DOCSLIB.ORG

ESG and Sustainability Quarterly Report – June 2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ESG and Sustainability Quarterly Report – June 2021 ESG and Sustainability Quarterly Report – June 2021 For Adviser use only In this third edition of the Antares ESG and Sustainability Report we provide an update on our ESG and sustainability insights as well as a review of our activity and company engagement. As always, your feedback is encouraged and welcomed. Momentum behind standardisation of ESG reporting is building The June quarter has seen significant momentum for the net zero movement and climate change initiatives more broadly. In particular, we are encouraged by growing support for the standardisation of ESG reporting. Australia has lagged other jurisdictions such as the EU in this regard. Most disclosure of non-financial information in the Australian context has been largely voluntary, albeit we note that adoption of Taskforce for Climate Change Disclosure (TCFD) recommendations by ASX200 companies has been growing. Figure 1: Number of ASX200 companies adopting TCFD disclosures 120 100 80 23 14 60 12 40 26 10 60 20 11 26 0 11 2017 2018 2019 Adopted Committed Reviewing Source: Investor Group on Climate Change (IGCC), June 2021. Of note, in June, the CDP, UNPRI and IGCC (of which Antares’ parent MLC AM is a member) released a roadmap and proposal for Australia to adopt a mandatory financial disclosure for climate change risks over the next four years. We see this as a critical step in addressing a lack of quality and consistency of company disclosures in relation to their climate risks. It also has the potential to give companies greater clarity as they navigate the complex task of reporting. Antares views this proposal as positive as it enables better comparisons to be made between companies at a time where climate risks are being increasingly scrutinised by the investment community. Notwithstanding the improving availability and quality of data, we continue to believe that depth of knowledge and insight is required to understand material ESG issues relating to each company. This is where we believe Antares has a competitive advantage given our bottom up approach to stock analysis and the significant experience and relationships our team has with companies in the investment universe. Environment – How Antares is assessing risk and opportunity in decarbonisation As we wrote about in March, there is growing commitment by corporate Australia to net zero emission targets following the reaffirmation of Australia’s 2030 emission reduction targets last year. This momentum has continued in the June quarter with a further eight companies announcing net zero targets. We were particularly encouraged to see Ampol finally announce its detailed decarbonisation strategy. This follows a long period of engagement between Antares and Ampol’s management and board. Figure 2: Net Zero announcements by ASX 200 companies in June 2021 quarter Net Zero Commitment Company Emissions Reduction Target Alignment Date AMP AMP has committed to managing business and investments in alignment with net zero emissions by 2050. 2050 1-Apr-21 Treasury Wine Estates Net zero emissions goal for 2030. 2030 13-May-21 South32 Keep FY21 Scope 1 emissions below FY15 baseline. 2035 net-zero target on scope one and two carbon emissions. 2035 17-May-21 Newcrest Mining Newcrest sets goal of net zero carbon emissions by 2050. 30% reduction in intensity by 2030. 2050 18-May-21 Ampol Strategy to reach net zero emissions by 2040. 2040 20-May-21 AdbBri Ltd Net zero carbon emissions by 2050. Absolute GHG reduction target of 7% by 2030 2050 21-May-21 Growthpoint Property Net zero carbon emissions across operationally controlled office assets and corporate activities by 2025. 2025 1-Jun-21 Oil Search Scope 1 & 2 Intensity reduction target of 30% by 2030 2050 8-Jun-21 Source: ASX announcements, April to June 2021. With 52 companies in the S&P/ASX 200 now having announced net zero targets, we estimate that if these companies achieve their stated targets, over 50% of the current market cap of the ASX200 will be carbon neutral by 2050. In light of this our team is undertaking work on modelling the reduction of carbon footprints in our portfolios, which will naturally include an assessment of how realistic stated targets and abatement curves are. Figure 3: Number of ASX200 net zero commitments Figure 4: % ASX200 market cap at net zero 60 100% 52 90% 50 80% 70% 60% 40 35 50% 40% 30 30% 20% 20 13 10% 0% 10 6 3 2020 2010 2018 2019 2022 2025 2028 2030 2035 2040 2050 0 2010 2018 2019 2020 2021 MCap Carbon Neutral Not Source: Jeffries, June 2021 The cost of decarbonisation Many of the companies we have been meeting with are pursuing decarbonisation strategies. They appear to be doing so for a variety of reasons including risk management, opportunity