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Monthly Investment Report As at 30 November 2017 Solaris Core Australian Equity Fund (APIR: WHT0017AU)

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Monthly Investment Report As at 30 November 2017 Solaris Core Australian Equity Fund (APIR: WHT0017AU) Monthly Investment Report as at 30 November 2017 Solaris Core Australian Equity Fund (APIR: WHT0017AU) Market Review The S&P/ASX200 Accumulation Index finished up 1.6% for the month of November with the Real Estate sector leading the way, up 5.3%. The sector outperformed after a period of weak performance and a rotation to defensives during the month. The Australian market underperformed the S&P500 (+2.8%) with U.S. GDP growth exceeding expectations and renewed hope over the potential for the Trump administration’s proposed corporate tax cuts. In company news, the Santos Limited share price was up 12.9% after the press reported a potential takeover bid from Harbour Energy. An indicative offer in August from Harbour Energy proposed to acquire the company for $4.55 per share, however this proposal was rejected by the board. S&P/ASX200 Top & Bottom performing sectors for the month ending 30 November: The best performing sectors in the S&P/ASX200 Accumulation Index for the month were Consumer Durables & Apparel (+13.3%), Capital Goods (+6.1%) and Automobiles & Components (+5.9%). The worst performing sectors included Telecommunication Services (-1.6%), Banks (-1.4%) and Food Beverage & Tobacco (-0.9%). S&P/ASX200 Top & Bottom performing stocks for the month ending 30 November: The top 5 performing stocks in the S&P/ASX200 Accumulation Index for the month were Orocobre Limited (+29.3%), Speedcast International Limited (+24.5%), Syrah Resources Limited (+22.3%), News Corporation (+18.1%) and Credit Corp Group Limited (+14.3%). The bottom 5 performers included Webjet Limited (-17.7%), Orica Limited (-17.3%), Corporate Travel Management Limited (-15.4%), Nanosonics Limited (-15.3%) and ALS Limited (-12.7%). Market Valuation & Earnings Estimates: Market & Sector Market & Sector Market & Sector EPS Growth PEs Dividend Yield Pro-rated to June FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E All Companies 13.2% 6.0% 4.6% 17.2x 16.2x 15.5x 4.2% 4.3% 4.5% Banks 2.5% 1.6% 2.1% 13.1x 12.9x 12.6x 5.8% 5.9% 6.0% Listed Property Trusts 2.7% 3.0% 3.2% 17.0x 16.5x 16.0x 4.5% 4.7% 4.8% Resources 100.6% 12.8% -1.7% 17.1x 15.2x 15.4x 3.1% 3.3% 3.3% Industrials (ex-Banks & Property) 5.2% 7.7% 10.2% 21.0x 19.5x 17.8x 3.6% 3.7% 4.0% Source: Solaris Investment Management, November 2017 Page 1 of 4 Monthly Investment Report as at 30 November 2017 Solaris Core Australian Equity Fund (APIR: WHT0017AU) Fund Performance The portfolio outperformed its benchmark for the month by 0.30%. Overweight holdings in Altium Limited and Insurance Australia Group Limited and an underweight position in Orica Limited made a positive contribution to relative performance. The main detractors were overweight holdings in National Australia Bank Limited and Webjet Limited together with an underweight position in Origin Energy Limited. Rolling 2 Years 3 Years 5 Years Since Inception p.a. Returns Month FYTD 1 Year Quarter p.a. p.a. p.a. (20/03/2009) Fund Gross Return^ 2.03% 6.90% 8.10% 17.57% 13.43% 11.05% 13.37% 12.43% Benchmark Return* 1.64% 5.71% 6.44% 14.61% 12.30% 8.72% 10.56% 11.24% Active Return 0.39% 1.20% 1.66% 2.96% 1.13% 2.33% 2.81% 1.19% Fund Net Return^ 1.95% 6.65% 7.66% 16.44% 12.33% 9.98% 12.41% 11.82% Benchmark Return* 1.64% 5.71% 6.44% 14.61% 12.30% 8.72% 10.56% 11.24% Active Return (After fees) 0.30% 0.94% 1.22% 1.83% 0.04% 1.27% 1.85% 0.58% ^ Performance is for the Solaris Core Australian Equity Fund (APIR: WHT0017AU), also referred to as Class C units, and is based on month end prices before tax. Net performance is calculated after management fees and operating costs, excluding taxation. Gross performance is stated excluding all fees, costs and taxation. This is historical performance data. It should be noted the value of an investment can rise and fall and past performance is not indicative of future performance. * Benchmark refers to the S&P/ASX 200 Accumulation Index. Significant Contributors Significant Detractors Insurance Australia Group Limited (+9.3%) National Australia Bank Limited (-6.5%) The company recently held their 2017 AGM and provided guidance Management released their full year 2017 results showing cash for 2018 of low single digit gross written premium growth, and earnings of $6.6 billion, an increase of 2.5% compared to 2016. A believe they can deliver 