DOCSLIB.ORG

Jencay Australia Investment Fund

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Jencay Australia Investment Fund Jencay Australia Investment Fund AFS Licence Number 402024 Quarterly report – 31 Mar ch 2 019 ACN 148810413 Performance Unit Price Returns are net of fees, exclude buy/sell spreads and assume Since inception Latest Latest Latest reinvestment of distributions/income (annualised) 5 years 12 months Quarter NAV per unit AUD 2.9083 Fund total return 19.3% 19.7% 18.3% 21.3% Application price (0.5% spread added) AUD 2.9229 ASX Small Ordinaries Accumulation Index 3.7% 8.0% 5.8% 12.6% Redemption price (0.5% spread deducted) AUD 2.8938 Performance hurdle (RBA cash rate + 2.5%) 4.9% 4.4% 4.1% 1.0% Performance Chart Fund Composition 480 Fund Fund return index (incl. reinvested distributions net of fees) Cash Performance hurdle index (RBA cash rate + 2.5%) 2 ASX Small Ordinaries Accumulation index Industrials Healthcare & other 240 32 23 120 100 Information 60 Technology 44 25/07/2011 30/09/2012 30/11/2012 31/01/2013 31/03/2014 31/05/2014 31/07/2014 30/09/2015 30/11/2015 31/01/2017 31/03/2017 31/05/2017 31/07/2018 30/09/2018 30/11/2018 30/09/2011 30/11/2011 31/01/2012 30/03/2012 31/05/2012 31/07/2012 31/03/2013 31/05/2013 31/07/2013 30/09/2013 30/11/2013 31/01/2014 30/09/2014 30/11/2014 31/01/2015 31/03/2015 31/05/2015 31/07/2015 31/01/2016 31/03/2016 31/05/2016 31/07/2016 30/09/2016 30/11/2016 31/07/2017 30/09/2017 30/11/2017 31/01/2018 31/03/2018 31/05/2018 31/01/2019 31/03/2019 The chart tracks the movement in value of AUD100 invested in the Fund at inception, relative to the Reserve Bank of Australia cash rate plus 2.5% Fund size: AUD 88m (performance hurdle) and relative to the ASX Small Ordinaries Accumulation index. Returns are net of fees, exclude buy/sell spreads and assume reinvestment of distributions/income. The chart utilises a log scale on the vertical axis to reflect relative returns more clearly. Top 10 stock positions as % of overall portfolio: 57% Equity markets rebounded strongly in the March quarter, following a tough December quarter, with the ASX Small Ordinaries Index up 13% and the broader ASX All Ordinaries Index up 11%. The Fund enjoyed an exceptionally strong 21% gain. Many of the technology exposures that were weak in the December quarter reversed course this quarter. Nearmap and Jumbo Interactive were standout performers in the half, accounting for much of the Fund’s outperformance. Takeover offers were made for two of the fund’s positions, Spicers and Netcomm Wireless, which we will discuss further in the commentary below. Although the Fund’s cash position looks low at 2%, Spicers and Netcomm should convert to cash by July – the Fund’s cash weighting would be 11% including these proceeds. Universal Biosensors and 3P Learning were pushed out of the Top 10 by GBST and Netcomm Wireless due to relative share price movement. Top 10 Stock Positions Weight % Name Summary Investment Case (recent updates in italics) 12 nearmap Captures high resolution orthogonal, oblique and 3D images of cities from light aircraft and renders them seamlessly on a subscription- based browser within 2 days of capture. Their Australian business is profitable, cash generative and still growing, while the less mature US business is gaining momentum. The share price almost doubled over the quarter with the market finally appreciating the quality and potential of the business. Although meaningful upside remains, we have trimmed a portion of our holding. 6 Jumbo Leading online reseller of official Australian Lottery tickets via the www.ozlotteries.com website. Jumbo was one of the first online Interactive lottery resellers in Australia and has about a 1/3rd share of online lottery sales. Following a very strong first half performance, the share price jumped during the quarter and although still undervalued, we sold a portion of our holding. 6 Medical The company has been supplying Penthrox, an extremely effective inhaled analgesic pain medication, in emergency medical settings in Developments Australia for 30 years but only recently entered foreign markets where sales are starting to grow strongly off a small base. Their asthma spacer is also growing internationally. A solid first half result seems to have given support to the share price. 5 GBST Wealth platform and financial markets software. GBST has endured a challenging period driven by a conversion of their platform source code from a legacy language to Java as well as operating in the Brexit impacted UK market. They are about halfway through their base code conversion which management report as going to plan. The share price bounced in the quarter probably reflecting its previously oversold position and emerging signs that the worst may be behind them with revenues growing in the 1st half. 5 Netcomm An opportunistic bid was made for the company at a price that we consider to be significantly below fair value, albeit a premium to recent Wireless subdued trading prices. Surprisingly, the Directors are supporting the offer, but we are hopeful that a better offer emerges. The position should convert to cash within the next few months unless shareholders vote against the offer. 