- Bailador

Transcription

- Bailador
LISTED INVESTMENT COMPANIES
Quantitative Report
DISCOUNT TO NTA MOVES BELOW HISTORICAL AVERAGE
Listed investment companies are essentially listed equivalents of managed
funds but have higher levels of transparency, tend to charge lower fees than its
unlisted counterparts and are closed end funds. This means investors buy and
sell the LIC vehicle so the LIC managers are not under pressure to meet
redemptions. A key risk is that LICs cannot be redeemed for its underlying face
value and share prices may deviate significantly from its underlying NTA.
17 June 2016
Analyst:
Phone:
Email:
Kien Trinh
(+61 3) 9242 4027
ktrinh@psl.com.au
This report compares 44 different LICs and identifies those that are most
attractive on a number of quantitative measures including price to NTA, dividend yield, NTA growth, and total returns. The key criterion
in the evaluation of a LIC is its track record. Those with the best long-term performances (measured by total return, dividends and NTA
growth) are the ones that are likely to give the best future returns. In the Appendix, we provide a list of top 20 holdings and a historical
price to NTA chart for each LIC.
Key Ideas:
•
Most Expensive Domestic LICs – Those that are considered
most expensive are Djerriwarrh (DJW), Cadence Capital (CDM)
and WAM Capital (WAM), and Australian Leaders (ALF).
Dividend yield remains a key reason for demand.
•
Most Attractive - For investors who would like exposure to the
small/ mid Cap growth space, WAM Research (WAX)
represents an ideal investment. However, with a share price
premium to NTA of 11%, we would wait until the premium
declines to about 5% before taking action. Both Whitefield
(WHF) and AMCIL (AMH) are attractively priced but we prefer
AMH because it is more actively managed. Among the smaller
LICs, Flagship Investments (FSI), which has achieved a 9%
growth in NTA over the last five years, is trading at a 20%
discount to NTA.
•
Global concerns, especially with the upcoming Brexit have led
to a slowdown in demand for Global LICs. Both Magellan
Flagship (MFF) and Templeton Global (TGG) appear
inexpensive. Hunter Hall (HHV) is currently trading at an 13%
discount to NTA and is ideal for those who want exposure to
mid/small cap global companies. Currently PM Capital (PMC) is
trading at a 4% premium to its May NTA. Among the newer
global LICs, Platinum Asian Fund (PAI) looks inexpensive,
trading at a 4% discount to NTA.
•
For the quarter to May 2016, the Australian rose by 11.5%.
The LICs that had large exposures to resources such as
Djerriwarrh (DJW), Aberdeen Leaders (ALR), Diversified
United (DUI), and Westoz (WIC) performed well. Over five
years, the domestic LICs that reported the strongest NTA
growth were CIN, WAX, MIR and WAM.
•
Investors should not buy LICs on yield alone as some of the
top paying dividend LICs have delivered poor NTA growth.
For sustainable dividend yields, we recommend ALF (fully
franked net yield of 7.0%), WAM (6.6%), and WAX (6.1%).
•
We have initiated coverage on Bailador Tech (BTI),
Perpetual Equity (PIC), Barrack St Investments (BST) and
the Global Value Fund (GVF). BTI invests in emerging tech
companies and has achieved NTA growth of 6% over the
year. PIC is trading at a 12% discount to NTA. Meanwhile,
BST is currently under appreciated due to an upcoming
August 2016 options expiry. For the year to May, BST has
grown its NTA by 14.2% well above the market return of 1.2%. GVF is trading at a 6% discount to NTA and provides
diversification benefits to portfolios because it invests in
global alternatives such as LICs, hedge funds, private equity
and real estate.
LICS WEIGHTED AVERAGE PRICE TO NTA - 3 MTH EMA
%
%
10
5
0
-5
Historical Average
-10
Jun-16
Jun-15
Jun-14
Jun-13
Jun-12
Jun-11
Jun-10
Jun-09
Jun-08
Jun-07
Jun-06
Jun-05
Jun-04
Jun-03
Jun-02
Jun-01
Jun-00
-15
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
1
17 June 2016
Listed Investment Companies
WHY BUY LISTED INVESTMENT COMPANIES?
For conservative investors wishing to match or possibly beat the long-term returns of the All Ordinaries Index, especially
those with a limited amount of capital, a number of LICs can provide the necessary spread of investments. Although many
investors focus on whether a LIC is trading at a discount or premium to net tangible asset backing (NTA), in reality, the
better performing LICs trade at a premium and the poor performers often trade at deep discounts.
The removal of trailing commissions from unlisted mutual funds will provide a renewed focus on the listed investment funds
sector. As closed end funds, the LIC managers do not have to sell stock at the bottom of bear markets to meet redemptions
when prices are low and, conversely, they do not need to buy stock when prices are high. This allows a LIC to concentrate
on investment selection without having to factor in the consequences of money leaving the fund unexpectedly (as in the
case of a managed fund). In addition, LICs have the potential to pass on franking credits to shareholders.
Most of the better performing LICs have long-term investment horizons, which provide stability and steady returns.
Management expense ratios for the larger established LICs (typically less than 0.3%) are generally much lower than those of
unlisted funds. Usually this is a result of fewer transactions with long-term buy and hold strategies. LICs are also internally
managed which results in lower costs. Generally, funds which focus on smaller or emerging companies tend to incur higher
costs as a result of the requirement for additional in-house research. Investors should be aware that being listed means that
LICs cannot be redeemed for its underlying share face value and share prices may deviate significantly from its underlying
NTA.
The most important criterion in the evaluation of a LIC is its track record. Those with the best long-term performances
(measured by total return, dividend and NTA growth) are the ones likely to give the best future returns. However, given the
lack of track record of the newer LICs, a closer focus on the stock selection process, risk management, NTA backing and the
investment manager’s skill are most important in making a valuation call. LICs may provide attractive income investments
but clients need to be mindful that a number of LICs (eg DJW) rely on covered call strategies in order to boost dividend
yields.
Unlike managed funds, LICs provide a post-tax calculation which includes realised capital gains taxed at the corporate rate.
As a result, LICs are disadvantaged as franking benefits are usually not incorporated in the performance calculations. In our
report, we will be using pre-tax NTA figures to provide reporting consistency with unlisted managed funds.
GLOBAL AND THEME LICS
LICs that rely on a theme are unlikely to out-perform the market over the long term, but can provide strong returns over a
short to medium term time frame. Gearing (e.g. Aberdeen Leaders has fund leverage of ~36%) is potentially a positive when
markets are moving higher but can be a negative when bear markets take hold.
Templeton Global (TGG), Platinum Capital (PMC), Magellan Flagship Fund (MFF) and Hunter Hall Global (HHV) have a
global spread of investments and may be appropriate for investors wishing to diversify beyond Australia. Of these, Platinum
has the ability to apply derivatives to protect against loss. For Asian market exposure, AMP Capital China Fund (AGF)
provides exposure to China A shares. Djerriwarrh (DJW) specialises in purchasing local option stocks and writing call
options against them while Contango (CTN) mainly target domestic microcaps.
2
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
17 June 2016
Listed Investment Companies
INVESTMENT FOCUS:
Code
Company
Manager
Focus
Benchmark
AFI
Australian Foundat.
Internal
Large/mid cap, value, active, long only, use of options
to enhance income
ASX200 Accum.
ALR
Aberdeen Leaders
Aberdeen Asset Mgt
Large/mid cap, value, active, long only, leverage
ASX200 Accum.
AMH
AMCIL Limited
Internal
Large/mid/small, value, active, long only
ASX200 Accum.
ARG
Argo Investments
Internal
Large/mid cap, balanced, active, long only
All Ords Accum.
AUI
Australian United In
Internal
Large/mid cap, balanced, passive, long only
ASX300 Accum.
BKI
BKI Investment Ltd
Internal
Large/small, balanced, passive, long only
ASX300 Accum.
CAM
Clime Capital
Clime Asset Mgt
Large/mid/small, value, quantitative, active, long only
All Ords Accum.
Domestic –
CBC
CBG Capital
CBG Asset Mgt
CDM
Cadence Capital
Cadence Asset Mgt
CIN
Carlton Investments
Internal
CYA
Century Australia
ASX200 with focus on ex-100, long only, style neutral,
typically contain 30-60 stocks,
Large/mid/small cap, value/technical, active,
long/short, trading; may use leverage up to 40%, may
invest in global equities
ASX200 Accum.
All Ords Accum.
Large blue chips, balanced, active, long only
ASX200 Accum.
Perennial Value Mgt
Large, value, active, long only, holds 25-50 stocks
ASX300 Accum.