exploitation, corporate responsibility and ensuring ongoing access to capital amongst others. Whilst decarbonisation strategies may yield benefits or even competitive advantages for some companies they also can come at a cost. In aggregate, we estimate the cost of decarbonisation for the S&P/ASX 200 to be about 9% of its current market capitalisation. Figure 5 details our estimate which assumes the purchase of 2 carbon credits to offset the current level of emissions by the S&P/ASX 200 in aggregate. In this simplistic approach the cost is highly dependent on the shadow price of carbon assumed (given Australia doesn’t currently have a carbon price). In reality, we expect companies to pursue a combination of carbon reduction and offset strategies, both of which will likely require investment (via capital, operating expense or foregone revenue). Figure 5: Estimate of the cost of net zero for the S&P/ASX 200 Cost of Net Zero ASX 200 % Fall in ASX200 based on various carbon price and multiple Emissions assumptions Average Scope 1 & 2 emissions of ASX200 companies 1,146 kt # Stocks in ASX200 200 Cost of Carbon ($A/t) Total Scope 1 & 2 emissions for ASX 200 229,164 kt -9.3% $50 $60 $70 $80 $90 $100 6x -3.4% -4.0% -4.7% -5.4% -6.1% -6.7% Carbon Price 7x -3.9% -4.7% -5.5% -6.3% -7.1% -7.9% Spot European CO2 price (EUR/t) € 50.79 Spot AUD / EUR 0.63 8x -4.5% -5.4% -6.3% -7.2% -8.1% -9.0% Shadow CO2 price (AUD/t) $80.12 9x -5.1% -6.1% -7.1% -8.1% -9.1% -10.1% Total Cost ; Net Zero (A$bn) A$18.36 bn 10x -5.6% -6.7% -7.9% -9.0% -10.1% -11.2% Multiple of earnings lost (ASX200 EV/EBITDA) 10.3x 11x -6.2% -7.4% -8.7% -9.9% -11.1% -12.4% Enterprise Value Cost (A$bn) A$189.62 bn 12x -6.7% -8.1% -9.4% -10.8% -12.1% -13.5% Current Market Cap ASX 200 (A$bn) A$2037.59 bn 13x -7.3% -8.8% -10.2% -11.7% -13.2% -14.6% % Decline -9.3% MultipleEBITDA) (x Earnings 14x -7.9% -9.4% -11.0% -12.6% -14.2% -15.7% Base case analysis assumes the spot European carbon price in A$ Source: Antares Equities, June 2021 Opportunities in decarbonisation Traditionally ESG analysis has focused on risk management. This is also the primary focus of emerging ESG reporting standards. However, at Antares we also recognise that ESG and sustainability can often also produce opportunities for value creation, particularly against a backdrop of secular change. Over the past 12 months as our team have explored the opportunities that exist with decarbonisation we have added a number of stocks to the portfolio that are leveraged to the decarbonisation thematic. It became increasingly clear that government policy globally was instituting a “decarbonised economy” as a platform for post COVID-19 stimulus which would drive an acceleration in decarbonisation trends. This has presented some interesting investment opportunities in the services and materials space which are summarised in Figure 6. Figure 6: Examples of additions to Antares portfolios in FY21 leveraged to decarbonisation Company Rationale Longer term exposure to lithium market (electric vehicles) in which we expect supply to lag Mineral Resources demand. Becoming a major lithium player with world class assets, production ramp up and strong IGO Limited balance sheet. Lynas Rare Earths Strategically positioned assets, exposure to growing rare earth demand from electric vehicles. Copper is essential given decarbonsation = electrification. OZL has growing production in a Oz Minerals copper market underprepared for demand with new mines taking significant time to develop. Uranium market has turned given potential use of nuclear energy to deccarbonise electricity. Paladin Company balance sheet repaired and short period to production ramp up. Worley Significant revenue opportunity in decarbonisation as clients transition. Opportunities in hydrogen, renewables, circular economy. Exit of carbon and capital intensive Downer businesses to drive rerating. Source: Antares Equities, June 2021. 3 Notwithstanding the decarbonisation theme underpinning these positions, at Antares we are more than thematic investors. Our stock selection and portfolio construction processes continue to be driven by insight (which may relate to decarbonisation trends), conviction, valuation and bottom up fundamental analysis of the company’s financials and sustainability. With this in mind, we have since exited some of these positions whilst adding to others. Social We continue to monitor a range of social issues in the investment landscape across modern slavery in supply chains, industrial safety, changing work places during COVID-19, stakeholder and community management and culture. Engagement in Focus: Ongoing Antares engagement contributes to improvements at BlueScope In our December ESG & Sustainability report, we detailed our ongoing engagement activity with BlueScope (BSL) regarding their approach to safety following workplace fatalities in FY19 and FY20.
