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June 2019 42
y 4 6 Equit 2019 June High Conviction High Quarterly NewsletterQuarterly No. Selector Fund In this quarterly edition, we review performance and attribution for the quarter. We highlight the importance of innovation and culture within organisations and profile ResMed and Cochlear, two leading healthcare businesses. We visit Fisher & Paykel Healthcare in New Zealand and look at one of the biggest growth industries in the world today, cyber security. Photo. Selector analyst trekking through the Atlas Mountains and local Berber kids. Selector Funds Management Limited ACN 102756347 AFSL 225316 Level 8, 10 Bridge Street Sydney NSW 2000 Australia Tel 612 8090 3612 www.selectorfund.com.au P Selector is a boutique fund manager. Our team, combined, have over 150 years of experience in financial markets. We believe in long-term wealth creation and building lasting relationships with our investors. We focus on stock selection, the funds are high conviction, concentrated and index unaware. As a result, the portfolios have low turnover and produce tax effective returns. Selector has a 15-year track record of outperformance and we continue to seek businesses with leadership qualities, run by competent management teams, underpinned by strong balance sheets and with a focus on capital management. Selector High Conviction Equity Fund Quarterly Newsletter #64 CONTENTS IN BRIEF – JUNE QUARTER 3 PORTFOLIO OVERVIEW 5 PORTFOLIO CONTRIBUTORS 7 MARKET INSIGHTS AND OBSERVATIONS 13 INNOVATION + CULTURE = SUCCESS 17 RESMED INC. 20 WAKE-UP CALL 31 FISHER & PAYKEL HEALTHCARE – JUNE 2019 42 RISK OUT…UPFRONT 45 COMPANY VISIT DIARY – JUNE 2019 QUARTER 57 2 Selector Funds Management IN BRIEF – JUNE QUARTER Dear Investor, Looking back on 2019, it would be fair to say that few identify the businesses we want to own on a case by case foresaw how the events of the financial year would basis, understand them to the best of our abilities and unfold. -
Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT -
Asx Clear – Acceptable Collateral List 28
et6 ASX CLEAR – ACCEPTABLE COLLATERAL LIST Effective from 20 September 2021 APPROVED SECURITIES AND COVER Subject to approval and on such conditions as ASX Clear may determine from time to time, the following may be provided in respect of margin: Cover provided in Instrument Approved Cover Valuation Haircut respect of Initial Margin Cash Cover AUD Cash N/A Additional Initial Margin Specific Cover N/A Cash S&P/ASX 200 Securities Tiered Initial Margin Equities ETFs Tiered Notes to the table . All securities in the table are classified as Unrestricted (accepted as general Collateral and specific cover); . Specific cover only securities are not included in the table. Any securities is acceptable as specific cover, with the exception of ASX securities as well as Participant issued or Parent/associated entity issued securities lodged against a House Account; . Haircut refers to the percentage discount applied to the market value of securities during collateral valuation. ASX Code Security Name Haircut A2M The A2 Milk Company Limited 30% AAA Betashares Australian High Interest Cash ETF 15% ABC Adelaide Brighton Ltd 30% ABP Abacus Property Group 30% AGL AGL Energy Limited 20% AIA Auckland International Airport Limited 30% ALD Ampol Limited 30% ALL Aristocrat Leisure Ltd 30% ALQ ALS Limited 30% ALU Altium Limited 30% ALX Atlas Arteria Limited 30% AMC Amcor Ltd 15% AMP AMP Ltd 20% ANN Ansell Ltd 30% ANZ Australia & New Zealand Banking Group Ltd 20% © 2021 ASX Limited ABN 98 008 624 691 1/7 ASX Code Security Name Haircut APA APA Group 15% APE AP -
Finn-Ancial Times Finncap Financials & Insurance Quarterly Sector Note