Large, value, active, long only, use of options to
enhance income
ASX50 Accum.
DJW
Djerriwarrh
Internal
DUI
Diversified United
Internal
Large, balanced, passive, long only
ASX300 Accum.
Large, Mid/Small cap bias; quality, quant process;
performance fee only
All Ords Index.
Large/mid cap, hybrids, long only; may use derivatives
ASX300 Accum.
FSI
Flagship Investments
ECP Asset Management
IBC
Ironbark Capital Ltd
Kaplan Funds Mgt
KAT
Katana Capital
Katana Asset Mgt.
MLT
Milton Corporation
Internal
WDE
Wealth Defender
Perennial Asset Mgt
WHF
Whitefield Ltd
White Funds Mgt.
Large/mid/small, Value, style neutral, technical, long
only; may use trading
Large/mid/small cap, balanced, active, long only, also
invests in fixed interest, property and mortgages
Large & small caps, 35-100 stocks, value oriented;
applies derivatives to limit downside volatility
Large, style neutral, balanced, active, long only; mostly
in industrial stocks
All Ords Accum.
All Ords Accum.
ASX300 Accum.
ASX200 Accum.
Domestic – Mid/ Small Cap
BST
Barrack St Invest
ECP Asset Management
CTN
Contango Microcap
Contango Asset Mgt.
GC1
Glennon Small Co.
Glennon Capital
MIR
Mirrabooka Invest.
Internal
NCC
Naos Emerging Opport.
Naos Asset Mgt.
PIC
Perpetual Equity Ltd
WAM
WAM Capital Limited
WAX
WAM Research Ltd
WIC
Westoz Inv Ltd
Perpetual Investment
Management Limited
Wilson Asset Mgt.
International
Small, mid-cap, quality, growth, 90% in equity
investments
Small cap, balanced, active, long only; typically holds
80-120 stocks
20-60 stocks outside ASX100; value, long only, 20%
limit in cash
Mid/small cap, value, active, long only; 50-80 stocks
Invest outside ASX100; emerging quality; value
oriented; holds 0-15 stocks.
Mid-cap, value and quality driven, 20-40 securities,
may invest in global equities
Mid/small cap, undervalued growth opportunities,
active, arbitrage
All Ords Accum.
All Ords Accum.
ASX Small Ords Accum.
Midcap 50%; Small
Accum (50%)
Small Ords Accum.
ASX300 Accum,
All Ords Accum.
Wilson Asset Mgt.
Mid/small cap, undervalued growth, active, long
All Ords Accum.
Westoz Funds Mgt.
WA stocks outside top 100, value, long only, may use
derivatives
Positive return (p.a)
China A shares; large, balanced, active, long only
CTIC 300 TR (AUD)
International
AGF
Amp Capital China
AMP Capital
FGG
Future Gen. Global
Wilson Asset Mgt.
GVF
Global Value Fnd Ltd
Metage Capital Limited
HHV
Hunter Hall Global
Hunter Hall Invest. Mgt
MFF
Magellan Flagship
Magellan Asset Mgt
PAF
PM Capital Asian Op.
PM Capital
PAI
Platinum Asia Ltd
Platinum Invest. Mgt Ltd
Fund of global funds – long (53%), absolute (35%),
quant strategies (6%), support charities
Value driven, targets closed end global listed funds
including listed equity, fixed income, hedge funds, real
estate and private equity
MSCI World Accum.
MSCI All C W (AUD)
Global, mid/small cap, value, active, long only
MSCI World Acc (AUD)
Global (US focus), large, value, active, long only
MSCI World Price(AUD)
Asian equities including Australian; bottom up, uses
derivatives to hedge,
Active, Asian region ex Japan, up to 15% in unlisted
securities in Asian region ex Japan
MSCI Asia (ex-Japan)
(AUD)
MSCI Asia (ex-Japan)
(AUD)
PGF
PM Capital Global Op.
PM Capital
Global, 40 stocks, bottom up, shorts limited to 3%,
MSCI AC W Net (AUD)
PMC
Platinum Capital Ltd
Platinum Asset Mgt
Large, absolute return, active, long/short
MSCI All Country W Net
TGG
Templeton Global
Templeton Global Equity
Global, large, value, active, long only
MSCI All C W (AUD)
Table continues on the next page
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
3
17 June 2016
Listed Investment Companies
INVESTMENT FOCUS (CONT’D)
Code
Company
Manager
Focus
Benchmark
market neutral, value, long/short
All Ords Accum.
Alternatives
4
ALF
Australian Leaders
Watermark Funds Mgt
BTI
Bailador Tech Inv
Internal
Growth, emerging internet related businesses,
ASX200 Accum.
All Ords Accum.
FGX
Future Generation
Wilson Asset Mgt.
Fund of Australian Funds – long (50%), absolute
(25%), market neutral (17%); fees support charities
IPE
ING Private Equity
ING Investment Mgt
invests in about 16 private equity funds
Positive return (p.a)
KII.AXW
K2 Global Equities
K2 Asset Mgt
Absolute return, variable beta, 80-120 stocks
MSCI World AC $A
WAA
WAM Active
Wilson Asset Mgt.
absolute returns, arbitrage opportunities, long/short,
UBS Bank Bill Index
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
17 June 2016
Listed Investment Companies
SUMMARY TABLE:
The table below provides a summary of the LICs in descending order of long term NTA growth.
Code
Company
Pre-tax
NTA ($)
Prem/Disc
to NTA
(%)
Approx.
DPS
(c)
Net
Yield
(%)
Franking
(%)
5 Yr
Total
Return
(% p.a)
5 Yr
NTA
Growth
(% p.a)
1 Yr
NTA
Growth
(%.p.a)
Market
Cap
($M)
31.56
36.70
-14.0
111.0
3.5
100
16.1
14.2
5.0
838
Price ($)
17.06.16
Domestic - Large/ Mid/ Small Cap Focus
CIN
Carlton Investments
WHF
Whitefield Ltd
4.14
4.75
-12.8
17.0
4.1
100
12.5
11.8
0.0
330
AMH
AMCIL Limited
0.92
0.96
-4.2
4.0
4.3
100
12.0
9.0
4.2
237
FSI
Flagship Investments
1.48
1.85
-20.2
7.3
4.9
100
6.6
8.5
7.1
38
MLT
Milton Corporation
4.20
4.35
-3.4
18.6
4.4
100
9.9
8.3
-1.4
2,736
AFI
Australian Foundat.
5.53
5.68
-2.6
24.0
4.3
100
7.8
7.0
-4.2
6,239
ARG
Argo Investments
7.21
7.28
-1.0
30.5
4.2
100
8.3
6.9
-4.1
4,907
BKI
BKI Investment Ltd
1.57
1.59
-1.3
7.3
4.6
100
9.6
6.5
-3.9
940
DUI
Diversified United
3.28
3.65
-10.1
14.0
4.3
100
7.9
6.4
-2.8
674
AUI
Australian United In
7.18
7.82
-8.2
33.7
4.7
100
5.8
5.0
-7.3
899
ALR
Aberdeen Leaders
1.07
1.22
-12.3
5.0
4.7
100
3.9
4.7
-3.1
66
DJW
Djerriwarrh
4.05
3.21
26.2
26.0
6.4
100
6.0
4.3
-5.4
894
IBC
Ironbark Capital Ltd
0.48
0.55
-13.0
1.2
2.5
100
4.2
3.6
0.6
57
CYA
Century Australia
0.80
0.89
-10.9
3.7
4.6
100
6.9
2.6
-9.1
65
CAM
Clime Capital
0.78
0.91
-14.8
4.8
6.2
100
3.7
1.2
-5.1
62
KAT
Katana Capital
0.78
0.86
-9.2
6.0
7.7
100
3.5
0.8
-1.4
35
WDE
Wealth Def Equ Ltd
0.76
0.88
-14.5
2.0
2.6
100
n.a
n.a
n.a
95
CBC
Cbg Capital Limited
0.87
0.98
-11.2
3.1
3.6
100
n.a
n.a
-2.8
21
Domestic - Mid/Small Cap Focus
WAX
WAM Research Ltd
1.36
1.22
11.0
8.3
6.1
100
18.1
12.8
10.8
232
MIR
Mirrabooka Invest.