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]
  • FTSE World Asia Pacific
    2 FTSE Russell Publications 19 August 2021 FTSE World Asia Pacific Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) a2 Milk 0.04 NEW Asustek Computer Inc 0.1 TAIWAN Cheil Worldwide 0.02 KOREA ZEALAND ASX 0.12 AUSTRALIA Cheng Shin Rubber Industry 0.03 TAIWAN AAC Technologies Holdings 0.05 HONG KONG Atlas Arteria 0.05 AUSTRALIA Chiba Bank 0.04 JAPAN ABC-Mart 0.02 JAPAN AU Optronics 0.08 TAIWAN Chicony Electronics 0.02 TAIWAN Accton Technology 0.07 TAIWAN Auckland International Airport 0.06 NEW China Airlines 0.02 TAIWAN Acer 0.03 TAIWAN ZEALAND China Development Financial Holdings 0.07 TAIWAN Acom 0.02 JAPAN Aurizon Holdings 0.05 AUSTRALIA China Life Insurance 0.02 TAIWAN Activia Properties 0.03 JAPAN Ausnet Services 0.03 AUSTRALIA China Motor 0.01 TAIWAN ADBRI 0.01 AUSTRALIA Australia & New Zealand Banking Group 0.64 AUSTRALIA China Steel 0.19 TAIWAN Advance Residence Investment 0.05 JAPAN Axiata Group Bhd 0.04 MALAYSIA China Travel International Investment <0.005 HONG KONG ADVANCED INFO SERVICE 0.06 THAILAND Azbil Corp. 0.06 JAPAN Hong Kong Advantech 0.05 TAIWAN B.Grimm Power 0.01 THAILAND Chow Tai Fook Jewellery Group 0.04 HONG KONG Advantest Corp 0.19 JAPAN Bandai Namco Holdings 0.14 JAPAN Chubu Elec Power 0.09 JAPAN Aeon 0.2 JAPAN Bangkok Bank (F) 0.02 THAILAND Chugai Seiyaku 0.27 JAPAN AEON Financial Service 0.01 JAPAN Bangkok Bank PCL (NVDR) 0.01 THAILAND Chugoku Bank 0.01 JAPAN Aeon Mall 0.02 JAPAN Bangkok Dusit Medical Services PCL 0.07 THAILAND Chugoku Electric Power 0.03 JAPAN Afterpay Touch Group 0.21 AUSTRALIA Bangkok Expressway and Metro 0.02 THAILAND Chunghwa Telecom 0.17 TAIWAN AGC 0.08 JAPAN Bangkok Life Assurance PCL 0.01 THAILAND CIMB Group Holdings 0.08 MALAYSIA AGL Energy 0.04 AUSTRALIA Bank of East Asia 0.03 HONG KONG CIMIC Group 0.01 AUSTRALIA AIA Group Ltd.
    [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]
  • Business Leadership: the Catalyst for Accelerating Change
    BUSINESS LEADERSHIP: THE CATALYST FOR ACCELERATING CHANGE Follow us on twitter @30pctAustralia OUR OBJECTIVE is to achieve 30% of ASX 200 seats held by women by end 2018. Gender balance on boards does achieve better outcomes. GREATER DIVERSITY ON BOARDS IS VITAL TO THE GOOD GOVERNANCE OF AUSTRALIAN BUSINESSES. FROM THE PERSPECTIVE OF PERFORMANCE AS WELL AS EQUITY THE CASE IS CLEAR. AUSTRALIA HAS MORE THAN ENOUGH CAPABLE WOMEN TO EXCEED THE 30% TARGET. IF YOUR BOARD IS NOT INVESTING IN THE CAPABILITY THAT DIVERSITY BRINGS, IT’S NOW A MARKED DEPARTURE FROM THE WHAT THE INVESTOR AND BROADER COMMUNITY EXPECT. Angus Armour FAICD, Managing Director & Chief Executive Officer, Australian Institute of Company Directors BY BRINGING TOGETHER INFLUENTIAL COMPANY CHAIRS, DIRECTORS, INVESTORS, HEAD HUNTERS AND CEOs, WE WANT TO DRIVE A BUSINESS-LED APPROACH TO INCREASING GENDER BALANCE THAT CHANGES THE WAY “COMPANIES APPROACH DIVERSITY ISSUES. Patricia Cross, Australian Chair 30% Club WHO WE ARE LEADERS LEADING BY EXAMPLE We are a group of chairs, directors and business leaders taking action to increase gender diversity on Australian boards. The Australian chapter launched in May 2015 with a goal of achieving 30% women on ASX 200 boards by the end of 2018. AUSTRALIAN 30% CLUB MEMBERS Andrew Forrest Fortescue Metals Douglas McTaggart Spark Group Ltd Infrastructure Trust Samuel Weiss Altium Ltd Kenneth MacKenzie BHP Billiton Ltd John Mulcahy Mirvac Ltd Stephen Johns Brambles Ltd Mark Johnson G8 Education Ltd John Shine CSL Ltd Paul Brasher Incitec Pivot
