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June 2011 Yearly Report

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June 2011 Yearly Report Alleron Investment Management Limited Yearly Report June 2011 Portfolio performance and attribution analysis Market commentary Portfolio commentary Since Inception (Annualised) Year to Date Global markets were lead, over Positives: financial year, by the strong per- CEU: The company’s revenue such Portfolio +10.297% +4.468% formance of the US market which that cash flow now funds their dis- Benchmark + 6.158% +11.503% responded strongly to Federal Re- tribution and reduces their risk pro- serve Bank policy of a second round file. Top 3 and bottom 3 performing stocks of quantitative easing. This along AXA: The stock price was sup- Top 3: ConnectEast Group (CEU), AXA Asia Pacific Holdings with continued government spend- (AXA), Oil Search (OSH). ported by the accepted takeover ing allowed the US economy and offer from AMP and AXA SA. company earnings to maintain Bottom 3: Seven West Media Limited (SWM), Resmed Inc. (RMD), growth into the beginning of 2011. OSH: The company has secured Computershare (CPU). While growth in the US continued, offtake agreements to their LNG European countries were besieged output which remains on schedule. Portfolio changes by the familiar problem of periph- Negatives: Stocks joined or increased significantly: eral nation debt and increased risks of sovereign debt default. Contrar- SWM: Company earnings were hurt Downer Limited (+2.25% New Stock): An Engineering and Contract- ily, strong activity in emerging by weak advertising activity from ing company. The company has developed a strong order book pro- economies has forced monetary uncertainly over the resource tax. viding significant growth potential and has cleared the way to success- authorities there to tighten policy to RMD: Earnings translation was hurt fully complete troubled contracts. combat very high commodity driven by the rising AUD and sales slowed inflation. Indeed, strong inflation prior to release of a new product. Iluka Limited. (2.00%; New Stock): A mineral sands producer. The was blamed for civil unrest and company has successfully completed significant capital expenditure to régime changes in parts of Northern CPU: Slow capital market activity produce minerals in strong demand. The resultant strong cash flow is Africa. These strong commodity forced the company to reduce full expected to benefit shareholders. prices supported resource compa- year earnings expectations. nies and increased investment ex- Portfolio focus Stocks removed or reduced significantly: penditure. Consequently the Re- With markets troubled by interna- serve Bank of Australia tightened Computershare Limited (-3.75%): A global share registry company. tional events, companies with im- monetary to offset this investment Facing subdued capital market activity and relatively minimal geo- mediate term cash flow have been in boom. Slowing domestic activity graphic growth options, the share price reached expectations. demand by investors at the expense followed along with difficult condi- of those that have built strong longer AXA Asia Pacific Limited (-3.75%; Removed): A Pan Asian financial tions for manufacturers as a result of term earnings growth profiles. Al- services provider. The completion of the takeover by AMP and AXA the higher AUD. Equity markets leron will continue to focus on those SA removes the stock from the portfolio. were up for the year supported by companies where the growth profile resource names. is confirmed by an investment trig- Current portfolio Top ten holdings Sector analysis Portfolio analysis: Industry Classification Weight Stock 30/06/11 Top 100 93.54% of fund BHP Billiton Ltd 11.21% Consumer Discretionary 9.61% Ex 100 3.68% of fund National Australia Bank Ltd 6.05% Consumer Staples 4.46% Westpac Banking Corp 5.93% Energy 3.99% Tracking error: 4.2% Financials 33.85% Suncorp-Metway Ltd 4.90% Breach report: No Breaches to report Healthcare 12.22% Stockland Ltd 4.60% Industrials 8.40% Portfolio Return Dispersion AMP Ltd 4.45% Information Technology 0.57% Range of Performance: +4.33% to +4.50% Cochlear Ltd 4.29% Materials 21.19% Newcrest Mining Ltd 4.27% Telecommunications 2.92% Notable Differences: No notable differences. Seek Ltd 3.36% Cash 2.79% Total 100.00% Coca-Cola Amatil Ltd 3.21% Disclaimer: This communication is issued by Alleron Investment Management Limited ACN 109 874 160 AFSL 278856 Suite 1001, Level 10, 46 Market Street, Sydney NSW 2000. This information does not constitute a recommendation, offer or solicitation to buy or sell any securities. It reflects Alleron's Model Portfolio at the end of the month stated and Alleron's views at the date of preparation. Both the Model Portfolio and Alleron's views are subject to change without notice. Past performance figures are no guarantee of future returns and exclude Alleron's fees. Date of preparation: 06 July, 2011. .
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