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KIDS26 Attribution Report 201911 (1 Month)

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KIDS26 Attribution Report 201911 (1 Month) Realindex Australian Share - Class A (Gross of Fees) Flyer 30 Nov 2019 Fund strategy Fund facts Realindex forms a universe of companies listed on the Australian Securities Exchange Benchmark ASX 200 Accum based on accounting measures. Factors such as quality, near-term value and momentum Funds under management $6726.4 million are applied to form a final portfolio of companies. The resulting portfolio has a value tilt Inception Date 17 November 2008 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 Shares Fund returned +2.90% (gross of fees) during November, versus the S&P/ASX 200 benchmark which returned +3.28%. The ASX 200 traded in line with global benchmarks throughout November, reaching a record high of 6893.7. From a factor perspective, it was another inconsistent month with momentum and the more cyclical value factors struggling, whilst yield and low volatility worked well. Financials was the largest sector level detractor, coming entirely from the overweight allocation to banks, specifically Westpac (-10.5%), NAB (-6.8%) and ANZ (-4.2%). Westpac fell after announcing a large capital raising with its full year results. Shares in the company were sold off even more aggressively less than two weeks later after Austrac accused Westpac of 23 million breaches of anti-money laundering laws, with the regulator pursuing fines of up to $21m for every transaction Westpac failed to monitor adequately or report on time. The largest stock-level detractor came from the portfolio’s large underweight to CSL (+10.7%); a textbook growth stock that hit another all-time high during the month. In addition, underweights to Cochlear (+10.6%) and Resmed (+7.2%) also detracted as these stocks similarly hit all-time highs. Resmed is not held due to it being a US domiciled company (only Australian or New Zealand domiciled stocks can be held in the portfolio). Materials were a positive contributor although this largely came from the underweight to gold after it fell -2.8% over the month, including underweights to Saracen (-16.3%), Evolution Mining (-5.3%) and index heavyweight Newcrest Mining (-1.7%). Also adding value were iron ore stocks Fortescue (+9.2%) and Mount Gibson Mining (+5.9%) which were both strong despite iron ore falling -3.9%. The largest level stock contributor was Caltex (+26.7%) which surged after receiving a takeover offer, whilst Qantas (+13.9%) hit an all time high after being re-included in the MSCI benchmarks (it had previously been removed due to foreign ownership limits as the MSCI is a popular benchmark for non-Australian investors). The portfolio offers a valuation discount to the market-cap benchmark, as measured by price-to-sales (32.5% discount) and price-to-book (8.8% discount), as well as a dividend yield higher than the benchmark (18.4% premium). Note: Percentage figures in parenthesis show total return in Australian dollars for the month ending 30 November 2019 unless otherwise noted. Since Gross performance 1 month 3 month 6 month 1 year2 year 3 year 5 year 7 year 10 year inception Realindex Australian Share - Class A 2.90% 4.53% 7.97% 24.96%11.06% 11.93% 10.08% 11.19% 8.93% 11.48% ASX 200 Accum 3.28% 4.80% 9.24% 25.98%11.70% 12.66% 9.90% 10.88% 8.50% 10.64% Outperformance -0.38% -0.27% -1.27% -1.01%-0.64% -0.73% 0.18% 0.31% 0.43% 0.83% Top 10 holding comparison ASX 200 as at 30 Nov 2019 Fund ASX 200 Accum Active Weight Sector Holding comparison Fund Accum Active Weight Commonwealth Bank of Australia 7.12% 7.79% -0.67% Financials 32.24% 29.67% 2.57% BHP Group, Ltd. 5.48% 6.16% -0.67% Materials 17.52% 17.44% 0.08% Westpac Banking Corporation 5.47% 4.61% 0.86% Consumer Discretionary 8.26% 6.61% 1.65% Australia and New Zealand Banking Group Limited 5.09% 3.94% 1.16% Industrials 7.46% 8.56% -1.09% National Australia Bank Limited 5.01% 4.09% 0.92% Consumer Staples 7.19% 6.13% 1.06% Telstra Corporation