    [Show full text]
  • Notice of 2018 Annual General Meeting and 2018 Annual Report
    17 October 2018 ASX Announcement Notice of 2018 Annual General Meeting and 2018 Annual Report Attached below are Qube’s: . Notice of 2018 Annual General Meeting (including proxy form); and . 2018 Annual Report. Adam Jacobs Company Secretary A AUSTRALIA’S LEADING INTEGRATED LOGISTICS SOLUTIONS PROVIDER QUBE HOLDINGS LIMITED NOTICE OF 2018 ANNUAL GENERAL MEETING NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the Annual General Meeting of members of Qube Holdings Limited (Company) will be held at Level 15, PricewaterhouseCoopers (PwC), One International Towers Sydney, Watermans Quay, Barangaroo, Sydney on Thursday, 22 November 2018 at 10:30am (Sydney time). QUBE HOLDINGS LIMITED NOTICE OF ANNUAL GENERAL MEETING 2018 1 ITEMS OF BUSINESS FINANCIAL STATEMENTS AND REPORTS 4. Approval of FY19 award of SARs under the Qube Long Term Incentive (SAR) Plan to Maurice James To receive and consider the financial report of the Company To consider, and if thought fit, to pass the following Resolution and the reports of the Directors and Auditor for the year ended as an Ordinary Resolution: 30 June 2018. “That, for the purposes of ASX Listing Rule 10.14 and for all Note: there is no requirement for Shareholders to approve other purposes, the award of 4,248,300 SARs to Maurice James these reports. in accordance with the terms of the Qube Long Term Incentive (SAR) Plan and otherwise on the terms and conditions set out RESOLUTIONS in the Explanatory Memorandum be approved.” 1. Re-election of Sam Kaplan Notes: To consider and, if thought fit, to pass the following Resolution (a) This Resolution is subject to voting exclusions as outlined as an Ordinary Resolution: in the notes accompanying this Notice of Meeting.
    [Show full text]
  • Sovereign Grand Master's Message 3
    Volume 16, Issue 4 Independent Order of Odd Fellows News July—August 2013 Units of the Order Odd Fellows Lodge HAVE YOU MADE A DIFFERENCE TODAY? Rebekah Lodge Encampment SHARE ODD FELLOWSHIP WITH THOSE YOU COME Ladies IN CONTACT WITH. Encampment Auxiliary Patriarchs Militant You want to make a difference. I get it. We all do. Ladies Auxiliary Patriarchs Militant I know, I know, you don’t have the time. You don’t have the resources. Junior Odd You’re only one person. The excuses roll on and on. Fellows Lodge Here are some simple ways in which you can make a difference today; Theta Rho Girls’ certainly one of these ideas will fit your style. Club United Youth WARNING: Groups ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Upon finishing this article, your excuses on why you can’t make a The World difference will (may) disappear. Read at your own risk. of Odd Fellowship Start a Blog: We all have a message, and blogging is one of the most 1 Australia efficient ways to share it. Through the medium of blogging we can inspire 2 Belgium 3 Belize and educate hundreds, thousands, perhaps even millions of individuals all 4 Canada over the globe. My life has benefited tremendously from the hundreds of 5 Czech Republic blogs in which I have read. Share your story. Start blogging today. 6 Chile 7 Cuba Smile: Do I really need to explain this one? See how many times you can 8 Denmark 9 Dominican smile today. Republic 10 Estonia Hug: We all need hugs. Hugging instantly can change anyone’s day for the 11 Finland better.