2.77
2.45
13.1
10.0
3.6
100
13.1
9.9
4.5
430
WAM
WAM Capital Limited
2.15
1.92
12.2
14.3
6.6
100
12.6
8.6
11.2
1,014
CTN
Contango Microcap
0.95
1.18
-19.6
6.3
6.6
50
2.6
0.1
2.1
155
WIC
Westoz Inv Ltd
0.83
1.01
-18.0
6.0
7.3
100
3.5
-2.0
-1.0
107
PIC
Perpetual Equity Ltd
0.93
1.05
-11.6
0.1
0.1
100
n.a
n.a
n.a
233
NCC
Naos Emerg Opp
1.04
1.22
-14.8
6.3
6.0
100
n.a
n.a
13.5
49
GC1
Glennon SML Co Ltd
0.99
1.05
-6.2
1.5
1.5
100
n.a
n.a
n.a
25
BST
Barrack St Invest
0.93
1.17
-20.7
1.5
1.6
100
n.a
n.a
14.2
15
International
MFF
Magellan Flagship
1.85
2.12
-12.5
2.0
1.1
100
24.7
24.2
6.2
863
HHV
Hunter Hall Global
1.29
1.47
-12.7
6.0
4.7
50
12.3
10.7
9.2
313
TGG
Templeton Global
1.22
1.38
-11.3
4.1
3.4
17
13.1
10.2
-9.9
305
PMC
Platinum Capital Ltd
1.58
1.52
3.8
9.0
5.7
100
10.2
8.9
-9.2
377
AGF
Amp Capital China
0.81
1.03
-21.4
2.9
3.6
0
11.6
8.7
-38.2
380
PGF
Pm Capital Fund
0.88
1.11
-20.5
3.0
3.4
100
n.a
n.a
-13.0
310
FGG
Future Glb Invest Co
1.06
1.03
2.8
0.0
0.0
0
n.a
n.a
n.a
294
PAI
Platinum Asia Ltd
0.91
0.95
-4.0
0.0
0.0
0
n.a
n.a
n.a
277
GVF
Global Value Fnd Ltd
1.05
1.12
-6.1
5.0
4.8
100
n.a
n.a
-5.9
105
PAF
Pm Capital Asian Ops
0.90
1.09
-17.2
0.0
0.0
0
n.a
n.a
-3.6
50
KII.AXW
K2Globalequitiesfund
2.22
2.32
-4.3
0.0
n.a
0
n.a
n.a
n.a
39
Table continues on the following page
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
5
17 June 2016
Code
Listed Investment Companies
Company
Price ($)
17.06.16
Pre-tax
NTA ($)
Prem/Disc
to NTA
(%)
Approx.
DPS
(c)
Net
Yield
(%)
Franking
(%)
5 Yr
Total
Return
(% p.a)
5 Yr
NTA
Growth
(% p.a)
1 Yr
NTA
Growth
(%.p.a)
Market
Cap
($M)
Alternatives
IPE
IPE Ltd
0.23
0.31
-25.6
2.0
8.7
35
20.2
10.8
48.3
31
ALF
Australian Leaders
1.43
1.32
8.0
10.0
7.0
100
10.4
6.9
10.1
386
CDM
Cadence Capital
1.27
1.16
8.9
10.0
7.9
100
9.6
5.6
-12.5
345
WAA
WAM Active Limited
1.03
1.05
-1.8
5.0
4.9
100
6.2
5.1
9.5
36
FGX
Future Gen Ltd
1.13
1.13
-0.6
4.0
3.6
100
n.a
n.a
2.6
253
BTI
Bailador Tech Inv
1.14
1.16
-1.7
0.0
0.0
0
n.a
n.a
6.0
106
ASX200 Accumulation Index
7.3
Arithmetic Average
-7.1
4.3
9.8
Weighted Average
-2.4
4.3
9.0
*Dividend yields are approximate and based on historical distributions except for CBC. NAV is used for AGF, PMC instead of NTA;
*based on LIC market cap and not investment focus
6
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
17 June 2016
Listed Investment Companies
DIVIDEND YIELD
The following chart displays the LICS approximate annual dividend yield based on the trend in dividend payments over the
last year. Although dividends are an important feature of investing, clients should note that there is no guarantee these
dividends will continue into the future. During the year, the LICs that reported a drop in dividends included CTN, HHV, PMC,
and IBC. Note that the chart below we have not included the AMP China Fund and IPE given that the distributions for these
LICs are proceeds from a cash repatriation and is seen as temporary.
DIVIDEND YIELD (%)
12
Franking Credit
Net Yield
10
Dividend Yield (%)
8
6
4
2
BST
IBC
TGG
WDE
CIN
PGF
FGX
MIR
CBC
HHV
ARG
WHF
AFI
DUI
MLT
AMH
BKI
CYA
AUI
ALR
GVF
FSI
WAA
CTN
NCC
PMC
WAX
DJW
CAM
ALF
WAM
WIC
KAT
CDM
0
PREMIUM/ DISCOUNT TO NTA
The table below compares the premium/ discount of our universe of LICs to their five year historical averages. The LICs
which are trading below historical levels are PGF, ALR, WAA, MFF, and WDE. Sentiment towards Aberdeen Leaders (ALR)
has been weak because it is a geared fund and has exposure to large resource companies like BHP and RIO. The LICs that
are trading at large premiums to their historical average NTA are now WAM, WAX, CDM and ALF. The strongest share price
performers over the last quarter were BTI, HHV, WIC, GVF and NCC.
SHARE PRICE PREMIUM (DISCOUNT) TO PRE-TAX NTA
30%
Historical Average
Current Price to NTA
20%
10%
0%
-10%
-30%
DJW
MIR
WAM
WAX
CDM
ALF
PMC
FGG
FGX
ARG
BKI
BTI
WAA
AFI
MLT
PAI
AMH
KII.AXW
GVF
GC1
AUI
KAT
DUI
CYA
CBC
TGG
PIC
ALR
MFF
HHV
WHF
IBC
CIN
WDE
NCC
CAM
PAF
WIC
CTN
FSI
PGF
BST
AGF
-20%
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
7
17 June 2016
Listed Investment Companies
TOTAL RETURN AND NTA GROWTH
Over the year to May 2016, close to 45% of the LICs on our coverage list were able to outperform the All Ordinaries
Accumulation Index (shaded in green below). Those with the strongest NTA growth over the year were BST, NCC, WAA,
and WAM. The following charts compare the one and five year total return with the underlying NTA growth for the LICs in our
universe.
TOTAL RETURN - ONE YEAR (%)
BTI
60
50
Total Return (%)
NTA Growth (%)
CYA
-20
TGG
-10
WIC
DUI
BKI
WHF
AFI
DJW
ARG
KAT
AUI
PMC
CTN
CAM
CBC
IBC
PGF
WAA
0
CDM
10
PAF
XAOAI
MLT
ALR
20
FGX
30
HHV
MIR
MFF
FSI
AMH
NCC
CIN
BST
GVF
IPE
ALF
WAX
WAM
Total Return and NTA Growth (%)
40
-30
AGF
-40
BTI
IPE
ALF
WAX
WAM
HHV
MIR
MFF
FSI
AMH
NCC
CIN
BST
GVF
FGX
WAA
CDM
PAF
XAOAI
MLT
ALR
CYA
WIC
DUI
BKI
WHF
AFI
DJW
ARG
KAT
AUI
PMC
CTN
CAM
CBC
IBC
PGF
TGG
AGF
-50
Over five years ending February 2016, the LICs that have experienced the strongest NTA growth were MFF, CIN, WAX,
WHF, and HHV. Note that CIN has a significant exposure to Event Hospitality & Entertainment (EVT) while WHF is heavily
exposed to the banking sector. The worst performing domestic funds over the long term include WIC, CTN, KAT, CAM and
CYA.
COMPOUND RETURN - FIVE YEARS (% P.A)
%
30
MFF
Total Return (%)
NTA Growth (%)
CTN
WIC
WIC
KAT
ALR
CAM
ALR
5
CAM
AUI
AUI
IBC
DJW
IBC
DJW
WAA
FSI
WAA
AFI
AFI
CYA
DUI
DUI
XAOAI
BKI
ARG
CDM
CDM
ARG
MLT
10
MLT
ALF
PMC
AMH
AMH
ALF
HHV
HHV
PMC
WHF
WHF
AGF
TGG
WAM
TGG
WAM
CIN
MIR
15
MIR
IPE
20
WAX
Total Return / NTA Growth (% p.a)
25
0
8
CTN
KAT
FSI
CYA
XAOAI
BKI
AGF
CIN
IPE
WAX
MFF
-5
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
17 June 2016
Listed Investment Companies
PREMIUM TO NTA VS NTA GROWTH
In the chart below, the most attractive LICs are the ones positioned on the lower right corner as these are trading at a
significant discount to NTA despite achieving above average sector growth in NTA over the last five years. Rising concerns
on the global credit market and slowing growth in emerging markets has led to most overseas focussed LICs to trade at
discounts to NTA eg. MFF, AGF, TGG, and HHV. Currently AMP China (AGF) is currently trading at a 21% discount to
NAV, but this is on par with its historical discount of 23%. Among the domestic LICs, FSI, WHF, and AMH are attractively
priced. We prefer AMH over WHF because it is more actively managed and is not overly exposed to the banking sector.
