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KIDS10 Attribution Report 201902

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KIDS10 Attribution Report 201902 Realindex Australian Small Companies - Class A (Net of Fees) Factsheet 28 Feb 2019 Fund strategy Fund facts Realindex forms a universe of companies listed on the Australian Securities Exchange that are Benchmark ASX Small Ords Accum outside both the ASX 100 and the 100 largest companies based on accounting measures. Factors Funds under management $1023.8 million such as quality, near-term value and momentum are applied to form a final portfolio of companies. Inception Date 17 November 2008 The resulting portfolio has a value tilt relative to the benchmark and provides the benefits of being lower in cost, lower turnover and highly diversified compared to traditional active investment strategies. By weighting the portfolio based on accounting measures and factors such as quality, value and momentum Realindex aims to generate higher returns versus the benchmark over the long term. Commentary The Realindex Australian Small Companies Fund returned 5.43% (net of fees) during February, versus the S&P/ASX Small Ordinaries benchmark which returned 6.78%. From a style perspective, the S&P Australia Small Cap Growth Index (+6.7%) outperformed its Value (+4.4%) counterpart by 2.3%. This was a significant headwind for performance, given the methodology’s inherent tilt towards cheaper companies. Underweights within the expensive Information Technology sector were by far the largest detractors of performance. The portfolio does not hold many of these high growth market darlings including Appen (+46.9%) and Afterpay (+15.9%) and has a large underweight position in Altium (+32.3%). These three stocks collectively accounted for almost two-thirds of the entire underperformance. Stock selection within sectors had a large effect this month; this is typical during February as company earnings results sees stock-specific information lead price movements. Amongst the more high profile falls were Blackmores (-27.7%) and Bingo (-20.1%), both of which benefitted performance due to underweight positions. However overweights to Pact Group (-23.2%) and Macmillan Shakespeare (-21.0%) negated some of this benefit. An underweight allocation to the strong-performing Energy sector also detracted value, although this largely came from not holding Viva Energy (+31.0%) and Washington H. Soul Pattinson (11.9%). The portfolio does not hold these stocks as both are considered large companies under the strategy’s methodology. However this was mostly offset by the contribution from other ‘large companies’ not held by the portfolio including Nufarm (-16.0%), Mineral Resources (-4.9%) and Healius (-4.5%). Also positive for performance were overweight positions in iron ore miners Mount Gibson (+17.8%) and Grange Resources (+15.9%) after the price of iron ore rose 14.9% over the month. The portfolio offers a valuation discount to the market-cap benchmark, as measured by price-to-sales (3.3x vs. 4.2x) and price-to-book (2.5x vs. 3.0x), as well as a dividend yield higher than the benchmark (4.1% vs. 2.9%). Note: Percentage figures in parenthesis show total return in Australian dollars for the month ending 28 February 2019 unless otherwise noted. Since Net performance (After fees, before tax) 1 month 3 month 6 month 1 year2 year 3 year 5 year 7 year 10 year inception Realindex Australian Small Companies - Class A 5.43% 7.95% -1.23% 3.80%8.12% 14.88% 9.77% 11.22% 14.86% 12.19% ASX Small Ords Accum 6.78% 8.01% -3.06% 3.48%11.81% 13.44% 7.74% 4.55% 9.44% 7.83% Excess NET returns -1.35% -0.05% 1.84% 0.32%-3.69% 1.44% 2.03% 6.67% 5.42% 4.37% All returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. Top 10 holding comparison ASX Small ASX Small as at 28 Feb 2019 Fund Ords Accum Active Weight Sector Holding comparison Fund Ords Accum Active Weight Chorus Limited 1.93% 0.55% 1.38% Consumer Discretionary 20.16% 15.15% 5.01% Beach Energy Limited 1.83% 1.96% -0.14% Materials 16.64% 18.73% -2.09% OceanaGold Corp Shs Chess Depository Interests repr 1 shs 1.71% 0.17% 