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WEEKENDWEALTH 28 Caught Out: Judge’S Ruling on Short Attack May Embarrass Super Funds

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WEEKENDWEALTH 28 Caught Out: Judge’S Ruling on Short Attack May Embarrass Super Funds AUSE01Z01MA - V1 THE AUSTRALIAN, SATURDAY, FEBRUARY 15, 2020 theaustralian.com.au/wealth THE WEEKEND AUSTRALIAN, FEBRUARY 15-16, 2020 28 theaustralian.com.au/wealth WEEKENDWEALTH 28 Caught out: judge’s ruling on short attack may embarrass super funds Big Bet: Top shorted ASX 200 stocks* stock to the super fund and pock- been a short-sellers paradise since The ‘short attack’ Rural Funds Management has not Bonitas researchers had never JAMES KIRBY ets the profit). Percentage of shares held short 19.3% the original attacker, Glaucus, gone quite so smoothly. visited Australia and they were WEALTH EDITOR But how short funds actually Galaxy Resources came in some years ago and made where there is a On Wednesday, Justice David sure the laws of the US would pro- work in practice is another matter Syrah Resources 17 a fortune with a masterpiece short concerted effort to Hammerschlag in the NSW Su- tect them should Rural Funds be altogether: a court judgment this Inghams 13.4 attack on sandalwood plantation preme Court gave Bonitas a beat- so presumptuous as to try to de- 13.3 damage a company week would seem to confirm our Orocobre group TFS and followed it with an with a blitz of ing around the ears that was fend itself. worst fears about shorts and how Speedcast 13 even bigger trophy, the Blue Sky something to behold. Bonitas kept blazing away after they operate in practice. GWA Group 11.5 group. In both cases, the compan- negative reports Hammerschlag said the Boni- the legal loss this week, suggesting Many investors don’t like their Costa 11.1 ies literally crumbled and Glaucus coupled with tas report on Rural Funds was the court judgment was “proce- super funds lending to shorters be- Nearmap 11 made a fortune. strong publicity is a “materially misleading” and then durally and substantively infirm”. cause they worry it can be unethi- JB Hi-Fi 11 In fact, there has always been relatively new he hit them between the eyes with Meanwhile, Rural Funds’ share cal: they find it hard to see why Bega Cheese 10.8 shorting in the local market, gen- this: “They (Bonitas) never took price — at $2.05 — has recovered Big super funds that finance short- their own super fund wants to Webjet 10.6 erally as part of long/short strat- development the trouble to check with or in- to a point close to where it was the selling — especially industry funds finance an activity that can be try- Metcash 10.2 egies at leading funds that use the quire as to any material which they day Bonitas launched its attack. that strive to take the higher ing to “short” the very same shares *As of Feb 14 Source: Shortman.com.au/ASIC big super funds to supply stock for broadcast … I have no difficulty in Hammerschlag will announce ground in ethical investing — they probably own. a fee. concluding that they did not care his decision on damages in the must surely be wincing at a re- For example, it is beyond doubt to maximise profits, etc. But we lian business, branding it as At any given time, there are age a company with a blitz of nega- whether what they were saying case on March 6. That decision markable story in the courts this our major super funds over the last now have a window into what can “worthless”. hundreds of stocks being shorted tive reports coupled with strong was false.” won’t just be news in our market, it week surrounding one of the nasti- year would have been holding JB be a decidedly unsavoury business Now in our volatile and over- — over the last week among the publicity, is a relatively new devel- So it turns out that apart from will be read by ever short-selling er “short attacks” we have ever Hi-Fi while also lending to shorts after a plucky decision by Rural heated sharemarket, a report like top 10 most shorted were JB Hi-Fi, opment. the issues highlighted in that last outfit around the world. seen in Australia. who were betting the JB Hi-Fi Funds Management to take its that spreads like wildfire and other the Inghams group and tech fav- Nowadays Glaucus has many statement from Hammerschlag, If the Rural Funds exercise In principle, shorting keeps the share price would fall (JB Hi-Fi has enemy — a US short-selling investors don’t wait around to see ourite Nearmap. imitators: in fact, Bonitas CEO the self-described “activist short- ends up costing Bonitas big money sharemarket healthy. It spots been consistently among the most specialist called Bonitas Research if Bonitas has played by the rules or The most shorted stock in the Matthew Wiechert was a co-foun- seller” released a scathing report in damages, it will