.
    [Show full text]