finn-ancial Times finnCap Financials & Insurance quarterly sector note Q3 2020 | Issue 9 Highlights this quarter: Elevated uncertainty and volatility have been hallmarks of the last 18 months, with Brexit, the UK General Election and more recently COVID-19 all contributing to the challenges that face investors wishing to carve out solid and stable returns amid these ‘unprecedented’ times. With this is mind, and simulating finnCap’s proven Slide Rule methodology, we found the highest quality and lowest value stocks across the financials space, assessing how the make-up of these lists changed over the period January 2019 to July 2020, tracking indexed share price performance over the period as well as movements in P/E and EV/EBIT valuations. The top quartile list of Quality companies outperformed both the Value list and the FTSE All Share by rising +2.5% over the period versus -5.4% for the All Share and -14.3% for Value stocks. Furthermore, the Quality list had protection on the downside in the market crash between February and March 2020, and accelerated faster amid the market rally between late March and July 2020. From high to low (January to March), Quality moved -36.3% against the Value list at -45.5%, while a move off the lows to July was +37.4% for Quality and +34.0% for Value. There was some crossover between the Quality and Value lists, with 7 companies of the top quartile (16 companies in total) appearing in both the Quality and Value lists. This meant that a) investors could capture what we call ‘Quality at Value’ (i.e. -
Annual Report 2017
17ANNUAL REPORT 2017 p p p p p p 02 04 07 08 32 50 About Us Highlights Chairman’s CEO’s Year Sustainability, Directors’ Introduction In Review Community + + Remuneration People Reports Operating + Financial Review 20 Consolidated Financial Statements 78 Annual General Meeting Group Strategy 22 Executive Team 44 The 54th Annual General Meeting of the Company will be held at 11am on 26 October Group and Divisional Results 24 Directors’ Profiles 48 2017 at the Blackmores Campus, 20 Jubilee Avenue, Warriewood NSW 2102. Financial Review 26 Auditor’s Independence Declaration 72 Cover image: Fiona Yeo, Assistant Marketing Operating Review 28 Independent Auditor’s Report 73 Manger, Export Sales. Fiona is profiled in this Group Risks 30 Directors’ Declaration 77 report on page 42. Additional Information 118 Company Information 119 OUR ANNUAL REPORT 2017 BLACKMORES ANNUAL REPORT 2017 REPORT ANNUAL BLACKMORES OUR OUR #4 STRATEGIC VALUES PURPOSE PRIORITIES Blackmores’ values are at Blackmores improves Blackmores is committed the heart of our business. people’s lives by delivering to superior business These values, known as the world’s best natural performance. Our strategic PIRLS, are both behavioural health solutions. We direction is focused on and aspirational. They achieve this by translating delivering growth and underpin our work practices our unrivalled heritage and continuous improvement to and are supported by legal knowledge into innovative, maintain Blackmores’ leading policies and procedures. quality branded healthcare position in the industry and solutions that work. to achieve ongoing success Passion for Natural Health for our company, our people Integrity and our shareholders. Respect Leadership #1 Consumer Centricity Social Responsibility #2 Asia Growth #3 Product Leadership #4 Operational Effectiveness THE 2017 ANNUAL REPORT OF BLACKMORES LIMITED PROVIDES INFORMATION ON THE ORGANISATION AND COMPANY PERFORMANCE FOR THE YEAR 1 JULY 2016 TO 30 JUNE 2017. -
FTSE Factsheet
FTSE COMPANY REPORT Share price analysis relative to sector and index performance Duke Royalty DUKE Investment Banking and Brokerage Services — GBP 0.4125 at close 10 August 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 10-Aug-2021 10-Aug-2021 10-Aug-2021 0.45 140 140 1D WTD MTD YTD Absolute -2.4 -1.2 -1.8 35.2 130 130 0.4 Rel.Sector -2.4 -0.5 -3.6 25.9 Rel.Market -2.8 -1.7 -3.7 20.9 120 120 0.35 VALUATION 110 110 0.3 Trailing 100 100 Relative Price Relative Price Relative 0.25 PE -ve Absolute Price (local (local currency) AbsolutePrice 90 90 EV/EBITDA -ve 0.2 80 80 PB 2.0 PCF 28.1 0.15 70 70 Div Yield 4.6 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Price/Sales -ve Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.2 90 90 90 Div Payout -ve 80 80 80 ROE -ve 70 70 70 Share Index) Share Share Sector) Share - 60 - 60 60 DESCRIPTION 50 50 50 40 40 The Company is a globally focused investment 40 RSI RSI (Absolute) 30 30 company specialising in diversified royalty investment. -
Morningstar Report
