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Solaris Core Australian Equity Fund (Performance Fee Option) (APIR: WHT0017AU) Monthly Investment Report As at 31 October 2018

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Solaris Core Australian Equity Fund (Performance Fee Option) (APIR: WHT0017AU) Monthly Investment Report As at 31 October 2018 Solaris Core Australian Equity Fund (Performance Fee Option) (APIR: WHT0017AU) Monthly Investment Report as at 31 October 2018 Fund Performance The Fund outperformed its Benchmark for the month by 0.26%. Overweight holdings in QBE Insurance Group Limited, Aurizon Holdings Limited, Ramsay Health Care Limited and Evolution Mining Limited and an underweight position in AMP Limited made a positive contribution to relative performance. The main detractors were overweight holdings in Treasury Wine Estates Limited, CYBG PLC, Altium Limited and Appen Limited together with an underweight position in Newcrest Mining Limited. Rolling 3 Years 5 Years 7 Years Since Inception p.a. Returns Month FYTD 1 Year Quarter p.a. p.a. p.a. (20/03/2009) Fund Gross Return^ -5.72% -5.47% -4.55% 6.10% 9.96% 8.59% 11.62% 11.63% Benchmark Return* -6.05% -5.92% -4.61% 2.94% 8.25% 6.02% 9.21% 10.26% Active Return 0.34% 0.45% 0.07% 3.16% 1.71% 2.56% 2.41% 1.37% Fund Net Return^ -5.79% -5.70% -4.86% 5.08% 8.90% 7.54% 10.79% 10.99% Benchmark Return* -6.05% -5.92% -4.61% 2.94% 8.25% 6.02% 9.21% 10.26% Active Return 0.26% 0.22% -0.24% 2.14% 0.65% 1.52% 1.58% 0.72% (After fees) ^ 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 Aurizon (+2.2%) Clydesdale Bank (-18.0%) The rail freight operator reported a 5% decline in coal The UK based full service bank achieved a significant volumes in the September quarter due to a strike and a milestone during the month in the form of regulatory derailment. The company maintained its guidance for the full accreditation from the Prudential Regulatory Authority for key year volume expectation of 215 million to 225 million tonnes. loan portfolios. However, a weak macro outlook due to the ongoing Brexit deliberations weighed on investor sentiment. QBE Insurance Limited (+1.8%) The insurance company reported to the market in late Altium Limited (-20.0%) October and announced changes to streamline their The computer software company experienced a material operations. Management remains focused on cost reduction correction in its share price as a range of high growth and simplification across the business in order to drive technology companies were subject to the market volatility in efficiency and profitability gains. October. The annual report to shareholders was published mid month and highlights included a 34% increase in net Evolution Mining (+12.5%) profit after tax to US $37.5 million for the year ended 30 The gold company announced that it has received board June. approval to progress the Mt Carlton underground development, subject to regulatory approvals. Investors were Newcrest Mining Limited (+6.2%) pleased with news that the company is highly confident the The gold mining company had a positive month, as BHP initial underground reserve at the Mt Carlton operation can entered the share register of SolGold an exploration company be expanded. with a key project in Ecuador. Newcrest is the largest shareholder in SolGold and the entrance of BHP reinforces the attractiveness of its stake in SolGold. Contact us 1300 010 311 [email protected] www.solariswealth.com.au 1 Solaris Core Australian Equity Fund (Performance Fee Option) (APIR: WHT0017AU) Monthly Investment Report as at 31 October 2018 Top 10 Stocks Name Sector BHP Billiton Limited Materials Westpac Banking Corporation Financials CSL Limited Health Care National Australia Bank Limited Financials Commonwealth Bank of Australia Financials Macquarie Group Limited Financials Woodside Petroleum Limited Energy Australia and New Zealand Banking Group Limited Financials Rio Tinto Limited Materials Scentre Group Real Estate Sector Allocation 9% 6% 3% 0% Active Weight Active -3% -6% -9% Energy Utilities Materials Financials Industrials Real Estate Real Health Care Consumer Staples Consumer Information Technology Information Consumer Discretionary Consumer Communication Services Communication Cash Other & including futures Contact us 1300 010 311 [email protected] www.solariswealth.com.au 2 Solaris Core Australian Equity Fund (Performance Fee Option) (APIR: WHT0017AU) Monthly Investment Report as at 31 October 2018 Market Review The S&P/ASX200 Accumulation Index finished down 6.1% in October with global markets experiencing a significant pullback as trade tensions between the United States and China continued to escalate. Growth stocks sold off sharply and no sectors were spared in the pull back. On a relative basis industrial companies (-5.9%) marginally