5 Nanosonics Manufactures and distributes a unique device (the Trophon) that disinfects ultrasound probes using a proprietary hydrogen peroxide nano-mist process. Trophon is gaining rapid acceptance as standard practice in the industry. Dependable, high margin related consumable sales are an attractive feature of the business and growing strongly. A pipeline of new products in the infection prevention space could add value in the future. A solid 1st half was reported, and the share price jumped during the quarter. 5 Integrated Global leader in performance monitoring and diagnostics software for business-critical IT infrastructure, including Unified Research Communications and Payments. The share price recovered from its previous oversold levels, following a satisfactory 1st half result. A new CEO is yet to be appointed. 5 Redbubble www.redbubble.com is a world leading global marketplace, connecting independent artists with 3rd party fulfillers for on-demand production and distribution of unique products to end customers. Despite previously reported challenges with its unpaid search performance due to a change in Google’s algorithm, their 1st half result was reasonable, and the share price has partially recovered from last quarter’s hammering. 4 Spicers An attractive offer for the company emerged and this position should revert to cash by July. 4 Clinuvel Australian Biotechnology company whose key product, the orphan drug Scenesse, is enjoying strong revenue and profit growth. Scenesse is a unique hormone replacement implant used to treat patients with erythropoietic protoporphyria (EPP), a rare skin disease that causes intolerance to light. With pending approval for Scenesse from the FDA and other countries, plus probable application in other skin disorders such as Vitiligo, Clinuvel has the potential for significant growth ahead of it. A target date of 8 July has been set by the FDA for review of Clinuvel’s New Drug Application. Greater awareness of the company in the investment community is emerging, which has driven the share price higher and we have lightened our investment into this strength. Jencay Australia Investment Fund Quarterly Report March 2019 The WAAAX’s – Australia’s version of the FAANGs In our March 2018 quarterly report, we contrasted the FAANGs (Facebook, Appen Amazon, Apple, Netflix, Google) to Jencay’s technology stocks. Since then Appen provides language technology data and services for Content Relevance “WAAAX” has emerged as a new acronym for a group of five of the ASX’s and Speech and Data Collection. Essentially, they have a global crowd-sourced homegrown technology successes: Wisetech Global, Altium, Appen, Afterpay contractor workforce that help improve search accuracy and language and Xero. Jencay still holds a small position in Altium, the only one of the five, translation for their large clients. Their growth since IPO in 2015 has been but we continue to have a very large exposure to technology companies, some incredible (share price up more than thirty-fold), driven by the explosion in of which have shot up in price recently i.e. Nearmap and Jumbo Interactive. The search, big data and artificial intelligence. We have kicked ourselves a number ASX 300 Information Technology Index has risen 27% over the last year, of times for not buying Appen but aspects of the business do concern us, significantly outperforming the overall market. including their concentrated client base comprising a handful of the world’s The coining of an acronym for any investment theme makes us sit up and take biggest technology companies, contracts that are relatively short, a very labour note, as it often coincides with overconfidence, exuberance and inflated intensive business with margins that do not scale, and a recent appetite for valuations, pointing to a need for caution. A snapshot of valuation and share acquisitions which raise questions about their confidence in producing organic price performance for the five WAAAX’s is shown below: growth going forward. Afterpay Wisetech Altium Appen Afterpay Xero Although included in the technology index, Afterpay is actually a consumer Market Cap AUD millions 7,272 4,279 2,742 5,566 7,091 finance business, that has supercharged its growth using technology and by Revenue latest 12 months AUDm 285 205 364 158 437 targeting the millennial demographic. Finance is provided to their customers EBIT latest 12 months AUDm 77 67 61 (52) (10) over a very short duration and is interest free to the buyer, with the retailer Enterprise Value/Sales Ratio 25 20 7 35 16 accepting a discount and in effect absorbing the finance cost.
