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Alleron Investment Management Limited Monthly Report September 2015

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Alleron Investment Management Limited Monthly Report September 2015 Alleron Investment Management Limited Monthly Report September 2015 Portfolio performance and attribution analysis Market commentary Portfolio commentary Global markets continued to fall as Positives: Since Inception (Annualised) Month slowing Chinese growth was com- OSH - The company received a take- pounded by the Federal Reserve’s over bid from Woodside Petroleum Portfolio +9.071% -1.509% concerns regarding the economic Ltd. Benchmark +6.682% -3.071% impact on the US delaying a possible SYD - The company announced in- interest rate rise. The oil price fell Top 3 and bottom 3 performing stocks creased number of flights from Asia 8% to US$45 as US production re- Top 3: Oil Search Limited (OSH), Sydney Airport (SYD), Treas- as well as strong passenger traffic mains high despite significant price ury Wine Estates Limited (TWE). growth from China and India. falls this year. US environmental Bottom 3: Downer EDI Limited (DOW), Primary Health Care authorities exposed German car TWE - The company’s focus on Limited (PRY), Woodside Petroleum Limited (WPL). maker Volkswagen’s use of devices brand management and consumer to mislead exhaust emission test re- Portfolio changes marketing has resulted in positive sults. The Australian dollar fell to growth in Australia and Asia. below US70 cents. Iron ore remained Stocks joined or increased: Negatives: stable at US$56 a tonne. Flight Centre Travel Group Ltd (+0.75%): A corporate and leisure DOW - The share price underper- travel agent. The company’s UK and US operations have returned The Australian market fell as mining formed due to continued commodity to profitability and are gaining market share. and energy stocks underperformed. price weakness. Retail sales fell 0.1% in July and Medibank Private Ltd (+0.50%; New): A private health insurance GDP grew 0.2% in the June quarter as PRY - The share price fell due to provider. The company’s cost cutting and government approved mining activity became a drag on the government pressure on health care insurance premium increases are delivering earnings growth. economy. Malcolm Turnbull re- costs and concerns regarding the com- placed Tony Abbott as Prime Minister pany’s expansion ambitions. Stocks Removed or Reduced: following a Liberal party vote. Rio WPL - The company made a takeover Tinto expects iron ore demand to Bradken Ltd (-0.75%; Exit): A mining consumables company. The bid for Oil Search Ltd. continue to grow over the next 15 company’s restructuring efforts have been diluted by the issuance years driven by emerging Asia and Portfolio focus of convertible debt to a private equity consortium. sold a Hunter Valley coal mine for Alleron’s investment process focusses US$606m. Bradken’s chairman re- on companies with a competitive Iress Ltd (-1.00%, Exit): A financial markets software provider. advantage and a developing organic The company announced a subdued outlook for 2015 due to finan- signed after a failed merger attempt growth profile. An investment will be cial market challenges and regulatory change in the UK. with a private equity consortium. Macquarie Group upgraded its profit made once an identified investment outlook and expects first half profits trigger occurs. to be 40% above last year. Current portfolio Top ten holdings Sector analysis Portfolio analysis: Stock 30/09/15 Industry Classification Weight Top 100 92.97% of fund National Australia Bank 6.00% Consumer Discretionary 8.00% Ex 100 3.85% of fund Westpac Banking Corporation 5.62% Consumer Staples 6.04% Rio Tinto Ltd 5.22% Energy 10.45% Tracking error: 4.2% Financials 33.53% Cochlear Ltd 5.21% Breach report: No Breaches to report Sydney Airport Holdings Ltd 5.03% Healthcare 12.64% Industrials 14.28% Portfolio Return Dispersion AMP Ltd 4.99% Information Technology 0.48% BHP Billiton Ltd 4.91% Notable Differences: No notable differences. Materials 11.40% Resmed Inc 4.91% Telecommunications 0.00% Caltex Australia Ltd 4.38% Cash 3.18% Seek Ltd 4.36% Total 100.00% Disclaimer: This communication is issued by Alleron Investment Management Limited ABN 71 109 874 160 AFSL 278856 Suite 1001, Level 10, 46 Market Street, Sydney NSW 2000. This information does not constitute a recommendation, offer or solicitation to buy or sell any securities. It reflects Alleron's Model Portfolio at the end of the month stated and Alleron's views at the date of preparation. Both the Model Portfolio and Alleron's views are subject to change without notice. Past performance figures are no guarantee of future returns and exclude Alleron's fees. Date of preparation: 7 October 2015 .
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