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Procurar Conviction Australian Equity Portfolio Procurar Conviction Australian Equity Portfolio Portfolio performance – June 2021 Cumulative performance 1 mth 3 mth 6 mth 1 yr 3 yr S.I. (%) (%) (%) (%) (% pa) (% pa) 14,000 20% Portfolio Total 0.8 7.9 14.2 32.9 10.6 10.7 13,000 15% Return 12,000 10% Benchmark* 2.3 8.5 13.0 28.5 9.8 10.2 11,000 5% Excess Return -1.5 -0.6 1.2 4.4 0.8 0.5 10,000 0% Past performance is not a reliable indicator of future performance. Performance is calculated before 9,000 -5% taxes and other fees such as model management and platform fees and are net of underlying Growth of 10K Monthly Returns investment management fees. For full details of fees, please refer to the relevant platform provider. 8,000 -10% Performance is notional in nature and the actual performance of individual portfolios may differ to the performance of the Managed Portfolios. Inception date 1st March 2018. *Benchmark is the 7,000 -15% S&P/ASX 200 TR Index AUD. 6,000 -20% Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Monthly Returns (RHS) Growth of 10k (LHS) Market review The S&P/ASX 300 Index built on a period of strong growth through FY21, delivering an 8.5% return for the June quarter to end the Performance contributors fiscal year up 28.5%, amongst the strongest fiscal year returns Top 5 Contributors to Performance (12m) % since the 1980’s. Although commodity prices were well supported through the quarter, the Energy and Utility sectors ended the Nine Entertainment Co 2.06 quarter down. Information Technology was the standout sector, as James Hardie 0.87 growth found favour amid reduced concerns of tapered monetary Xero Limited 0.82 stimulus measures in the US. A2 Milk* 0.81 Newcrest Mining 0.73 Global Equity performance mirrored the strong domestic market, with the MSCI AC World ex-Australia Index up 9.0% in AUD terms Top 5 Detractors from Performance (12m) % and 7.0% in AUD hedged terms. Global equities were generally Evolution Mining -1.53 buoyed by improving investor sentiment over the quarter, as the Atlas Arteria -0.87 Covid-19 vaccine rollout gathered pace and restrictions were Afterpay Touch* -0.55 eased. Style divergence continued through the June quarter, as CSL -0.53 the Nasdaq 100 gained 11.4% while the Dow Jones Industrial Average gained 5.1%. The MSCI Emerging Markets Index ended National Australia Bank* -0.53 the June quarter up 6.6%, supported by weakness in the US * Average underweight position Dollar. Portfolio Commentary Australian Listed Property outperformed broader domestic equities, gaining 10.7% over the June quarter. A fall in global bond 12-Month Gross Yield % yields benefitted the sector, while Industrial and long-WALE assets Procurar Conviction Australian Equity 5.30 saw positive revaluations. Global property also outperformed its Benchmark 5.13 broader market counterpart, gaining 9.2% in AUD hedged terms. Defensive sub-sectors, particularly storage and industrials, performed strongly over the quarter. Securities Added / Sold to Zero Yields flattened at the higher end of the curve in June, driving Date Security Action strong returns domestically in the Bloomberg Ausbond Composite Apr-2021 Domain Group Added 0+ Index and the Bloomberg Barclays Global Aggregate Index Apr-2021 Coca-Cola Amatil Sold globally, albeit both falling to a negative return over the fiscal year. May-2021 Treasury Wine Estates Added Inflationary concerns continued to drive markets, as rising data May-2021 Seven Group Sold poses concerns as to whether inflation will prove to be permanent June-2021 NextDC Added or transitory, thus impacting the speed at which Central Banks raise interest rates. We strongly recommend that potential investors read the product disclosure statement or investment statement. Lonsec Investment Solutions Pty Ltd • ACN 608 837 583 • A Corporate Authorised Representative (CAR 1236821) of Lonsec Research Pty Ltd • ABN 11 151 658 561 • AFSL 421 445 • This information must be read in conjunction with the Warning, Disclaimer, and disclosure at the end of this document. This report supersedes all prior reports. Managed Portfolio Performance Update – June 2021 Portfolio structure Investment strategy/objective ASX Code Company Portfolio objective BHP BHP Billiton Limited The Portfolio objective is to deliver outperformance of the stated CSL CSL Limited benchmark over rolling three-year periods. WBC Westpac Banking Corporation CBA Commonwealth Bank of Australia Limited Benchmark: S&P/ASX 200 TR Index AUD. TLS Telstra Corporation Limited ANZ ANZ Banking Group Limited Investment Philosophy XRO Xero Limited Procurar seeks to deliver outperformance of the benchmark over QAN Qantas Airways Limited rolling three-year periods by: STO Santos Limited • Robust investment profiles tailored to meet client ALL Aristocrat Leisure Limited objectives MTS Metcash Trading Limited • A diversified approach to portfolio construction, with a NEC Nine Entertainment Co Ltd strong focus on risk JHX James Hardie Industries Plc • Skilled active management at a