The LICs that are currently most expensive are DJW, CDM, MIR, WAM and ALF.
PREMIUM TO NTA VS FIVE YEAR NTA GROWTH (% P.A)
30%
y = 0.084x - 0.0655
R² = 0.0012
DJW
20%
MIR
CDM
PREMIUM TO NTA
10%
WAX
WAM
ALF
BKI
0%
WAA
KAT
-10%
WIC
-20%
AUI
CYA
CAM
PMC
ARG
MLT
AFI
AMH
TGG
DUI
ALR
IBC
HHV
MFF
CIN
WHF
FSI
CTN
AGF
IPE
-30%
-5%
0%
5%
10%
15%
20%
25%
30%
NTA GROWTH (% P.A)
TOTAL RETURN VS NTA GROWTH
In theory, we would expect share price gains to reflect NTA growth over the long term. However, high market volatility often
provides opportunities to invest when there is a disparity between total return and NTA growth. In the chart below, the LICs
that lie furthest away from the line of best fit towards the lower right quadrant represent the most attractive opportunities ie.
when NTA growth exceeds total return by a wide margin.
TOTAL RETURN VS FIVE YEAR NTA GROWTH (% P.A)
30%
y = 0.9641x + 0.0266
R² = 0.8396
TOTAL RETURN LAST 5 YEARS (% P.A)
25%
MFF
IPE
20%
WAX
CIN
15%
10%
5%
0%
-5%
WAM TGG
MIR
WHF
AMH HHV
ALF
AGF
CDM
PMC
BKI MLT
CYA
ARG
DJW DUI AFI
WAA
FSI
KAT
IBC AUI
WIC
CAM
ALR
CTN
0%
5%
10%
15%
20%
25%
30%
NTA GROWTH (% P.A)
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
9
17 June 2016
Listed Investment Companies
Exchange Traded Funds
Exchange Traded Funds are listed, managed, open-ended funds (new units are created when you invest in the fund) that
invest in a portfolio of securities, which may include Australian shares, international shares, fixed income securities, listed
property trusts, commodities, currencies or a combination of asset classes. ETFs can be classed as conventional, which are
backed by physical assets, or synthetic, which rely on financial instruments like derivatives. Most ETFs in Australia are
conventional ETFs that track common indices. The passive funds shown in the table below provide returns that replicate the
performances of the underlying indexes, completely eliminating manager performance risk in the process. Yields are based
on the aggregate yields of the component stocks. Management fees tend to be low, in the range 0.07 to 0.5%.
Code
Exchange Traded Funds
Price
Dividend
Dividend
Franking
1 Year
Market
Listing
16.06.16
Yield
cps
(%)
Return
Cap.
Date
($)
(%)
(%)
($M)
STW
SPDR ASX200
48.95
3.9
190.3
80.1
-2.8
2,921
Aug-01
SFY
SPDR ASX50
49.19
4.5
220.8
80.7
-5.9
432
Aug-01
SLF
SPDR ASX200 Prop. Tr. Fund
13.31
4.0
53.8
6.5
20.8
652
Feb-02
OZF
SPDR 200 Financials
18.30
7.3
133.9
53.5
-9.6
50
Apr-11
OZR
SPDR ASX200 Resources
6.62
4.2
28.0
91.5
-18.1
19
Apr-11
SSO
SPDR Small Ords
12.41
2.8
34.2
62.2
9.4
9
Apr-11
BetaShares Top 20 Yield Max
8.74
10.6
93.0
40.5
-7.9
307
Nov-12
YMAX
Note: the exchange is AXW not ASX.
For exposure to overseas markets, there are the S&P500 ETF (SPY), S&P World Ex-Aust Unhedged ETF (WXOZ) and S&P
World Ex-Aust Hedged ETF (WXHG).
Code
SPY
Price
Dividend
Dividend
Franking
1 Year
Market
Listing
16.06.16
Yield
cps
(%)
Return
Cap.
Date
($)
(%)
(%)
($M)
SPDR S&P 500 ETF Trust
281.97
1.8
499.8
0.0
5.9
16
Jan-93
Exchange Traded Funds
WXOZ
SPDR World (Ex-Aust)
23.66
4.6
109.1
0.0
-2.2
121
Mar-13
WXHG
SPDR World (Ex-Aust) Hedged
17.70
5.5
97.8
0.0
-4.8
57
Jul-13
WDIV
SPDR Global Dividend
17.41
8.7
151.5
1.2
0.4
80
Nov-13
WEMG
SPDR Emerging Mkts
16.11
2.0
32.3
0.0
-10.8
8
Nov-13
DJRE
SPDR DJ Global REITs
21.90
2.2
47.5
0.6
11.9
89
Nov-13
Note: the exchange is AXW not ASX.
Code
Exchange Traded Funds
Price
Dividend
Dividend
Franking
1 Year
Market
Listing
16.06.16
Yield
cps
(%)
Return
Cap.
Date
($)
(%)
(%)
($M)
BOND
SPDR ASX Aust Bond
26.72
3.6
95.5
0.0
6.6
24
Jul-12
GOVT
SPDR ASX Govt Bond
26.70
3.6
97.1
0.0
7.4
8
Jul-12
Note: the exchange is AXW not ASX.
Another ETF that may be of interest to local investors is the Russell High Dividend Australian Shares ETF (code RDV),
which tracks the new Russell Australia High Dividend Index.
10
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
17 June 2016
Listed Investment Companies
Vanguard also offers investors a variety of ETFs which can be used for portfolio construction and asset allocation strategies.
These ETFs have the advantage of low costs with the average expense ratio at 18 bps vs the Industry average of 31 bps.
Price
Dividend
Dividend
Franking
1 Year
Market
Listing
16.06.16
Yield
cps
(%)
Return
Cap.
Date
Code
Exchange Traded Funds
($)
(%)
(%)
($M)
VAS
Vngd Aus Shares
65.67
5.0
329.6
75.0
-2.6
1,571
May-09
VHY
Vngd Aus High Yield
54.81
7.7
424.1
55.9
-10.5
610
May-11
VSO
Vngd Aus Small Caps
47.00
2.9
137.9
61.4
8.0
79
May-11
VLC
Vngd Aus Large Caps
54.36
4.7
254.7
54.2
-8.2
58
May-11
VAP
Vngd Aus Listed Property
83.56
4.3
362.6
5.0
20.4
672
Oct-10
VAF
Vngd Aus Fixed Int.
51.00
3.8
192.8
0.0
6.7
405
Oct-12
VGB
Vngd Aus Gov Bond
50.85
2.5
126.7
0.0
7.2
88
Apr-12
VTS
Vngd US Equities
142.70
1.7
239.7
0.0
4.1
824
May-09
VGS
Vngd Intl Shares (unhedged)
55.64
2.7
152.0
0.0
-1.6
278
Nov-14
Vngd Intl Shares (hedged)
50.97
n.a
n.a
n.a
-4.7
92
Nov-14
Vngd Emerging Mkts
51.00
2.4
121.3
0.0
-12.2
49
Nov-13
VGAD
VGE
Market Vectors, one of the largest ETP providers in the US, and an ETF subsidiary of Van Eck Global (a US fund manager)
also provide a relatively new list of alternative ETFs ranging from sector exposures to smart beta strategies (equal weighted,
quality).
Code
Exchange Traded Funds
Price
Dividend
Dividend
Franking
1 Year
Market
Listing
16.06.16
Yield
cps
(%)
Return
Cap.
Date
($)
(%)
(%)
($M)
MVW
MV Equal Weight
23.08
2.2
51.8
58.8
6.3
123
Mar-14
MVB
MV Aust. Banks
23.55
4.8
113.8
91.8
-11.4
20
Oct-13
MVA
MV Australian REITs
21.02
3.9
81.7
3.1
19.1
57
Oct-13
MVR
MV Aust. Resources
17.21
3.1
53.2
62.9
-6.3
3
Oct-13
MVS
MV Aust. Small Caps Div.
17.11
0.2
4.1
12.8
n.a
39
May-15
IFRA
MV Infrastruture (Hedged)
17.19
3.5
61.8
7.0
n.a
2
May-16
Price
Dividend
Dividend
Franking
1 Year
Market
Listing
16.06.16
Yield
cps
(%)
Return
Cap.