Report as of 25 Sep 2021 Aberdeen Standard Equity Inc Trust plc , (GB0006039597) Morningstar Rating™ Peer Group Classification Last Close Last Actual NAV (23 Sep 2021) Discount Estimated Nav QQ Morningstar IT UK Equity 345.00 379.95 -9.20 379.95 Income Investment Objective Performance The fund aims to provide shareholders with an above 169 average income while also providing real growth in 146 capital and income. It will invest in a diversified 123 portfolio consisting mainly of quoted UK equities 100 which will normally comprise between 50 and 70 77 individual equity holdings. 54 2016 2017 2018 2019 2020 2021-08 -10.88 23.83 -12.55 9.46 -19.70 19.51 Fund 16.75 13.10 -9.47 19.17 -9.82 14.66 Benchmark 8.76 10.73 -10.56 18.95 -12.56 15.52 Category Management Fee Summary Management fee of 0.65% p.a. of NA on the first GBP 175m and 0.55% thereafter. No performance fee. Contract terminable on notice period of 6 months. Portfolio 31/08/2021 Asset Allocation % Long Short Net Equity Style Box™ Mkt Cap % Fund America Europe Asia Large Size Stocks 113.11 0.00 113.11 Giant 17.55 Bonds 0.00 0.00 0.00 Mid Large 18.27 Cash 0.00 13.11 -13.11 Medium 22.91 Other 0.00 0.00 0.00 Small Small 24.92 Value Blend Growth Micro 16.35 Style Average Mkt Fund Cap (Mil) Ave Mkt Cap GBP 4,115.7 <25 25-50 50-75 >75 7 Top Holdings Stock Sector Weightings % Fund World Regions % Fund Name Sector % hCyclical 66.41 Americas 2.36 BHP Group PLC r 4.54 rBasic Materials 13.25 United States 2.36 Rio Tinto PLC r 4.30 tConsumer Cyclical 14.81 Canada 0.00 CMC Markets PLC y 3.99 -
Stoxx® Pacific Total Market Index
STOXX® PACIFIC TOTAL MARKET INDEX Components1 Company Supersector Country Weight (%) CSL Ltd. Health Care AU 7.79 Commonwealth Bank of Australia Banks AU 7.24 BHP GROUP LTD. Basic Resources AU 6.14 Westpac Banking Corp. Banks AU 3.91 National Australia Bank Ltd. Banks AU 3.28 Australia & New Zealand Bankin Banks AU 3.17 Wesfarmers Ltd. Retail AU 2.91 WOOLWORTHS GROUP Retail AU 2.75 Macquarie Group Ltd. Financial Services AU 2.57 Transurban Group Industrial Goods & Services AU 2.47 Telstra Corp. Ltd. Telecommunications AU 2.26 Rio Tinto Ltd. Basic Resources AU 2.13 Goodman Group Real Estate AU 1.51 Fortescue Metals Group Ltd. Basic Resources AU 1.39 Newcrest Mining Ltd. Basic Resources AU 1.37 Woodside Petroleum Ltd. Oil & Gas AU 1.23 Coles Group Retail AU 1.19 Aristocrat Leisure Ltd. Travel & Leisure AU 1.02 Brambles Ltd. Industrial Goods & Services AU 1.01 ASX Ltd. Financial Services AU 0.99 FISHER & PAYKEL HLTHCR. Health Care NZ 0.92 AMCOR Industrial Goods & Services AU 0.91 A2 MILK Food & Beverage NZ 0.84 Insurance Australia Group Ltd. Insurance AU 0.82 Sonic Healthcare Ltd. Health Care AU 0.82 SYDNEY AIRPORT Industrial Goods & Services AU 0.81 AFTERPAY Financial Services AU 0.78 SUNCORP GROUP LTD. Insurance AU 0.71 QBE Insurance Group Ltd. Insurance AU 0.70 SCENTRE GROUP Real Estate AU 0.69 AUSTRALIAN PIPELINE Oil & Gas AU 0.68 Cochlear Ltd. Health Care AU 0.67 AGL Energy Ltd. Utilities AU 0.66 DEXUS Real Estate AU 0.66 Origin Energy Ltd. -
ESG Reporting by the ASX200
Australian Council of Superannuation Investors ESG Reporting by the ASX200 August 2019 ABOUT ACSI Established in 2001, the Australian Council of Superannuation Investors (ACSI) provides a strong, collective voice on environmental, social and governance (ESG) issues on behalf of our members. Our members include 38 Australian and international We undertake a year-round program of research, asset owners and institutional investors. Collectively, they engagement, advocacy and voting advice. These activities manage over $2.2 trillion in assets and own on average 10 provide a solid basis for our members to exercise their per cent of every ASX200 company. ownership rights. Our members believe that ESG risks and opportunities have We also offer additional consulting services a material impact on investment outcomes. As fiduciary including: ESG and related policy development; analysis investors, they have a responsibility to act to enhance the of service providers, fund managers and ESG data; and long-term value of the savings entrusted to them. disclosure advice. Through ACSI, our members collaborate to achieve genuine, measurable and permanent improvements in the ESG practices and performance of the companies they invest in. 6 INTERNATIONAL MEMBERS 32 AUSTRALIAN MEMBERS MANAGING $2.2 TRILLION IN ASSETS 2 ESG REPORTING BY THE ASX200: AUGUST 2019 FOREWORD We are currently operating in a low-trust environment Yet, safety data is material to our members. In 2018, 22 – for organisations generally but especially businesses. people from 13 ASX200 companies died in their workplaces. Transparency and accountability are crucial to rebuilding A majority of these involved contractors, suggesting that this trust deficit. workplace health and safety standards are not uniformly applied. -
