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Elston Growth Model Portfolio August 2021 Key Information Investment Manager Elston Asset Management Pty Ltd Number of Holdings 20-40 Asset Class Mixed Asset Minimum Investment 6 Years Horizon Investment Style Active / Style Neutral Management Fee 0.40-0.48% Benchmark The Composite Benchmark is an index calculated as the weighted average of the indices selected as benchmarks for each asset class Launch Date 03/10/2012 Asset Allocation Exposure Investment Objective The aim of the portfolio is to outperform the Australian Equities 53.00% Elston Composite Growth Index, over rolling International Equities 20.00% five-year periods, after fees. Global Listed 5.00% Infrastructure Investment Strategy¹ Australian Fixed Interest 7.80% An actively managed diversified portfolio of International Fixed 4.20% securities across both growth asset classes such Interest as Australian and international equities, Cash 5.00% property and infrastructure; and defensive Listed Property 5.00% oriented asset classes, such as cash and fixed interest securities. In general, the portfolio will Top Portfolio Holdings¹ have a long-term average exposure of around 85% in growth assets and 15% in defensive AB GLOBAL EQUITY FUND 6.50% assets, however the allocations will be actively 4D GLOBAL INFRASTRUCTURE 5.00% managed within the allowable ranges depending on market conditions. VANECK AUSTRALIAN PROPERTY ETF 5.00% VANGUARD MSCI INT. ETF 4.50% Designed for Investors Who JH TACTICAL INCOME FUND 4.20% The portfolio is designed for investors seeking: - long term capital growth above inflation; MACQUARIE INCOME OPPS 4.20% - tax effective income growth; ARDEA REAL OUTCOME FUND 3.60% - a non-index weighted portfolio construction; and, UBS EMERG. MARKETS EQ. FUND 3.50% - a minimum investment timeframe of six years. ANZ BANKING GROUP LIMITED 3.31% WESTPAC BANKING CORP 3.31% Investor Philosophy The Elston Asset Management investment Platforms Availability² philosophy incorporates the following values: - Preservation of capital HUB24 0.41% - Long term focus Macquarie Wrap 0.46% - Value and growth - Genuine diversity BT Panorama 0.46% - Liquidity Netwealth 0.48% - After tax management Praemium 0.40% Colonial First Wrap 0.48% Elston Growth Model Portfolio Growth of $100,000 since inception³ Snapshot of the Month $300000 − The S&P/ASX 300 Accum. Index increased +2.6% while the MSCI ACWI Ex Australia NR Index (A$) finished +3.1% higher. − The A$ depreciated -0.6% against the USD while on a trade-weighted basis, it declined by -0.6%. − The Bloomberg AusBond Composite 0-5Yr TR $200000 Index finished flat ~0.0%, while the Barclays Global Aggregate TR Hedged Index finished -0.2% lower. − The best performing sectors domestically were Information Technology (+17.0%), Consumer Staples (+6.9%) and Health Care (+6.8%), while the worst performers were Utilities (+1.0%), Energy (-3.9%) and $100000 Materials (-7.3%). 10/12 01/15 04/17 07/19 08/21 − The best-performing stocks in the S&P/ASX 100 Powered by data from FE fundinfo were WiseTech Global (+57.0%), Afterpay (+39.2%) and Domino’s Pizza (+35.2%). The worst performers Growth Model Portfolio Benchmark were Fortescue Metals Group (-15.7%), Boral (-15.0%) and BHP Group (-14.7%). − Developed markets (MSCI DM +2.7%) advanced Performance YTD 1 Yr 3 Yr 5 Yr 7 Yr ITD for a 7th consecutive month, outperforming their Emerging counterparts (MSCI EM +2.3%). Despite the Growth Model Portfolio 13.68% 24.76% 8.10% 9.53% 9.09% 11.14% continued spread of the Delta variant, the bellwether S&P 500 (+3.0%) and STOXX 600 (+2.2%) Benchmark 15.30% 24.10% 9.68% 10.51% 8.63% 10.05% recorded solid gains with both indices now up ~20% YTD. Within the US, investor appetite was supported by a dovish speech at Jackson Hole from Fed Chair Portfolio update Powell that served to allay tapering concerns, along with signs of progress on the Biden administration's economic agenda with the Senate passing the − Portfolio changes for the month were limited to re-weightings, with the bipartisan infrastructure deal that includes $550bln allocation to Westpac, Woodside and Lendlease all reduced while Amcor, in new investment. With another positive month for Endeavour