Date
($)
(%)
(%)
($M)
Code
Exchange Traded Funds
QUAL
MV World ex Aust Quality
18.54
1.7
32.4
0.0
4.0
105
Oct-14
MOAT
MV Morningstar Wide Moat
44.24
0.0
0.0
0.0
n.a
5
Jun-15
MV Gold Miners
MV China A-Share
(Synthetic)
36.33
0.0
0.0
0.0
n.a
31
Jun-15
48.88
0.0
0.0
0.0
n.a
2
Jun-15
GDX
CETF
Note: the exchange is AXW not ASX.
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
11
17 June 2016
Listed Investment Companies
Relatively new to the Australian market is the ETF issuer BetaShares, which currently offers six ETFs covering gold bullion,
currencies (U.S., U.K. and Euros), Australian resources companies and Australian financials. All the funds are held with third
party custodians so unitholders have no credit risk on BetaShares. BetaShares is also affiliated with Horizon BetaPro, the
largest ETF issuer in Canada with approximately 3bn in funds under management.
Description
12
ASX Code (.AXW)
Currency hedged gold bullion tracking the US$ Gold bullion price (physically backed by gold in the
JP Morgan Chase London vault)
QAU
Physical US Dollars held in a custodial bank account with JP Morgan Chase
USD
Physical British pounds held in a custodial bank account with JP Morgan Chase
POU
Physical Euros held in a custodial bank account with JP Morgan Chase
EEU
S&P/ASX 200 Resources Index (backed by physical stock held with RBC Dexia
QRE
S&P/ASX 200 Financials-x-A-REITS index (backed by physical stock held with RBC Dexia).
QFN
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
17 June 2016
Listed Investment Companies
APPENDIX
In the following section we provide a list of top holdings for the domestic LICs and a chart comparing the NTA and share
price history for LICs which have sufficient history. The charts are in alphabetical order by ASX code.
Australian Foundation
AFI
Code
CBA
WBC
TLS
WES
NAB
BHP
TCL
ANZ
AMC
CSL
RIO
BXB
OSH
AMP
WOW
RHC
AGL
QBE
WPL
HSO
As at 31 May 2016
Company
% Portfolio
Commonwealth Bank of Australia
13.6
Westpac Banking Corporation
10.5
Telstra Corporation
6.5
Wesfarmers
6.0
National Australia Bank
6.0
BHP Billiton
5.9
Transurban Group
4.9
Australia and New Zealand Banking Group
4.8
Amcor
4.4
CSL
4.2
Rio Tinto
3.6
Brambles
3.4
Oil Search
2.8
AMP
2.5
Woolworths
2.4
Ramsay Health Care
2.4
AGL Energy
2.3
QBE Insurance Group
2.1
Woodside Petroleum
2.1
Healthscope
1.9
$
AFI
7
20%
6
15%
10%
5
5%
4
0%
3
-5%
2
-10%
1
Premium/ Discount (RHS)
Price (LHS)
-15%
NTA (LHS)
Jun-16
Jun-15
Dec-15
Jun-14
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Jun-08
Dec-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
Jun-03
Dec-03
Jun-02
Dec-02
Jun-01
Dec-01
Jun-00
Dec-00
0
-20%
Australian Leaders
ALF
As at 31 May 2016
Code
Company
Gross Portfolio Structure
Long Exposure
Short Exposure
Gross Exposure
Cash
$
% Portfolio
95.6
-120.9
216.5
125.3
ALF
2.5
40%
Premium/ Discount (RHS)
Price (LHS)
30%
NTA (LHS)
2.0
20%
10%
1.5
0%
1.0
-10%
-20%
0.5
-30%
Aberdeen Leaders
Jun-16
Oct-15
Feb-16
Jun-15
Oct-14
Feb-15
Jun-14
Feb-14
Oct-13
Jun-13
Oct-12
Feb-13
Jun-12
Oct-11
Feb-12
Jun-11
Feb-11
Oct-10
Jun-10
Feb-10
Oct-09
Jun-09
Oct-08
Feb-09
Jun-08
Oct-07
Feb-08
Jun-07
Feb-07
Oct-06
Jun-06
Oct-05
Feb-06
Jun-05
Oct-04
Feb-05
20%
3.0
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
15%
2.5
10%
2.0
5%
0%
1.5
-5%
1.0
-10%
0.5
-15%
-20%
Jun-16
Jun-15
Dec-15
Jun-14
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Dec-08
Jun-08
Jun-07
Dec-07
Dec-06
Jun-06
Dec-05
Jun-05
Dec-04
Jun-04
Dec-03
Jun-03
Dec-02
Jun-02
Dec-01
0.0
Jun-01
% Portfolio
6.4
5.5
5.3
5.3
4.8
4.5
4.2
4.2
4.0
4.0
3.7
3.6
3.6
3.5
3.2
3.0
2.9
2.8
2.8
2.6
Dec-00
As at 31 May 2016
Company
Csl Limited
Westpac Banking Corp
Commonwealth Bank
Asx Limited
Telstra Corp Limited
Westfield Corp
Agl Energy Ltd
Rio Tinto Limited
Amp Limited
Scentre Group
Cochlear Limited
Amcor
Bhp Billiton Limited
Woodside Petroleum
Qbe Insurance
Resmed Inc
Anz Banking Group
Ausnet Services
Tatts Group Limited
Healthscope Ltd
-40%
ALR
$
Jun-00
ALR
Code
Jun-04
Feb-04
0.0
13
17 June 2016
Listed Investment Companies
AMCIL
As at 31 May 2016
Company
Brambles
CSL
Commonwealth Bank of Australia
TPG Telecom
Treasury Wine Estates
Lifestyle Communities
Qube Holdings
Oil Search
Mainfreight
QBE Insurance Group
James Hardie Industries
Transurban Group
Incitec Pivot
Japara Healthcare
Healthscope
National Australia Bank
The Citadel Group
Vocus Communications
CSG
Mayne Pharma Group
AMH
$
1.2
% Portfolio
8.2
7.1
7.0
6.1
5.9
5.7
5.3
5.3
5.2
5.1
4.8
4.8
4.5
4.0
4.0
3.9
3.4
3.3
3.2
3.1
30%
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
1.0
20%
0.8
10%
0.6
0%
0.4
-10%
0.2
-20%
0.0
-30%
Dec-03
Mar-04
Jun-04
Sep-04
Dec-04
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
AMH
Code
BXB
CSL
CBA
TPM
TWE
LIC
QUB
OSH
MFT
QBE
JHX
TCL
IPL
JHC
HSO
NAB
CGL
VOC
CSV
MYX
ARG
20%
8
15%
7
10%
6
5%
5
0%
4
-5%
3
-10%
2
Premium/ Discount (RHS)
1
14
Jun-16
Jun-15
Dec-15
Jun-14
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Jun-08
Dec-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
Jun-03
Dec-03
Jun-02
Dec-02
Jun-01
Dec-01
$
AUI
10
20%
9
15%
8
10%
7
5%
6
5
0%
4
-5%
3
-10%
2
-15%
1
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
-20%
Jun-16
Jun-15
Dec-15
Jun-14
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Jun-08
Dec-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
Jun-03
Dec-03
Jun-02
Dec-02
0
Jun-01
As at 31 May 2016
Company
% Portfolio
Commonwealth Bank Ltd
8.4
Westpac Banking Corporation Ltd
7.1
Australia New Zealand Banking Group Ltd
6.6
National Australia Bank Ltd
5.6
Wesfarmers Ltd
5.2
Transurban Group Ltd
4.7
Diversified United Investment Ltd
4.4
BHP Billiton Ltd
4.1
Rio Tinto Ltd
3.9
CSL Ltd
3.7
Woodside Petroleum Ltd
3.2
Telstra Corporation Ltd
3.1
Brambles Ltd
2.5
Woolworths Ltd
2.4
Event Hospitality and Entertainment Ltd
2.1
Sonic Healthcare Ltd
2.0
Ramsay Health Care Ltd
1.8
Perpetual Ltd
1.5
Washington H Soul Pattinson
1.5
Oil Search Ltd
1.4
Jun-00
AUI
Code
-15%
NTA (LHS)
-20%
Dec-01
Australian United
Price (LHS)
0
Jun-00
As at 31 May 2016
Company
% Portfolio
Westpac Banking Corporation
6.9
Australia and New Zealand Banking Group Ltd.
5.0
Commonwealth Bank of Australia
5.0
Telstra Corporation Ltd.
4.8
Wesfarmers Ltd.
4.4
Macquarie Group Ltd.
3.7
National Australia Bank Ltd.
3.3
BHP Billiton Ltd.
3.3
CSL Ltd.
2.4
Milton Corporation Ltd.