    [Show full text]
  • Longwave Capital Partners Invests with a Philosophy Informed by the Belief That for Small Caps, Quality Is a Key Driver of Long-Term Investment Outperformance
    // Longwave Capital Partners invests with a philosophy informed by the belief that for small caps, quality is a key driver of long-term investment outperformance. When we assess companies considering Environmental, Social and Governance (ESG) characteristics, we see them as markers of quality. // Historically, we have considered ESG as a component in the The first stage uses systematic fundamental assessments to fundamental assessment that determines the quality of a identify companies that exhibit characteristics which have business – factored into the quality score that we use to drive historically been high probability markers of failure or our valuation. This is calculated by applying a discount rate to underperformance. These are low-quality companies we look to our sustainable, mid-cycle earnings estimate in forecast year ensure are not present in our portfolio. Based upon our current five. We believe the equity risk premium required of higher- criteria across the different models we employ, around 85% of quality companies is lower than average companies, and lower- the small caps we assess have a reasonable probability of failure quality companies require a higher equity risk premium than or long-term underperformance. We construct a systematic average. portfolio of the remaining 15%, built from the ensemble of our While cognisant of the impact ESG factors have on the quality of different quality models. a business (and thereby its value), our previous approach did not It would appear at first glance that using available ESG data and have the same objective level of data capture or comparability testing for performance would be an appropriate measure to as the investment process that we now employ, driven by enhance our existing systematic process.
    [Show full text]
  • Annual Report 2005 Annual Report 2005
    Your Investment Guardians Your Investment Guardians Annual Report 2005 Annual Report 2005 IOOF Holdings Ltd ABN 49 100 103 722 Registered Office Level 29 303 Collins Street Melbourne VIC 3000 Australia Telephone: 13 13 69 Facsimile: + 61 3 8614 4490 www.ioof.com.au Printed on recycled paper. Contents 4 Chairman’s welcome 6 CEO’s welcome 8 Year at a glance 10 Review of Operations and Financial Condition 12 About IOOF We did not change 14 Our strategy and commitment to our stakeholders 16 Our management structure 24 Our financial performance as we grew older ; 28 Our corporate governance 32 Supporting our staff and community 36 Financial Report for the year we just became more ended 30 June 2005 39 Directors’ Report 44 Remuneration Report clearly ourselves. 62 Auditors’ Independence Declaration 63 Statements of Financial Performance Lynn Hall, Where Have All the Tigers Gone?, 1989 64 Statements of Financial Position 65 Statements of Cash Flows 66 Notes to the Financial Statements 105 Director’s Declaration 106 Independent Audit Report 107 Shareholder Information Contents 4 Chairman’s welcome 6 CEO’s welcome 8 Year at a glance 10 Review of Operations and Financial Condition 12 About IOOF We did not change 14 Our strategy and commitment to our stakeholders 16 Our management structure 24 Our financial performance as we grew older ; 28 Our corporate governance 32 Supporting our staff and community 36 Financial Report for the year we just became more ended 30 June 2005 39 Directors’ Report 44 Remuneration Report clearly ourselves. 62 Auditors’ Independence
    [Show full text]
  • Intelligent Investor Australian Small Companies Fund
    Intelligent Investor Australian Small Companies Fund Quarterly Report 30 SEPTEMBER 2019 Core holdings delivering a decent quarter Quarterly Our new investment in Webjet Thorn Group snatching defeat from the jaws Update of victory Alex Hughes Portfolio Manager www.investsmart.com.au 1300 880 160 30 SEPTEMBER QUARTERLY UPDATE Intelligent Investor Australian Small Companies Fund Quarterly Report – September 2019 PERFORMANCE TO 30 SEP 2019 S. I. 1 MTH 3 MTHS 6 MTHS 1 YR 2 YRS (AFTER FEES) (P.A.) InvestSMART Australian Small Companies Fund 5.6% 3.0% 10.3% 2.2% -0.4% 7.3% S&P/ASX Small Ordinaries Accumulation Index 2.6% 3.1% 7.0% 3.9% 11.8% 12.0% Excess to Benchmark 3.0% -0.1% 3.4% -1.8% -12.2% -4.8% September was a fruitful month for the Intelligent Webjet stock and has executed strongly since joining Investor Small Companies Fund with a 5.59% return (net Webjet in 2011, with earnings per share compounding of fees and expenses). The benchmark returned 2.61%. at 20% p.a. under his tenure. John’s experience at GTA (now Hotelbeds), Webbed’s main competitor, gives Returns were broad based, with 13 of our largest 15 us confidence in his strategy, as does $809k of recent investments contributing positively, offset by modest director buying. declines from Carsales (down 3%) and Xero (down 2%). Strong contributors included Academies Australasia Webjet’s share price was hit hard when Thomas Cook, (up 28%) with investors taking note of its strong free the UK’s oldest tour group operator, went bankrupt cash flow, modest valuation and consistent director during the month, which knocked $7m from Webjet’s buying.