Limited 4.33% 2.51% 1.82% Real Estate 6.85% 7.64% -0.79% Wesfarmers Limited 4.09% 2.63% 1.46% Communication Services 5.96% 3.71% 2.26% Woolworths Ltd 3.46% 2.86% 0.60% Energy 5.87% 5.41% 0.46% Fortescue Metals Group Ltd 2.31% 0.91% 1.40% Health Care 4.67% 10.51% -5.84% CSL Limited 2.15% 7.02% -4.87% Utilities 3.56% 1.81% 1.75% Information Technology 0.41% 2.51% -2.10% Top 5 relative contributors for the month Value added Top 5 relative detractors for the month Value lost Caltex Australia Limited 0.14% CSL Limited -0.36% Telstra Corporation Limited 0.12% Westpac Banking Corporation -0.13% Fortescue Metals Group Ltd 0.08% National Australia Bank Limited -0.10% Wesfarmers Limited 0.05% Australia and New Zealand Banking Group Limited -0.09% APA Group 0.03% a2 Milk Company Ltd. -0.08% Contact To find out more, please contact us on 1300 809 204 or email [email protected]. Disclaimer This information has been prepared and issued by Realindex Investments Pty Ltd ABN 24 133 312 017, AFSL 225281 (Author). It is directed at persons who are professional, sophisticated or wholesale clients and has not been prepared for and is not intended for persons who are retail clients. This material contains general information only. It is not intended to provide you with financial product advice and does not take into account your objectives, financial situation or needs. Before making an investment decision, you should consider, with a financial adviser, whether this information is appropriate in light of your investment needs, objectives and financial situation. The product disclosure statement (PDS) and Information Memorandum (IM) for the Realindex Australian Share Fund, (ARSN 132 950 433), Realindex Australian Small Companies Fund, (ARSN 132 950 175), Realindex Global Share Fund, (ARSN 132 951 083), Realindex Global Share Hedged Fund, (ARSN 132 951 467), Realindex Global Share Fund (Screened), (ARSN 604 604 873), Realindex Enhanced Equal Weighted Global Share Fund, (ARSN 149 308 976), Realindex Emerging Markets Fund, (ARSN 140 973 075) (Fund(s)), issued by Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232468) (CFSIL), should be considered before deciding whether to acquire or hold units in the Fund(s). The PDS or IM are available from Colonial First State Global Asset Management which is the trading name for Colonial First State Asset Management (Australia) Limited (ABN 89 114 194 311, AFSL 289017) (CFSAMA). Realindex Investments Pty Ltd ABN 24 133 312 017, AFSL 225281 (Manager) is the investment manager of the Fund as at the date of issue of this material. MUFG, the Commonwealth Bank of Australia (Bank) and their respective affiliates do not guarantee the performance of the Fund(s) or the repayment of capital by the Fund(s). Investments in the Fund(s) are not deposits or other liabilities of MUFG, the Bank nor their respective affiliates, and investment-type products are subject to investment risk including loss of income and capital invested. The Author, CFSAMA and the Manager are members of MUFG, a global financial group. CFSIL is a subsidiary of the Bank. To the extent permitted by law, no liability is accepted by MUFG, the Author, CFSAMA, the Manager, the Bank, CFSIL nor their respective affiliates for any loss or damage as a result of any reliance on this information. This information is, or is based upon, information that we believe to be accurate and reliable, however neither MUFG, the Author, CFSAMA, the Manager, the Bank, CFSIL nor their respective affiliates 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 the Author. In Australia ‘Colonial’, ‘CFS’ and ‘Colonial First State’ are trade marks of Colonial Holding Company Limited and ‘Colonial First State Investments’ is a trade mark of the Bank and all of these trade marks are used by CFSGAM under licence. Total returns shown for the Fund(s) 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 no indication of future performance. Copyright © CFSGAM Services Pty Limited 2019 All rights reserved. 0 0 00.
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