reasonable cost to add QBE QBE Insurance Group Limited value over and above the index to varying degrees in ALX Atlas Arteria asset sectors S32 South32 Limited • Blending strategies with low correlations and non- FMG Fortescue Metals Group Limited directional strategies to achieve true diversification. MQG Macquarie Group Limited EVN Evolution Mining Limited Portfolio Commentary TWE Treasury Wine Estates Limited TAH Tabcorp Holdings Limited The Portfolio slightly underperformed the S&P/ASX 200 TR NAB National Australia Bank Limited benchmark for the quarter, as the Australian equities market extended the years strong gains in the June quarter. NXT Nextdc Limited DOW Downer EDI Limited Looking more closely on the individual sectors, Information VEA Viva Energy Group limited Technology, Consumer Discretionary and Communication BLD Boral Limited Services gained strongly; whereas Utilities and Energy fell. The decline in bond yield saw growth names, including the likes of MGR Mirvac Group NextDC strongly rebound in the month of June. In stark contrast, MND Monadelphous Group Limited the disconnection between stronger oil price and the weak DHG Domain Holdings Aust Ltd performance of energy names, such as Santos has become more JBH JB Hi-Fi Limited obvious over the quarter. NST Northern Star Resources AMC Amcor Limited CWN Crown Resorts Limited IMPORTANT NOTICE: This document is published by Lonsec Investment Solutions Pty Ltd ACN 608 837 583, a Corporate Authorised Representative (CAR 1236821) (LIS) of Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). LIS creates the model portfolios it distributes using the investment research provided by Lonsec Research but LIS has not had any involvement in the investment research process for Lonsec Research. LIS and Lonsec Research are owned by Lonsec Fiscal Pty Ltd ACN: 151 235 406. Please read the following before making any investment decision about any financial product mentioned in this document. Disclosure at the date of publication: Lonsec Research receives a fee from the relevant fund manager or product issuer(s) for researching financial products (using objective criteria) which may be referred to in this document. Lonsec Research may also receive a fee from the fund manager or product issuer(s) for subscribing to research content and other Lonsec Research services. LIS receives a fee for providing the model portfolios to financial services organisations and professionals. LIS’ and Lonsec Research’s fees are not linked to the financial product rating(s) outcome or the inclusion of the financial product(s) in model portfolios. LIS and Lonsec Research and their representatives and/or their associates may hold any financial product(s) referred to in this document, but details of these holdings are not known to the Lonsec Research analyst(s). Warnings: Past performance is not a reliable indicator of future performance. Any express or implied rating or advice presented in this document is limited to general advice and based solely on consideration of the investment merits of the financial product(s) alone, without taking into account the investment objectives, financial situation and particular needs (“financial circumstances”) of any particular person. Before making an investment decision based on the rating or advice, the reader must consider whether it is personally appropriate in light of his or her financial circumstances or should seek independent financial advice on its appropriateness. If the financial advice relates to the acquisition or possible acquisition of a particular financial product, the reader should obtain and consider the Investment Statement or the Product Disclosure Statement for each financial product before making any decision about whether to acquire the financial product. Disclaimer: LIS provides this document for the exclusive use of its clients. It is not intended for use by a retail client or a member of the public and should not be used or relied upon by any other person. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the information presented in this document, which is drawn from public information not verified by LIS. The information contained in this document is current as at the date of publication. Financial conclusions, ratings and advice are reasonably held at the time of publication but subject to change without notice. LIS assumes no obligation to update this document following publication. Except for any liability which cannot be excluded, LIS and Lonsec Research, their directors, officers, employees and agents disclaim all liability for any error or inaccuracy in, misstatement or omission from, this document or any loss or damage suffered by the reader or any other person as a consequence of relying upon it. Copyright © 2020 Lonsec Investment Solutions Pty Ltd ACN: 608 837 583 (LIS). This report may also contain third party supplied material that is subject to copyright. The same restrictions that apply to LIS copyrighted material, apply to such third party content.
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