2.4
Australian United Investment Company Ltd.
2.4
Rio Tinto Ltd.
2.3
Ramsay Health Care Ltd.
2.1
Sydney Airport
2.1
Woolworths Ltd.
1.8
APA Group
1.8
Amcor Ltd.
1.6
Brambles Ltd.
1.4
AMP Ltd.
1.4
Transurban Group
1.4
Dec-00
ARG
Code
$
9
Dec-00
Argo Investments
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
17 June 2016
Listed Investment Companies
BKI Investment
BKI
Code
As at 31 May 2016
Company
Commonwealth Bank
National Australia Bank
Westpac Banking Corp
TPG Telecom
Telstra Corporation
Wesfarmers Limited
ANZ Banking Group
APA Group
BHP Billiton
Transurban Group
Woolworths Limited
AGL Energy Limited
New Hope Corporation
Ramsay HealthCare
IAG Limited
Invocare Limited
ASX Limited
ARB Corporation
Suncorp Group
Sydney Airport
$
BKI
20%
2.0
% Portfolio
9.0
7.7
7.3
5.8
5.4
4.3
4.2
3.4
3.0
2.8
2.4
2.4
2.3
2.0
1.9
1.8
1.8
1.6
1.6
1.5
Premium/ Discount (RHS)
1.8
Price (LHS)
NTA (LHS)
15%
1.6
10%
1.4
5%
1.2
1.0
0%
0.8
-5%
0.6
-10%
0.4
-15%
0.2
Clime Capital
Jun-16
Jun-15
Dec-15
Jun-14
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Jun-08
Dec-08
Jun-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-07
Price (LHS)
NTA (LHS)
Jun-16
Jan-16
Mar-15
Aug-15
Oct-14
May-14
Jul-13
Dec-13
Feb-13
Jun-11
Mar-10
May-09
$
Apr-12
-40%
Sep-12
0.0
Nov-11
-30%
Jan-11
0.2
Aug-10
-20%
Oct-09
0.4
Jul-08
-10%
Dec-08
0.6
Feb-08
0%
Sep-07
0.8
Apr-07
10%
Jun-06
1.0
Nov-06
20%
Jan-06
1.2
Aug-05
30%
CDM
3.0
60%
2.8
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
2.6
40%
2.4
2.2
2.0
20%
1.8
1.6
0%
1.4
1.2
1.0
-20%
0.8
0.6
-40%
0.4
Jun-16
Mar-16
Dec-15
Jun-15
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
Sep-15
Mar-15
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Jun-12
Sep-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Sep-10
Jun-10
Mar-10
Dec-09
Jun-09
Sep-09
Mar-09
Dec-08
Sep-08
Jun-08
Mar-08
0.0
Dec-07
0.2
Jun-07
% Portfolio
13.9
7.5
7.0
5.3
4.3
4.2
3.9
3.7
3.3
2.4
2.3
2.2
2.2
2.1
2.0
1.9
1.8
1.8
1.8
1.7
Sep-07
As at 31 May 2016
Company
Macquarie Group Ltd
Melbourne IT Ltd
Henderson Group Plc
Asciano Ltd
Alphabet Inc
Mastercard Inc
Retail Food Group
Facebook Inc
Softbank Group Corp
American International Group
IPH Ltd
Samsung Electronics Co Ltd
Woodside Petroleum Ltd
PKO Bank Polski SA
Commonwealth Bank of Australia
Gilead Sciences Inc
Luxottica Group SPA
MYOB Group Ltd
Newcrest Mining Ltd
Select Harvest Ltd
Premium/ Discount (RHS)
1.4
Mar-05
1.5
40%
Oct-04
% Portfolio
4.9
4.2
3.5
3.3
2.9
2.7
2.6
2.6
2.5
2.4
1.9
1.7
Cadence Capital
CDM
Code
MQG
MLB
HGG
AIO
GOOG US
MA US
RFG
FB US
9984 JP
AIG US
IPH
005930 KS
WPL
PKO PW
CBA
GILD US
LUX IM
MYO
NCM
SHV
CAM
May-04
Diageo
$
1.6
Mar-07
As at 31 May 2016
Company
National Australia Bank
Commonwealth Bank of Australia
Telstra Corporation Limited
Computershare Limited
Credit Corp Group Limited
Multiplex Convertible Notes
Qube Holdings Limited
Macquarie Perpetual Notes
Retail Food Group
Seven Preference Notes
AIG
Oracle Corporation
Dec-06
CAM
Code
Dec-04
-20%
Dec-03
0.0
-60%
15
Listed Investment Companies
$
Premium/ Discount (RHS)
40
Price (LHS)
NTA (LHS)
20%
35
30
10%
25
0%
20
15
-10%
10
-20%
$
As at 31 May 2016
Company
Commonwealth Bank of Australia
Westpac Banking Corporation
Telstra Corporation Limited
BHP Billiton Limited
ANZ Banking Group Limited
National Australia Bank
Wesfarmers Limited
Woolworths Limited
Woodside Petroleum
AMP Limited
Price (LHS)
Jun-16
Jun-15
Dec-15
Jun-14
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
NTA (LHS)
40%
2.5
30%
20%
2.0
10%
1.5
0%
-10%
1.0
-20%
-30%
0.5
$
Jun-16
Nov-15
Apr-15
Sep-14
Feb-14
Jul-13
Dec-12
May-12
Oct-11
Mar-11
Aug-10
Jan-10
Jun-09
Nov-08
Apr-08
Sep-07
Feb-07
Jul-06
Dec-05
Oct-04
0.0
May-05
-40%
Mar-04
% Portfolio
4.5
3.4
3.1
3.1
3.1
2.9
2.6
2.5
2.3
2.3
2.2
2.1
2.0
1.9
1.9
1.8
1.8
1.7
1.7
1.6
Century Australia
CYA
Code
Dec-09
50%
Premium/ Discount (RHS)
As at 31 May 2016
Company
Mayne Pharma Group Ltd
SG Fleet Group Limited
General Mining Corporation
HUB24 Limited
Saracen Mineral Hldgs Ltd
Orocobre Limited
QMS Media Limited
Catapult Group Intnl Ltd
Automotive Hldgs Group Ltd
Elanor Investors Group
Webjet Limited
Pro Medicus Limited
Pilbara Minerals Limited
Silver Chef Limited
Austal Limited
Collins Foods Limited
Villa World Limited
Mobile Embrace Limited
Enero Group Limited
Praemium Limited
-50%
CYA
2.0
% Portfolio
7.8
6.4
5.8
5.6
5.5
5.1
4.5
3.3
3
3
-30%
CTN
3.0
Contango Microcap
CTN
Code
MYX
SGF
GMM
HUB
SAR
ORE
QMS
CAT
AHG
ENN
WEB
PME
PLS
SIV
ASB
CKF
VLW
MBE
EGG
PPS
Jun-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
Jun-03
Dec-03
Jun-02
Dec-01
0
Jun-01
5
Jun-00
% Portfolio
49.1
6.1
5.7
4.5
3.1
2.7
2.5
2.4
1.8
1.8
1.6
1.4
1.3
1.2
1.0
0.9
0.8
0.7
0.6
0.5
Dec-00
As at 31 Mar 2016
Company
Event Hospitality and Entertainment
National Australia Bank
Westpac Bank
Commonwealth Bank
AGL
Wesfarmers
ANZ Bank
Telstra
Perpetual
Bank of Queensland
Gowing Bros
BHP Billiton
Amcor
James Hardie
Bendigo & Adelaide Bank
Orica
APA Group
LendLease Group
Origin Energy
Rio Tinto
30%
Dec-02
Carlton Investments
CIN
Code
CIN
45
Dec-08
17 June 2016
30%
Premium/ Discount (RHS)
1.8
Price (LHS)
NTA (LHS)
20%
1.6
1.4
10%
1.2
1.0
0%
0.8
-10%
0.6
0.4
-20%
16
May-16
Jul-15
Dec-15
Feb-15
Sep-14
Apr-14
Jun-13
Nov-13
Jan-13
Aug-12
Oct-11
Mar-12
Dec-10
May-11
Jul-10
Feb-10
Sep-09
Apr-09
Nov-08
Jun-08
Jan-08
Mar-07
Aug-07
Oct-06
May-06
Dec-05
Jul-05
Feb-05