Load more

Recommended publications
  • Fidelity Future Leaders Fund: Themes, Lessons and Thank You the Strong Bounce in the Australian Equity Market in Headwinds for the Economy
    From the desk of James Abela March 2019 Fidelity Future Leaders Fund: Themes, lessons and thank you The strong bounce in the Australian equity market in headwinds for the economy. The Reserve Bank is becoming February was broadly interpreted as unsustainable more cautious as global growth slows and a rate cut due to lower earnings expectations and weaker looks imminent. outlooks. However, a number of companies reported For investors this will mean a greater focus on balance a more confident outlook and as a result energy, sheets as sustainability moves to front of mind. High risk/ metals, financials, technology, healthcare and low quality businesses which have experienced phenomenal industrials all performed better than expected. support in the search for yield over the last few years will Results season delivered some big positive price moves see this wane as liquidity slows and risk tolerance declines. from those quality growth stocks or cyclicals that delivered Some critical lessons from history form the foundations strong results. Altium, Appen, A2 Milk, Bluescope Steel, of my portfolio construction process: Cleanaway and Breville were notable winners. On the flipside there were some big negative price moves from 1. The Fund’s Quality, Momentum, Transition and Value those that disappointed such as Blackmores, Bingo, Pact (QMTV) framework is a balanced approach that can and Eclipx, proving that markets are still challenging deliver alpha throughout the cycle and is key from a companies that are exposed to cyclical softness or portfolio risk management perspective. competitive market structures. 2. Remember 2007 – high leverage is not an everlasting Some fundamental themes that emerged from the provider of growth.
    [Show full text]
  • 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]
  • Asx Clear – Acceptable Collateral List 28
    et6 ASX CLEAR – ACCEPTABLE COLLATERAL LIST Effective from 20 September 2021 APPROVED SECURITIES AND COVER Subject to approval and on such conditions as ASX Clear may determine from time to time, the following may be provided in respect of margin: Cover provided in Instrument Approved Cover Valuation Haircut respect of Initial Margin Cash Cover AUD Cash N/A Additional Initial Margin Specific Cover N/A Cash S&P/ASX 200 Securities Tiered Initial Margin Equities ETFs Tiered Notes to the table . All securities in the table are classified as Unrestricted (accepted as general Collateral and specific cover); . Specific cover only securities are not included in the table. Any securities is acceptable as specific cover, with the exception of ASX securities as well as Participant issued or Parent/associated entity issued securities lodged against a House Account; . Haircut refers to the percentage discount applied to the market value of securities during collateral valuation. ASX Code Security Name Haircut A2M The A2 Milk Company Limited 30% AAA Betashares Australian High Interest Cash ETF 15% ABC Adelaide Brighton Ltd 30% ABP Abacus Property Group 30% AGL AGL Energy Limited 20% AIA Auckland International Airport Limited 30% ALD Ampol Limited 30% ALL Aristocrat Leisure Ltd 30% ALQ ALS Limited 30% ALU Altium Limited 30% ALX Atlas Arteria Limited 30% AMC Amcor Ltd 15% AMP AMP Ltd 20% ANN Ansell Ltd 30% ANZ Australia & New Zealand Banking Group Ltd 20% © 2021 ASX Limited ABN 98 008 624 691 1/7 ASX Code Security Name Haircut APA APA Group 15% APE AP
    [Show full text]
  • Australian Equities Lending Margins Effective 21 April 2021
    Australian Equities Lending Margins Effective 21 April 2021 Stock ASX Margin Stock ASX Margin Stock ASX Margin Code Rate Code Rate Code Rate A2B Australia A2B 40% AusNet Services AST 70% Costa Group Holdings CGC 60% The A2 Milk Company A2M 65% ASX ASX 75% Challenger Financial Australian Agricultural Company AAC 55% AUB Group AUB 50% Services Group CGF 70% Adelaide Brighton ABC 70% Australian United Challenger Capital Notes CGFPA 60% Abacus Property Group ABP 60% Investment Company AUI 70% Challenger Capital Notes 2 CGFPB 60% Audinate Group AD8 40% Aventus Retail Property Group AVN 50% Challenger Capital Notes 3 CGFPC 60% Adairs ADH 40% Alumina AWC 70% Charter Hall Group CHC 70% APN Industria REIT ADI 40% Accent Group AX1 40% Champion Iron