change the weakness and, at its best, forces shorted stocks in the market). — to court. not — many investors simply sold entire market is miner Galaxy Re- der of Glaucus. (You may have to start a short attack on an ASX- numbers for anyone considering a companies to clean up their act. There has always been ru- Rural Funds management out. sources, with nearly a fifth of its seen Wiechert in The China Hus- listed company, then instantly short attack on Australian com- (Shorting is where an investor bor- mours that short-sellers play vari- CEO David Bryant woke up one Rural Funds endured a 42 per entire market capitalisation held tle, a terrific documentary about bunkered down in Texas. panies. Or, to be precise it will rows stock for a fee, then waits for ous tricks: using media leaks as morning last August to find the cent fall in its share price in the by shorts. fraud in China in which Wiechert As a precautionary measure, change how shorters behave in the stock to drop, sells the stock for part of shorting campaigns, exag- Texas-based short fund had issued aftermath of the report release. But the “short attack”, where did some useful investigative Bonitas fired off an email to their our market — and that would be a much cheaper price, returns the gerating weaknesses of the target a damning report on the Austra- Why? Because Australia has there is a concerted effort to dam- work.) But Wiechert’s plan for Australian target that revealed the no bad thing. Star picks THE from profit COACH season continue the trends of increasing There are sectors pressure on revenue growth and declining net interest margins. and stocks to watch Costs will continue to grow as I am extremely concerned about my exposure for earnings increases in compliance and regu- to the sharemarket. Is now the right time to be latory costs more than offset invested in shares? ROGER MONTGOMERY efficiency savings in the core oper- ating cost base. Delinquencies have been increasing slowly for a In a volatile market it is often difficult to stay on while, despite bad debt provisions track with your investment strategy. remaining at cyclical lows. Bad If you are investing for the long term, you debt provisions should present a may do more damage trying to time your exit headwind to profit growth. and entry to the market. Investors who park The backdrop for the reporting their assets in cash often fail to recognise the season is soft: the raw national re- time to get back in the market. tail sales figures reveal a soft Aus- If you are worrying about your money, your The reporting season is now under tralian retail sector. appetite for risk may have changed. It could be way amid bush fires and a corona- December raw retail sales grew your time frame for investing is now shorter, virus pandemic. 2.4 per cent annualised and, while your circumstances have changed or there has The environment is ripe for this has been portrayed as solid, it been a change in market outlook. Assess if your more surprises than we have seen, is in fact a decline on November’s change is permanent or a response to short-term perhaps since the global financial 3.4 per cent and October’s 2.7 per factors such as markets volatility or valuation. crisis. And that’s before we add in cent. If your investment time frame has changed, the fact that the ASX 200 indus- Non-discretionary food, which do you have the time for your investments to trial index, excluding financials, is drives 30 per cent of retail sales, recover through the cycle? All markets run in trading on a record multiple of rose an annualised 3.8 per cent in cycles, some are short-term corrections, some 28.5 times earnings — even higher November. However, in Decem- are medium-term business cycles of three to five than before the GFC. With valua- ber growth slumped by nearly half years and others can be long-term secular tions generally stretched, the to just 2 per cent annualised. swings of 20 years. Make sure your portfolio can potential impact on prices from Important for retailers of weather a cycle and ensure you have sufficient profit and outlook surprises could course is volume, and retail sales time to allow your portfolio to recover. have a greater impact on inves- volume growth reversed in the Assess the quality of the assets within your tors’ portfolios than at any time September quarter for the first portfolio. If they are direct equities, consider the since the GFC. time since the 1991 recession. short and longer-term prospects of the company. Over the past few days we saw While December growth im- If you invest in managed funds, ensure you the first batch of results, which proved marginally, the annualised are comfortable with the investment approach of brought solid returns from market growth rate is zero.
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