outperformed resource companies (-6.6%). The top three positive moves within the S&P/ASX 200 Index include Saracen Mineral Holdings (+31.4%) with the company reporting record quarterly gold production and strong free cash flow during the month, Lynas Corporation (+30.4%) after providing a positive update to the market on regulatory issues in Malaysia, and St Barbara Limited (+19.2%) which reported its quarterly report to 30 September that was well received by investors. The bottom three moves were Corporate Travel (-34.3%) which was impacted by a negative research report published by VGI Partners, Syrah Resources (-30.4%) which experienced operational issues impacting its graphite production, and Afterpay (-30.4%) after press reports were published citing a potential Australian Senate inquiry into aspects of the finance sector. S&P/ASX 200 Top & Bottom performing sectors for the month ending 31 October: The best performing sectors in the S&P/ASX200 Accumulation Index for the month were Transportation (-2.5%), Insurance (-2.6%), Real Estate Investment Trusts (-3.1%), Food & Staples Retailing (-3.6%) and Telecommunication Services (-3.9%). The worst performing sectors included Media & Entertainment (-16.2%), Automobiles & Components (-11.6%), Software & Services (-11.2%), Capital Goods (-10.8%) and Energy (-10.5%). S&P/ASX200 Top & Bottom performing stocks for the month ending 31 October: The top 5 performing stocks in the S&P/ASX200 Accumulation Index for the month were Saracen Mineral Holdings Limited (+31.4%), Lynas Corporation Limited (+30.4%), St Barbara Limited (+19.2%), MYOB Group Limited (+13.7%) and Regis Resources Limited (+13.4%). The bottom 5 performers included Corporate Travel Management Limited (-34.3%), Syrah Resources Limited (-30.4%), Afterpay Touch Group Ltd (-30.4%), Bellamys Australia Limited (-29.3%) and Domain Holdings Australia Limited (-29.1%). Market Valuation & Earnings Estimates: Market & Sector Market & Sector Marker & Sector EPS Growth PE’s Dividend Yield Pro-rated to June FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY20E All Companies 7.9% 9.4% 5.4% 15.8x 14.5x 13.8x 4.6% 4.8% 5.0% Banks -3.3% 4.8% 3.5% 11.8x 11.2x 10.9x 6.7% 6.8% 6.9% Listed Property Trusts 3.4% 4.1% 4.3% 16.7x 16.2x 15.7x 4.6% 4.7% 4.8% Resources 32.2% 21.3% 3.2% 14.0x 11.6x 11.3x 4.0% 4.5% 4.8% Industrials ex-Banks 6.8% 7.0% 7.9% 19.3x 18.2x 16.9x 3.9% 4.1% 4.4% Source: Solaris Investment Management, October 2018 Contact us 1300 010 311 [email protected] www.solariswealth.com.au 3 Solaris Core Australian Equity Fund (Performance Fee Option) (APIR: WHT0017AU) Monthly Investment Report as at 31 October 2018 Market Outlook Global growth continues to remain robust however, risks remain including any flow on impacts from the heightened trade frictions between the United States, China and Europe. Focus also remains on impacts from the tighter US monetary policy and weakness in emerging market economies. Domestically, the Australian economy remains resilient. While the Reserve Bank of Australia is expected to maintain its cautious outlook and continue to provide a supportive backdrop for the local economy, the Australian dollar has softened to a level that will give the bank comfort. The health of the Australian housing market remains a concern, as clearance rates remain soft and property prices in the major cities remain flat or negative year on year. In the financial sector a continued area of focus is whether any flow on impacts from the banking royal commission will hurt domestic credit growth. In the resources sector an area of focus is the impact of trade tensions on Chinese demand for Australian commodities, and whether the current heightened price differential between high grade and low grade products is cyclical or structural in nature. Some sectors of the Australian equity market are looking stretched, as pockets of “growth” and “small cap” companies continue to look expensive. We remain cautiously optimistic, as the economy enters the 27th year of consecutive growth. Contact Details For further information, please contact Solaris’ distribution partner: Pinnacle Investment Management Limited on 1300 010 311, alternatively, please email: [email protected] Interests in the Solaris Core Australian Equity Fund (‘Fund’) (ARSN 128 859 898) are issued by Pinnacle Fund Services Limited, ABN 29 082 494 362, AFSL 238371, as responsible entity of the Fund. Pinnacle Fund Services Limited is not licensed to provide financial product advice. You should consider the Product Disclosure Statement of the Fund available at www.solariswealth.com.au in its entirety before making an investment decision. Solaris Investment Management Limited (‘Solaris’) (ABN 72 128 512 621 AFSL 330505) is the investment manager of the Fund.
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