CIA 50% Australian Ethical Amaysim Australia AYS 40% Cimic Group CIM 70% Investment Limited AEF 40% Aurizon Holdings AZJ 75% Carlton Investments CIN 50% Australian Foundation Bapcor BAP 60% Centuria Industrial REIT CIP 60% Investment Company AFI 75% Baby Bunting Group BBN 40% Collins Foods CKF 50% Ainsworth Game Technology AGI 40% Bendigo & Adelaide Bank BEN 70% Class CL1 40% AGL Energy AGL 75% Bendigo & Adelaide Bank BENHB 65% Clean Teq Holdings CLQ 40% AGL Energy USFDS AGLHA 75% Bendigo & Adelaide Bank CPS BENPE 65% Clover Corporation CLV 40% Automotive Holdings Group AHG 55% Bendigo & Adelaide Bank CPS BENPF 65% Charter Hall Long Wale REIT CLW 60% Asaleo Care AHY 50% Bendigo & Adelaide Bank CPS BENPG 65% Centuria Metropolitan REIT CMA 50% Auckland International Airport AIA 70% Bell Financial Group
    [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]
  • Smallco Broadcap Fund
    Smallco Broadcap Fund Quarterly Update 31 March 2016 SBF Portfolio Commentary SBF Performance The Smallco Broadcap Fund (SBF) fell short of its benchmark during the March quarter. This was primarily Return to 31 March 2016 driven by outperformance of Resources stocks (which the SBF Index* Out Perf. Fund’s style is heavily underweight), underperformance 3 months -5.6% -2.6% -3.0Perf% by smaller growth stocks (a key focus of the Fund) and 1 year 3.2% -9.3% 12.5% disappointing results from Cover-More & Isentia. 3 year p.a. 18.3% 5.3% 13.0% The Australian equity market fell in the March quarter 5 year p.a. 20.1% 5.4% 14.7% driven by heightened uncertainty over global economic growth trends, negative earnings revisions and concerns 7 year p.a. 27.3% 9.8% 17.5% Since inception regarding credit quality in the banking sector. Resources 20.2% 4.9% 15.3% outperformed driven by increased Chinese Government (31.07.08) p.a. stimulus measures, Iron Ore restocking and short Value of $100,000 covering across a number of commodities. Higher growth invested at inception $408,296 $143,988 $264,308 smaller industrials generally underperformed as the market focused on the valuation stretch among this group Fund returns calculated after all fees and expenses and based that was highlighted in the Fund’s December update. upon exit price and reinvestment of distributions. With many of the Fund’s key investments continuing to perform well operationally, the Fund utilised the broad based market weakness early in the quarter to increase SBF Structure: by sector (look through) its investment in a number of names, including Altium, Webjet and the Outdoor Media companies APN Outdoor 25% and oOh!media.
    [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]
  • 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]
  • Australian Small Caps Systematic Alpha Fund (Wholesale) Monthly Performance Report As at 31 October 2019
    Australian Small Caps Systematic Alpha Fund (Wholesale) Monthly Performance Report as at 31 October 2019 Fund performance The Blue Orbit Australian Small Caps Systematic Alpha Fund returned 0.41% from the period from Fund inception to the end of October 2019, underperforming its benchmark (S&P/ASX Small Ordinaries Accumulation index) which returned 0.67%. Global markets finished the month higher, with the S&P 500 up 2.2% (in US Dollar) and MSCI World (Gross, in US Dollar) up 2.6%. The Australian dollar strengthened over the month, up 2.2% against the US Dollar. The Australian market was slightly lower, with the S&P/ASX 100 down 0.4% for the month. Small cap stocks underperformed larger cap stocks, with the Small Ordinaries index down 0.5% in October. Within small cap stocks, Information Technology (+3.8%) and Health Care (+3.2%) were the standout sectors. Consumer Staples stocks (-6.4%) was the weakest performing sector over the month. 1. Returns shown are Net of Fees. 2. Inception Date is 11 October 2019. 3. Benchmark is the S&P/ASX Small Ordinaries Accumulation Index. Portfolio facts Fund Details Fund Valuation (AUD) $1,506,213 NAV unit price (Mid) $1.0041 Inception date 11 October 2019 Performance benchmark S&P/ASXS&P/ASX Small Small Ordinaries Ordinaries Accumulation Index Buy/sell spread 0.20%/ -0.20% Distributions Annually Portfolio characteristics ABN: 74 623 916 816 | AFSL: 513710 Commercial in Confidence 1 Australian Small Caps Systematic Alpha Fund (Wholesale) Monthly Performance Report as at 31 October 2019 Alpha Signal Attribution *Fund Returns in this table are shown Gross of Fees.