Apr-04
0.0
Sep-04
0.2
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
-30%
Listed Investment Companies
40%
6
30%
5
20%
4
10%
3
0%
2
-10%
Diversified United
As at 31 May 2016
Company
Macquarie Group
REA Group
Commonwealth Bank of Australia
CSL Limited
Telstra Corporation
Jun-16
Jun-15
Dec-15
Jun-14
Dec-14
Jun-13
-20%
NTA (LHS)
Dec-13
Jun-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Jun-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
Jun-03
Dec-03
Jun-02
Price (LHS)
30%
20%
4
10%
3
0%
2
-10%
1
-20%
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
$
Jun-16
Jun-15
Dec-15
Jun-14
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Jun-08
Dec-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
Jun-03
Dec-03
Jun-02
-30%
Dec-02
0
Jun-01
% Portfolio
8.2
8.1
6.8
6.0
5.6
4.1
3.6
3.2
3.1
2.9
2.6
2.1
2.1
1.8
1.7
1.6
1.5
1.4
1.3
1.3
FSI
3.0
% Portfolio
7.8
6.0
6.0
5.5
5.5
-30%
DUI
5
Flagship Investments
FSI
Code
MQG
REA
CBA
CSL
TLS
Dec-02
$
Dec-01
As at 31 May 2016
Company
Commonwealth Bank of Australia Ltd
CSL Ltd
Westpac Banking Corporation Ltd
ANZ Banking Group Ltd
Transurban Group
National Australia Bank Ltd
BHP Billiton Ltd
Woodside Petroleum Ltd
Rio Tinto Ltd
Wesfarmers Ltd
Medibank Private Ltd
Washington H Soul Pattinson & Co Ltd
Asciano Ltd
Woolworths Ltd
AMP Ltd
Oil Search Ltd
Suncorp Group Ltd
BT Investment Management Ltd
Telstra Corporation Ltd
Westfield Corporation
Jun-00
DUI
Code
Jun-01
0
Premium/ Discount (RHS)
Dec-12
1
Dec-01
% Portfolio
12.7
10.8
8.9
7.8
6.9
6.8
6.0
4.7
4.2
4.0
3.7
2.9
2.7
2.7
2.7
2.6
2.5
2.5
2.5
2.5
DJW
Jun-00
As at 31 May 2016
Company
Commonwealth Bank of Australia
Westpac Banking Corporation
National Australia Bank
Australia & New Zealand Banking Group
BHP Billiton
Telstra Corporation
CSL
Wesfarmers
Brambles
Oil Search
Rio Tinto
QBE Insurance Group
Woodside Petroleum
James Hardie Industries
Amcor
AMP
Mirrabooka Investments
Seek
Healthscope
Qube Holdings
Dec-00
DJW
Code
CBA
WBC
NAB
ANZ
BHP
TLS
CSL
WES
BXB
OSH
RIO
QBE
WPL
JHX
AMC
AMP
MIR
SEK
HSO
QUB
$
7
Dec-08
Djerriwarrh
Dec-00
17 June 2016
40%
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
30%
2.5
20%
2.0
10%
1.5
0%
-10%
1.0
-20%
0.5
Jun-16
Jun-15
Dec-15
Jun-14
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Jun-08
Dec-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
Dec-03
Jun-03
Jun-02
Dec-02
Jun-01
Dec-01
0.0
Dec-00
-30%
-40%
17
Listed Investment Companies
Ironbark Capital
$
IBC
Code
TLS
As at 31 Dec 2015
Company
Telstra Corporation Limited
CBA
Commonwealth Bank of Australia Limited
10.9
WBC
Westpac Banking Corporation Limited
10.8
% Portfolio
13.5
CBAPC/PD/PCAPA
Commonwealth Bank Perls VI & Perls VII & Perls III6.4
0.7
20%
0.6
ORGHA
ANZ Banking Group Limited
5.1
Insurance Australia Group ‐ Convertible Preference 4.8
Securities0.5
Origin Energy ‐ Subordinated Notes
4.5
BHP
BHP Billiton Limited
10%
4.2
SUNPC/PE Suncorp Group Limited ‐ Convertible Preference Securities
3.9
IANG
IAG Finance (NZ) ‐ Perpetual Reset Exchangeable Notes
3.8
0.4
NAB
National Australia Bank Limited
0.3
CTXHA
ANZPA
2.9
Caltex Australia Limited ‐ Subordinated Notes
National Australia Bank Limited ‐ Convertible Preference
2.0 Securities
0.2
ANZ Banking Group Limited ‐ Convertible Preference1.9
Securities
AQHHA
APA Group ‐ Subordinated Notes
1.6
DUE
Duet Group
1.6
$
May-16
Jul-15
Dec-15
Feb-15
Apr-14
Sep-14
Jun-13
Nov-13
Jan-13
Aug-12
Oct-11
Mar-12
May-11
Jul-10
Dec-10
Feb-10
Apr-09
Sep-09
Jun-08
NTA (LHS)
Nov-08
Jan-08
Aug-07
Oct-06
Price (LHS)
Mar-07
May-06
Jul-05
1.2
Dec-05
AGLHA
Premium/ Discount (RHS)
0.0
Feb-05
1.4
-20%
0.1
Apr-04
1.4
SDF
Steadfast Group Limited
AGL Energy Limited ‐ Subordinated Notes
1.4
Sep-04
Crown Limited ‐ Subordinated Notes
BENPE/PD Bendigo Bank ‐ Convertible Preference Securities
-10%
Jun-03
CWNHA
Mar-02
NABPA
3.1
0%
Nov-03
IAGPC
30%
Jan-03
ANZ
IBC
0.8
Aug-02
17 June 2016
-30%
KAT
40%
Katana
1.5
KAT
As at 31 May 2016
Company
Crown Resorts Ltd
Aust and NZ Banking Group Ltd
Santos Ltd
Woodside Petroleum Ltd
Henderson Group PLC
BWX Ltd
Pioneer Credit Ltd
HFA Holdings Ltd
Regis Resources Ltd
Automotive Holdings Group Ltd
Premium/ Discount (RHS)
% Portfolio
4.1
4.1
3.1
2.8
2.5
2.4
2.4
2.3
2.1
2.1
Price (LHS)
NTA (LHS)
30%
20%
1.0
10%
0%
-10%
0.5
-20%
Jan-16
Jul-15
Jan-15
Jul-14
Jan-14
Jul-13
Jan-13
Jul-12
Jan-12
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
Jul-08
Jan-08
Jul-07
2.5
20%
2.0
10%
1.5
0%
1.0
-10%
-20%
0.5
Jun-16
Dec-15
Jun-15
Dec-14
Jun-14
NTA (LHS)
Dec-13
Jun-13
Jun-12
Dec-12
Dec-11
Price (LHS)
Jun-11
Jun-10
Dec-10
Dec-09
Jun-09
Jun-08
Dec-07
Jun-07
Dec-06
Jun-06
Dec-05
Jun-05
Jun-04
Dec-04
Dec-03
Jun-03
Dec-02
Premium/ Discount (RHS)
0.0
18
Jan-07
30%
Jun-02
% Portfolio
8.8
7.0
6.3
6.2
6.0
5.9
4.9
4.6
4.6
4.4
4.4
4.3
4.3
4.3
4.2
4.2
4.1
3.9
3.8
3.8
MIR
Jun-01
As at 31 May 2016
Company
Treasury Wine Estates
Qube Holdings
Lifestyle Communities
IRESS
Healthscope
Vocus Communications
Seek
TPG Telecom
Freedom Foods Group
Mainfreight
Challenger
ResMed
ARB Corporation
Nufarm
Alumina
Incitect Pivot
Japara Healthcare
Tassal Group
AMA Group
Ansell
Dec-01
MIR
Code
TWE
QUB
LIC
IRE
HSO
VOC
SEK
TPM
FNP
MFT
CGF
RMD
ARB
NUF
AWC
IPL
JHC
TGR
AMA
ANN
$
-40%
3.0
Dec-08
Mirrabooka Investments
Jan-06
0.0
Jul-06
-30%
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
-30%
Listed Investment Companies
Milton Corp.