    [Show full text]
  • Mapping Fintech to the Financial Planning Process
    MAPPING FINTECH TO THE FINANCIAL PLANNING PROCESS Why fintech is not a threat Contents Fintech: Friend or foe? .......................................................................... 4 Do you know how to fintech? ............................................................ 6 Australians, planning and financial planners ................................ 8 The six step financial planning process .......................................... 10 The benefits of planning for the changing consumer .............. 14 The quest for efficiency, meaning, relevance and value .......... 17 The fintech universe ............................................................................... 20 Mapping fintech to the financial planning process .................... 23 Threats to financial planners .............................................................. 38 Acknowledgements The FPA invited a wide and diverse group of providers within the fintech community to give input into the direction, development and findings of this work. This paper has been welcomed by the fintech community who have engaged throughout this process for its relevance in mapping the solutions to the financial planning process, and defining and quantifying the advice process efficiencies, in terms of cost and time for financial planner and client. The FPA would particularly like to thank Andy Marshall for the time, effort and considerable work he’s given to this report. We would also like to thank Advice Intelligence, Astute Wheel, Financial Mappers, Iress, Map My Plan, My Prosperity,
    [Show full text]
  • Australia & New Zealand Report 2018
    DISCLOSURE INSIGHT ACTION Australia & New Zealand Report 2018 On behalf of over 650 investors with US$87 trillion in assets. CDP Report 2018 | Published February 2019 Contents 3 CEO foreword 14 Appendix I List of disclosing companies in Australia & 4 Disclosure in 2018 New Zealand 5 Climate Change: Australia & New 18 Appendix II Zealand insights Responding companies in Australia & New Zealand – supply chain program 9 Water Security: Driving water stewardship 19 Appendix III Non-responding companies in Australia & 10 Forests: Building sustainable New Zealand supply chains 12 CDP Australia & New Zealand Awards 2018 13 Investor Signatories & Members in Australia & New Zealand Important Notice The contents of this report may be used by anyone providing acknowledgement is given to CDP. This does not represent a license to repackage or resell any of the data reported to CDP or the contributing authors and presented in this report. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from CDP before doing so. CDP has prepared the data and analysis in this report based on responses to the CDP 2018 information request. No representation or warranty (express or implied) is given by CDP as to the accuracy or completeness of the information and opinions contained in this report. You should not act upon the information contained in this publication without obtaining specific professional advice. To the extent permitted by law, CDP does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it.
    [Show full text]
  • View Annual Report
    sims metal management LIMITE D annual report 2012 RI GHt. noW. sims metal management LIMITED annual report 2012 f inancial summary For the year ended 30 June 2012 $9.0b 2% ($521m) 371% (253¢) 372% 20¢ 57% t otal revenue LOSS after tax loss per share d ividends per share s ims metal management is a global, unified full-service recycling company focused on providing efficient end-of-life solutions for obsolete, post-consumer and post-industrial metal and electronic products. our assets are concentrated in key sourcing regions with access to premier global markets. we will increase shareholder value by driving towards a total shareholder return in the top quartile of our peer group in the coming years. we are committed to a zero harm workplace, being exemplary community members, being good stewards of the environment and employing the best, brightest and most diverse workforce in the industry providing the foundation for our success. contents Financial Summary 1 Directors’ Declaration 120 Chairman’s and Group Chief Executive Officer’s Review 2 Independent Auditor’s Report 121 Annual Sustainability Report 8 Auditor’s Independence Declaration 122 Corporate Governance Statement 24 Annual Financial Report Extracts 123 Financial Report 33 Shareholder Information 127 Board of Directors 34 Five Year Trend Summary 128 Directors’ Report 36 Corporate Directory IBC Financial Statements 60 ABN 69 114 838 630 1 c hairman’s and group chief executive officer’s review In extremely volatile and challenging markets, As any safety expert will tell you, there will be economic contraction in the UK and Europe, slowing times when you begin to plateau after years of growth in China and anaemic growth in the US, extraordinary progress.
    [Show full text]