    [Show full text]
  • Pengana Emerging Companies Fund
    QUARTERLY REVIEW PENGANA EMERGING COMPANIES FUND December 2018 Quarterly Review DECEMBER 2018 FUND PERFORMANCE Net performance for periods ending 31 December 20181 Since 1 mth 3 mths 1 yr 3 yrs p.a. 5 yrs p.a. 10 yrs p.a. Inception p.a.2 Pengana Emerging Companies Fund -6.2% -18.6% -9.9% 5.2% 9.4% 15.4% 12.6% S&P/ASX Small Ordinaries Index -4.2% -13.7% -8.7% 7.4% 5.6% 6.9% 4.0% Outperformance -2.0% -4.9% -1.2% -2.2% 3.8% 8.5% 8.6% S&P/ASX Small Industrials Index3 -3.9% -13.4% -6.5% 4.7% 6.3% 9.8% 4.9% Outperformance -2.3% -5.2% -3.4% 0.5% 3.1% 5.6% 7.7% FUND COMMENTARY The Fund fell 18.6%1 over the December quarter, underperforming the Small Industrials Index by 5.2% and the Small Ordinaries Index by 4.9%. For the 12 months to December, the Fund was down 9.9%1, underperforming the Small Industrials Index by 3.4% and the Small Ordinaries Index by 1.2%. The Australian share market had the worst close to a year since 2011, with the ASX 200 index closing the quarter 8.5% lower. Global markets generally fared worse with the S&P 500 in the US down 14.3%, the technology heavy US Nasdaq index down 17% and the Nikkei in Japan down over 17%. The nervousness largely centred around concerns over global economic growth pending a US-China trade war, rising US interest rates and sluggish economic growth from China.
    [Show full text]
  • Brokers Crunch Convincing Numbers on MYOB
    Brokers Crunch Convincing Numbers On MYOB Jun 11, 2015 -Strong earnings growth -Robust market share -Established pricing regime By Eva Brocklehurst Accounting software provider MYOB ((MYO)) has taken its accounting platform to the cloud. The company has invested in the technology and must now ensure it captures a rightful share of users of desk top functions as they move to cloud-based services. MYOB is ahead in this race, starting with an installed user base of 1.2m and brand recognition, as well as a dedicated software solution and strong distribution platform. Citi expects earnings growth of 19% on a three-year compound rate and believes the stock's trading discount to global peers is unwarranted. The broker initiates coverage with a Buy rating and $4.00 target. Management has invested heavily in product, adding $24m in costs over 2012-14. Citi expects this investment will continue at a more modest pace, with cost growth running at around 4.0% compound out to FY17. Cost additions are considered a key investment risk in MYOB's business. Market share is concentrated and barriers to entry are high, Goldman Sachs observes. MYOB is benefiting from the shift to cloud-based software, which the broker notes has driven a 10% per annum growth in paying users since 2011 and increased customer lifetime value - where customers move towards subscription products as older products are no longer supported. Goldman Sachs initiates coverage with a Neutral rating, tempering its favourable view as the stock is trading close to the $3.56 target. The broker forecasts a 16% compound earnings growth rate over 2014-17.
    [Show full text]
  • Jumbo Interactive Limited and Its Controlled Subsidiaries Appendix 4E – Preliminary Financial Year Report
    Jumbo Interactive Limited and its Controlled Subsidiaries Appendix 4E – Preliminary Financial Year Report JUMBO INTERACTIVE LIMITED AND ITS CONTROLLED SUBSIDIARIES (ABN 66 009 189 128) APPENDIX 4E PRELIMINARY FINAL REPORT FOR THE PERIOD ENDED 30 JUNE 2021 This information, given under ASX listing Rule 4.2A, should be read in conjunction with the most recent annual financial report. Current period: 1 July 2020 to 30 June 2021 Prior corresponding period: 1 July 2019 to 30 June 2020 Jumbo Interactive Limited and its Controlled Subsidiaries Appendix 4E – Preliminary Financial Year Report RESULTS FOR ANNOUNCEMENT TO THE MARKET For the period ended 30 June: Consolidated Group Financial Year 2021 2020 Change Change $’000 $’000 $’000 % Revenue from operations 83,319 71,168 Up 12,151 Up 17.1 Earnings before interest, tax, depreciation and amortisation 47,276 42,641 Up 4,635 Up 10.9 Earnings before interest and tax 39,037 36,654 Up 2,383 Up 6.5 Profit after tax from operations attributable to members 26,959 25,883 Up 1,076 Up 4.2 Total comprehensive income for the period attributable to members 27,208 25,207 Up 2,001 Up 7.9 DIVIDENDS On 26 August 2021, Directors declared a final fully franked ordinary dividend of 18.5 cents per share (2020: 17.0 cents) that will be paid on ordinary shares making a total fully franked ordinary dividend of 36.5 cents per share (2020: 35.5 cents) as follows: • Record date: 3 September 2021 • Payment date: 24 September 2021 The Company has no Dividend Reinvestment Plan at present.
    [Show full text]