15%
5
10%
4
5%
3
-5%
2
-10%
1
-15%
Jun-16
Jun-15
Dec-15
Jun-14
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Jun-08
Dec-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
Jun-03
Dec-03
Jun-02
Dec-02
Jun-01
Dec-01
-20%
40%
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
May-16
Sep-15
Sep-14
May-14
Sep-13
Sep-12
May-11
Sep-09
Sep-08
$
Jan-16
-40%
May-15
0.0
Jan-15
-30%
Jan-14
0.2
May-13
-20%
Jan-13
0.4
May-12
-10%
Jan-12
0.6
Sep-11
0%
Jan-11
0.8
Sep-10
10%
Jan-10
1.0
May-10
20%
Jan-09
1.2
May-09
30%
May-08
1.4
WAM
2.5
50%
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
40%
2.0
30%
20%
1.5
10%
0%
1.0
-10%
-20%
0.5
-30%
Jun-16
Jun-15
Dec-15
Jun-14
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
Dec-14
Jun-13
Dec-13
Jun-12
Dec-12
Jun-11
Dec-11
Jun-10
Dec-10
Jun-09
Dec-09
Jun-08
Dec-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
0.0
Jun-03
-40%
Dec-03
As at 31 May 2016
Company
% Portfolio
Pacific Brands Limited
5.0
Hunter Hall Global Value Limited
3.7
Eclipx Group Limited
2.7
Smartgroup Corporation Limited
2.3
APN News & Media Limited
2.0
Century Australia Investments Limited
1.9
Nick Scali Limited
1.7
Mayne Pharma Group Limited
1.7
Southern Cross Media Group Limited
1.6
Reliance Worldwide Corporation Limited
1.6
Metcash Limited
1.6
Ardent Leisure Group
1.6
Credit Corp Group Limited
1.6
Macquarie Atlas Roads Group
1.6
Vocus Communications Limited
1.6
SG Fleet Group Limited
1.5
Medical Developments International Limited
1.4
RCG Corporation Limited
1.4
Class Limited
1.4
Vita Group Limited
1.3
NTA (LHS)
WAA
Jun-02
WAM
Code
PBG
HHV
ECX
SIQ
APN
CYA
NCK
MYX
SXL
RWC
MTS
AAD
CCP
MQA
VOC
SGF
MVP
RCG
CL1
VTG
$
Price (LHS)
1.6
Dec-02
WAM Capital
Jun-00
Premium/ Discount (RHS)
Jun-01
As at 31 May 2016
Company
% Portfolio
Hunter Hall Global Value Limited
7.3
Pacific Brands Limited
5.0
APN News & Media Limited
4.0
Century Australia Investments Limited
3.9
Metcash Limited
3.2
Macquarie Atlas Roads Group
3.1
Medical Developments International Limited
2.8
AMP Capital China Growth Fund
2.5
Templeton Global Growth Fund Limited
2.2
Treasury Wine Estates Limited
2.0
Aveo Group
2.0
Infigen Energy Limited
2.0
Adacel Technologies Limited
1.9
Astro Japan Property Group Limited
1.9
Domino's Pizza Enterprises Limited
1.5
Galileo Japan Trust
1.5
Westoz Investment Company Limited
1.4
CYBG PLC
1.3
Service Stream Limited
1.2
Southern Cross Electrical Engineering Limited
1.2
0%
Dec-01
WAM Active
20%
Dec-00
% Portfolio
11.3
8.5
5.3
4.6
4.1
3.0
3.0
3.0
2.5
2.4
2.4
2.3
2.1
2.1
2.0
1.8
1.7
1.7
1.6
1.5
0
WAA
Code
HHV
PBG
APN
CYA
MTS
MQA
MVP
AGF
TGG
TWE
AOG
IFN
ADA
AJA
DMP
GJT
WIC
CYB
SSM
SXE
MLT
6
Jan-08
As at 31 May 2016
Company
Westpac Banking Corporation
Commonwealth Bank of Australia
W H Soul Pattinson
National Australia Bank
Wesfarmers Limited
ANZ Banking Group
Bank of Queensland
Telstra Corporation
BHP Billiton
CSL Limited
AP Eagers
Woolworths Limited
Perpetual Limited
Bendigo and Adelaide Bank
Blackmores Limited
AGL Energy
Macquarie Group
Brickworks Limited
TPG Telecom
Transurban Group
Jun-00
MLT
Code
$
Dec-00
17 June 2016
-50%
19
Listed Investment Companies
WAM Research
WAX
Whitefield Limited
40%
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
0.4
-20%
0.2
-30%
0.0
-40%
Nov-15
Feb-14
Sep-14
Dec-12
Oct-11
Aug-10
Nov-08
Sep-07
Dec-05
$
Jun-16
-10%
Apr-15
0.6
Jul-13
0%
May-12
0.8
Mar-11
10%
Jan-10
1.0
Jun-09
20%
Apr-08
1.2
Feb-07
30%
Jul-06
1.4
May-05
% Portfolio
5.0
4.5
3.3
3.3
3.2
3.2
3.2
3.1
3.1
3.0
2.8
2.8
2.6
2.5
2.2
2.2
2.1
2.0
1.4
1.4
Oct-04
As at 31 May 2016
Company
Eclipx Group Limited
Smartgroup Corporation Limited
Nick Scali Limited
Mayne Pharma Group Limited
Reliance Worldwide Corporation Limited
Ardent Leisure Group
Credit Corp Group Limited
Vocus Communications Limited
Southern Cross Media Group Limited
SG Fleet Group Limited
RCG Corp Limited
Class Limited
Vita Group Limited
Steadfast Group Limited
Pro Medicus Limited
The Reject Shop Limited
Austal Limited
PSC Insurance Group Limited
iSelect Limited
ClearView Wealth Limited
Mar-04
WAX
Code
ECX
SIQ
NCK
MYX
RWC
AAD
CCP
VOC
SXL
SGF
RCG
CL1
VTG
SDF
PME
TRS
ASB
PSI
ISU
CVW
$
1.6
Aug-03
17 June 2016
WHF
7.0
Westoz Investment
WIC
Code
As at 31 May 2016
Company
Cedar Woods Properties Limited
Finbar Group Limited
Mount Gibson Iron Limited
Western Areas Limited
Independence Group NL
Sandfire Resources NL
Programmed Maintenance Services Ltd
IMF Bentham Limited
Automotive Holdings Group Limited
AWE Limited
Credit Corp Group Limited
20%
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
15%
6.0
10%
5.0
5%
4.0
0%
3.0
-5%
2.0
-10%
1.0
$
Jun-16
Dec-15
Jun-15
Dec-14
Jun-14
Dec-13
Jun-13
Jun-12
Dec-12
Dec-11
Jun-11
Jun-10
Dec-10
Dec-09
Jun-09
Jun-08
Dec-08
Dec-07
Jun-07
Jun-06
Dec-06
Dec-05
Jun-05
Dec-04
Jun-04
Dec-03
Jun-03
Dec-02
0.0
-15%
Jun-02
% Portfolio
9.9
7.6
5.3
5.3
5.1
4.2
3.4
1.9
1.8
1.8
1.7
1.7
1.6
1.5
1.4
1.3
1.2
1.2
1.1
1.1
Jun-01
As at 31 May 2016
Company
Commonwealth Bank Of Australia
Westpac Banking Corporation
National Australia Bank Limited
ANZ Banking Group Limited
Telstra Corporation Limited
CSL Limited
Wesfarmers Limited
Brambles Limited
Transurban Group
Amcor Limited
AGL Energy Limited
Westfield Corporation
Ramsay Health Care Limited
Sydney Airport
Woolworths Limited
ResMed Inc
Tatts Group Limited
Aristocrat Leisure Limited
Harvey Norman Holdings Limited
Insurance Australia Group Limited
Dec-01
WHF
Code
CBA
WBC
NAB
ANZ
TLS
CSL
WES
BXB
TCL
AMC
AGL
WFD
RHC
SYD
WOW
RMD
TTS
ALL
HVN
IAG
WIC
2.0
% Portfolio
7.0
6.0
5.0
3.0
3.0
3.0
3.0
3.0
2.0
2.0
2.0
-20%
40%
Premium/ Discount (RHS)
Price (LHS)
NTA (LHS)
30%
1.5
20%
10%
1.0
0%
-10%
0.5
-20%
20
Jun-16
Mar-16
Dec-15
Sep-15
Jun-15
Mar-15
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Jun-13
Sep-13
Mar-13
Dec-12
Jun-12
Sep-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Sep-10
Jun-10
Mar-10
Dec-09
0.0
Sep-09
-30%
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
-40%
17 June 2016
Listed Investment Companies
NEWER LICS
Barrack St Investments
BST
Code
As at 31 May 2016
Company
IPH Limited
BT Investment Management
Sirtex Medical
Magellan Financial Group
Trade Me Group
% Portfolio
12.2
9.9
8.8
8.4
8.4
Perennial Equity Investment
PIC
Code
As at 31 May 2016
Company
Woolworths
Suncorp Group Ltd
Graincorp Ltd
SKY Network Television Ltd
Caltex Australia Ltd
Bank of America Corp
Royal Philips
Icon PLC
% Portfolio
10.6
6.0
5.8
5.4
4.7
8.3
7.8
2.9
All information and advice is confidential and for the private information of the persons to whom it is provided and is provided without any
responsibility or liability on any account whatsoever on the part of this firm or any member or employee thereof.
21