1.54% Real Estate 15.93% 11.07% 4.86% A.P. Eagers Limited 1.69% 0.00% 1.69% Communication Services 10.08% 5.87% 4.21% Super Retail Group Limited 1.65% 0.55% 1.10% Industrials 7.69% 7.41% 0.28% SKYCITY Entertainment Group Limited 1.50% 0.57% 0.93% Financials 7.45% 7.99% -0.54% Platinum Asset Management Ltd 1.50% 0.64% 0.86% Consumer Staples 6.55% 7.79% -1.24% Australian Pharmaceutical Industries Ltd 1.47% 0.30% 1.17% Health Care 6.19% 6.43% -0.24% Monadelphous Group Limited 1.46% 0.88% 0.58% Information Technology 4.86% 11.89% -7.04% Vocus Group Limited 1.38% 1.24% 0.14% Energy 2.52% 7.24% -4.72% Utilities 1.93% 0.44% 1.49% Top 5 relative contributors for the month Value added Top 5 relative detractors for the month Value lost Nufarm Limited 0.22% Altium -0.36% A.P. Eagers Limited 0.20% Appen Ltd. -0.33% Nextdc Limited 0.18% VIVA ENERGY GROUP NPV -0.27% Saracen Mineral Holdings Limited 0.17% OceanaGold Corp Shs Chess Depository Interests repr 1 shs -0.24% Mineral Resources Limited 0.17% Webjet Limited -0.20% Contact To find out more, please contact us on 1300 809 204 or email [email protected]. Disclaimer This document has been prepared by Colonial First State Managed Infrastructure Limited (“CFSMIL”) ABN 13 006 464 428 AFS Licence 240550 (“CFSMIL”) and is intended to be provided to institutional clients and financial advisers only. A copy of the Financial Services Guide for CFSMIL is available from Colonial First State Global Asset Management on its website. This material contains general information only. It is not intended to provide you with financial product advice and does not take into account the investment objectives, financial situation or needs of any particular investor. Before making an investment decision, investors should consider, with a financial adviser, whether the information contained within this material is appropriate in light of their particular investment needs, objectives and financial circumstances. The Product Disclosure Statement (“PDS”) for the Realindex Australian Small Companies Fund, (ARSN 132 950 175) (“Fund”), issued by Colonial First State Investments Limited ABN 98 002 348 352 AFSL 232468 (“CFS”) is available from Realindex Investments Pty Ltd ABN 24 133 312 017, AFSL 225281 (“Realindex”), which it’s the investment manager of the Fund as at the date of issue of this material. Investors should consider the relevant PDS before making an investment decision. The Commonwealth Bank of Australia (“Bank”) and its subsidiaries do not guarantee the performance of the Fund or the repayment of capital by the Fund. Investments in the Fund are not deposits or other liabilities of the Bank or its subsidiaries, and investment-type products are subject to investment risk including loss of income and capital invested. CFSMIL, CFS and Realindex are subsidiaries of the Bank. To the extent permitted by law, no liability is accepted by CFSMIL, CFS, Realindex or the Bank for any loss or damage as a result of any reliance on this information. This material contains or is based upon information that we believe to be accurate and reliable. While every effort has been made to ensure its accuracy neither the Bank, CFS, CFSMIL nor Realindex offer any warranty that it contains no factual errors. No part of this material may be reproduced or transmitted in any form or by any means without the prior written consent of Realindex. This material has been prepared for the general information of clients and professional associates of CFS, CFSMIL and Realindex and not for retail clients. Total returns shown for the Fund have been calculated using exit prices after taking into account all ongoing fees and assuming reinvestment of distributions. No allowance has been made for taxation. Past performance is not an indication of future returns. All monetary amounts are in Australian dollars, unless otherwise indicated. Realindex is an investment management division of Colonial First State Group, which is wholly owned by Commonwealth Bank of Australia ABN 48 123 123 124. Copyright © Colonial First State Group Limited 2019 0 0 00.
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