10% compound annual earnings per share highlight of the result was their business bank division which has been growth over the next 3-5 years. They also announced plans to curtail re-invigorated under the current CEO. The market was surprised by their investments in Asia given limited opportunities. plans to increase investment by $1.5 billion over the next 3 years which management believes will streamline products and reduce Altium Limited (+9.7%) costs. The company held their 2017 AGM and reaffirmed their strategy to achieve $200m revenue and 35% margins by 2020. Altium recently Origin Energy Limited (+12.5%) delivered 2017 revenue of $111m up 18% compared to 2016 and are Management hosted a strategy day and announced an increase in executing well on their plans to sell their products globally. output from their Eraring power station and reaffirmed 2018 Energy Markets guidance of EBITDA $1.7-$1.8 billion. The company plans to Orica Limited (-17.3%) reduce their APLNG cash flow break even to less than US$40 barrel of Management announced their 2017 results with net profit after tax of oil equivalent. $386 million which was broadly in line with 2016. Headwinds faced in 2017 are now expected to extend into 2018 and will affect earnings Webjet Limited (-17.7%) before interest and tax (EBIT) by $50-$55million. The company announced guidance for 2018 earnings before interest, tax and depreciation (EBITDA) of $80 million, compared to market expectations of around $87 million. The change is mainly related to one off acquisition costs from Jac Travel and Thomas Cook. Page 2 of 4 Monthly Investment Report as at 30 November 2017 Solaris Core Australian Equity Fund (APIR: WHT0017AU) Top 10 Stocks Name Sector Westpac Banking Corp Financials National Australia Bank Limited Financials BHP Billiton Limited Materials Commonwealth Bank of Aust Financials CSL Limited Health Care Macquarie Group Limited Financials ANZ Banking Group Limited Financials Scentre Group Real Estate Link Administration Holdings Ltd Information Technology Woodside Petroleum Limited Energy Sector Allocation 12% 9% 6% 3% 0% -3% Active Weight -6% -9% -12% Energy Utilities Materials Financials Industrials Real Estate Information Consumer Technology Health Care Discretionary Services Cash & Other including futures Consumer Staples Telecommunication Page 3 of 4 Monthly Investment Report as at 30 November 2017 Solaris Core Australian Equity Fund (APIR: WHT0017AU) Market Outlook In our opinion, one sector which will have a strong influence over the direction of the market in the coming months is the Resources sector. The large diversified resource companies have undergone a dramatic change in strategy over the past 4 years. Debt levels have moved to more appropriate settings and management have executed large productivity and cost cutting initiatives. Management claim to have learnt from past mistakes, in particular, investing at the top of the cycle. We believe there is now an opportunity for significant capital returns to shareholders given the near term capital expenditure discipline and high free cash flow generation. Whilst cost inflation is starting to return, there are still opportunities for further productivity benefits, particularly through embracing technology advancements such as driverless trucks and trains. The global back drop is also supportive for the sector with global growth in developed markets improving and emerging markets such as China also proving to be resilient against calls for a hard landing. Our preference is for miners with tier one assets operating in low risk jurisdictions. By tier one we mean, 1st quartile for costs, long mine lives and potential for expansion. We currently forecast earnings per share growth of around 14% in 2018 for the Resources sector, however there is significant upside if commodity prices remain at elevated levels. Contact Details For further information, please contact Solaris’ distribution partner: Pinnacle Investment Management Limited on 1300 010 311, alternatively, please email: [email protected] Responsible Entity: Channel Investment Management Limited ACN 163 234 240 AFSL 439007. Investment Manager: Solaris Investment Management Limited ACN 128 512 621 AFSL 330505. While every effort has been made to verify the data in this report, Channel Investment Management does not warrant the accuracy, reliability or completeness of the information. This communication has been prepared without taking into account your particular investment objectives, financial situation or needs. Page 4 of 4.
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