For Personal Use Only Use Personal For
The Leading Edge In this edition of the Leading Edge we consider opportunities to invest in healthcare, one of the few growth sectors in the Australian share market QUARTERLY REPORT | December 2013 For personal use only Watermark Funds Management Level 5, 139 Macquarie Street NSW Sydney 2000 TEL (02) 9252 0225 FAX (02) 9252 1220 [email protected] www.wfunds.com.au This report has been prepared by Watermark Funds Management Pty Limited. This report is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained For personal use only herein nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. The report should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this report are subject to change without notice. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. Watermark Funds Management Pty Limited is under no obligation to update or keep current the information contained herein. Past performance is not necessarily a guide to future performance. -
Fintech Monthly Market Update | July 2021
Fintech Monthly Market Update JULY 2021 EDITION Leading Independent Advisory Firm Houlihan Lokey is the trusted advisor to more top decision-makers than any other independent global investment bank. Corporate Finance Financial Restructuring Financial and Valuation Advisory 2020 M&A Advisory Rankings 2020 Global Distressed Debt & Bankruptcy 2001 to 2020 Global M&A Fairness All U.S. Transactions Restructuring Rankings Advisory Rankings Advisor Deals Advisor Deals Advisor Deals 1,500+ 1 Houlihan Lokey 210 1 Houlihan Lokey 106 1 Houlihan Lokey 956 2 JP Morgan 876 Employees 2 Goldman Sachs & Co 172 2 PJT Partners Inc 63 3 JP Morgan 132 3 Lazard 50 3 Duff & Phelps 802 4 Evercore Partners 126 4 Rothschild & Co 46 4 Morgan Stanley 599 23 5 Morgan Stanley 123 5 Moelis & Co 39 5 BofA Securities Inc 542 Refinitiv (formerly known as Thomson Reuters). Announced Locations Source: Refinitiv (formerly known as Thomson Reuters) Source: Refinitiv (formerly known as Thomson Reuters) or completed transactions. No. 1 U.S. M&A Advisor No. 1 Global Restructuring Advisor No. 1 Global M&A Fairness Opinion Advisor Over the Past 20 Years ~25% Top 5 Global M&A Advisor 1,400+ Transactions Completed Valued Employee-Owned at More Than $3.0 Trillion Collectively 1,000+ Annual Valuation Engagements Leading Capital Markets Advisor >$6 Billion Market Cap North America Europe and Middle East Asia-Pacific Atlanta Miami Amsterdam Madrid Beijing Sydney >$1 Billion Boston Minneapolis Dubai Milan Hong Kong Tokyo Annual Revenue Chicago New York Frankfurt Paris Singapore Dallas -
Weekend News Summary
Weekend News Summary THE SUNDAY TIMES INDICES THIS MORNING Current (%) 1W% Change Sirius seeks light at end of the tunnel: Work continued at Sirius Value Change* Minerals’ Woodsmith mine in North Yorkshire, even as shares in the FTSE 100 7,415.0 -0.2% 1.1% company fell to new lows amid fears over its future. The company so DAX 30 12,383.8 0.02% -0.7% far has completed just over a mile of a planned 23-mile tunnel to take CAC 40 5,647.2 0.1% -0.9% polyhalite deposits from its site near Whitby to Teesside for export as DJIA** 26,820.3 - -0.4% fertiliser. S&P 500** 2,961.8 - -1.0% Clipper Logistics delivers warning with higher profit: A logistics NASDAQ Comp.** 7,939.6 - -2.2% company that processes online orders for retailers including John Nikkei 225 21,755.8 -0.6% -0.9% Lewis and Boohoo.com has posted a strong increase in annual Hang Seng 40 26,092.3 0.5% -1.8% earnings but warned of potential trading turbulence in the year Shanghai Comp 2,905.2 -0.9% -2.5% ahead. Kospi 2,063.1 0.6% -2.0% Fosun ‘discussing bid’ for Thomas Cook brand name: The Chinese BSE Sensex 38,642.5 -0.5% 2.1% company that was working on a rescue deal for Thomas Cook before S&P/ASX 200 6,688.3 -0.4% -0.2% it collapsed is interested in buying the brand name of the 178-year- Current Values as at 10:15 BST, *%Chg from Friday Close, ** As on Friday Close old tour operator.