Group, Telstra, and WiseTech were all increased. European equities, the region recorded its longest − The model portfolio (+3.6%) outperformed its benchmark (+2.6%), primarily winning run in over eight years. Gains were driven due to the Australian equity component. by a positive earning season and better than − The Australian equity component (+4.7%) outperformed its benchmark expected economic data (PMIs) that helped ease (+2.3%), driven by stock selection. An underweight to Materials and concerns over a material slowdown in economic overweight Consumer Staples added to relative performance while being growth. Emerging markets overcame a combination overweight Energy and underweight Health Care detracted – the net result of continued crackdowns on various 'non-social' was broadly flat. In terms of stock selection, positions within the Information industries by Chinese regulators, Delta concerns and Technology and Material sectors were the primary contributors to the a stronger US dollar to regain some of the ground outperformance. The top three contributors were the position in WiseTech lost in July. Global, being underweight BHP and from not owning Fortescue Metals. The − The domestic market delivered its 11th consecutive largest detractors were from not owning Afterpay or CSL and the position in monthly gain, a run not seen since 1943. Another Woodside. strong reporting season helped drive the market − Despite all underlying holdings recording positive returns, the international higher with dividends a bright spot - a record equity component (+3.0%) marginally underperformed its benchmark (+3.1%). $31bln in dividend payouts (plus an additional $15bln The UBS Emerging Market Equity Fund (+3.2%), Franklin Global Growth Fund in buybacks) suggest Australian corporates have (+3.6%), and GQG Partners Global Equity (+3.8%) all outperformed, while the come through the pandemic in great shape. Overall index tracking Vanguard MSCI Intl ETF (+3.1%) performed inline. The AB results were slightly above expectations with the Global Equities (+1.6%) was the laggard. market recording +26.5% earnings growth for FY21 - − Within the global listed infrastructure component, the 4D Global this was however skewed by Resources (higher Infrastructure Fund (+1.7%) underperformed the benchmark (+2.3%). commodity prices) and Banks (lower bad debts). − The fixed interest component (~0.0%) finished flat for the month, slightly Unsurprisingly given ongoing uncertainty related to outperforming its benchmark (-0.1%) as outperformance by the Macquarie COVID-19 disruptions, corporate guidance was not Income Opportunities Fund (+0.3%) was partially offset by both the Janus as strong as previous reporting seasons and Henderson Tactical Income Fund (-0.1%) and Ardea Real Outcome Fund consensus expectations for FY22e and FY23e have (-0.3%). The performance of the Macquarie fund was chiefly driven by been pared back slightly. running yield on credit holdings and currency option positions, which were implemented as an alternative to interest rate duration to provide downside protection. 1 This information has been prepared for the purpose of providing general information and may differ between platforms. Please refer to the appropriate platform PDS for further information. 2 Other fees and costs apply. To understand all the fees payable you must refer to the appropriate platform PDS. 3 Inception to date is 03/10/2012. The table above sets out the investment performance returns (AFTER investment management fees of 0.41%p.a., but BEFORE administration fees and taxes) for the managed portfolio. The performance returns have been calculated on a daily basis taking into account brokerage costs, and are accumulated for the relevant period. Returns from inception are shown as annualised if the period is over 1 year, or as total returns otherwise. Past performance is not a reliable indicator of future performance returns. Returns may differ between platforms due to fees or underlying holdings, please refer to the appropriate platform PDS for further information. The rating contained in this document is issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme..
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