listed investment companies€¦ · large/mid/small cap, value/technical, active, long/short,...

Quantitative Report

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

LISTED INVESTMENT COMPANIES

MARKET VOLATILITY IMPROVES RELATIVE DEMAND FOR LICS

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.

This report compares 36 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 Attractive – higher relative demand for LICs amid the volatile market environment has led to limited value opportunities among the Domestic LICs. Over the quarter, the LICs which focus on absolute returns such as Australian Leaders (ALF) and WAM Active (WAA) achieved resilient NTA growth (due to their large cash weighting and short positions). Ironbark (IBC), which is exposed to yield stocks and interest rate securities also performed well and looks attractively priced. Meanwhile, the share price of Whitefield (WHF) has been impacted by the underperformance of the Australian banks. Despite trading at premium to NTA, we are positive on Cadence Capital (CDM) and WAM Research (WAX). Among the micro-cap LICs, we recommend Flagship Investments (FSI) and CBG Capital (CBC).

Across the Global LICs, we recommend Magellan Flagship (MFF) and Templeton Global (TGG). Hunter Hall Global (HHV) is trading at a 21% discount to NTA and is ideal for those who want exposure to mid/small cap global companies. We are also positive on the PM Capital Global Opportunities Fund (PGF) which has achieved NTA growth of 24% over the year. Also, investors may be interested in the recently listed Platinum Asian Fund (PAI). Its Retail Asian Fund has returned 9.1% p.a over the five years to August 2015 (vs benchmark of 7.7% p.a).

Expensive – The LICs that appear most expensive are Djerriwarrh (DJW) and Platinum Capital (PMC). Over the quarter, AMP Capital China (AGF), Contango Microcap (CTN) and Ironbark Capital (IBC) underperformed the sector.

Dividend Yield – Investors should not buy LICs on yield alone as some of the top paying dividend LICs have delivered subpar NTA growth. For sustainable yields, we recommend WAM (fully franked net yield of 7.0%), CDM (6.8%), WAX (6.4%) and IBC (6.3%).

Strongest NTA Growth – Despite the Chinese volatility markets in recent months, AGF remains the best NTA performer for the year. Others with strong NTA growth include MFF and PGF. Among the domestic LICs, WAX, CIN and WAM have done well. However, over five years, MFF, CDM, and CIN rank best.

Premiums to historical NTA – The LICs which are currently trading significantly below their historical NTA levels include IPE, WAA, and MFF. Those that are trading at large premiums are PMC, DJW, and KAT.

Note: we have initiated coverage on Glennon Small Companies (GC1) and K2 Global Equities (KII).

Chart below - the median discount to NTA of the LIC sector has contracted in recent months.

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LICS WEIGHTED AVERAGE PRICE TO NTA - 3 MTH EMA% %

Historical Average

18 September 2015

Analyst: Kien Trinh

Phone: (+61 3) 9242 4027

Email: [email protected]

18 September 2015 Listed Investment Companies

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.

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.



3

INVESTMENT FOCUS:

Code Company Manager Focus Benchmark

Domestic – Large*

AFI Australian Foundat. Internal Large/mid cap, value, active, long only, use of options to enhance income

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.

CIN Carlton Investments Internal Large blue chips, balanced, active, long only ASX200 Accum.

DJW Djerriwarrh Internal Large, value, active, long only, use of options to enhance income

ASX50 Accum.

DUI Diversified United Internal Large, balanced, passive, long only ASX300 Accum.

MLT Milton Corporation Internal Large/mid/small cap, balanced, active, long only, also invests in fixed interest, property and mortgages

All Ords Accum.

WAM WAM Capital Limited Wilson Asset Mgt. International

Mid/small cap, undervalued growth opportunities, active, arbitrage

All Ords Accum.

Domestic – Small*

ALR Aberdeen Leaders Aberdeen Asset Mgt Large/mid cap blue chips, value, active, long only, may use leverage

ASX200 Accum.

AMH AMCIL Limited Internal Large/mid/small, value, active, long only ASX200 Accum.

CAM Clime Capital Clime Asset Mgt Large/mid/small, value, quantitative, active, long only All Ords Accum.

CBC CBG Capital CBG Asset Mgt ASX200 with focus on ex-100, long only, style neutral, typically contain 30-60 stocks,

ASX200 Accum.

CDM Cadence Capital Cadence Asset Mgt Large/mid/small cap, value/technical, active, long/short, trading; may use leverage up to 40%

All Ords Accum.

CTN Contango Microcap Contango Asset Mgt. Small cap, balanced, active, long only; typically holds 80-120 stocks

All Ords Accum.

CYA Century Australia Perennial Value Mgt Large, value, active, long only, holds 25-50 stocks ASX300 Accum.

FSI Flagship Investments EC Pohl & Co Pty Ltd. Small/mid cap bias; quality, quant process; performance fee only

All Ords Index.

GC1 Glennon Small Co. Glennon Capital 20-60 stocks outside ASX100; value, long only, 20% limit in cash

ASX Small Ords Accum.

IBC Ironbark Capital Ltd Kaplan Funds Mgt Large/mid cap, hybrids, long only; may use derivatives ASX300 Accum.

KAT Katana Capital Katana Asset Mgt. Large/mid/small, Value, style neutral, technical, long only; may use trading

All Ords Accum.

MIR Mirrabooka Invest. Internal Mid/small cap, value, active, long only; holds 50-80 stocks

Midcap 50%; Small Accum (50%)

NCC Naos Emerging Opportunities

Naos Asset Mgt. Invest outside ASX100; emerging quality; value oriented; holds 0-15 stocks.

Small Ords Accum.

WAX WAM Research Ltd Wilson Asset Mgt. Mid/small cap, undervalued growth opportunities, active, long

All Ords Accum.

WHF Whitefield Ltd White Funds Mgt. Large, style neutral, balanced, active, long only; mostly in industrial stocks

ASX200 Accum.

WIC Westoz Inv Ltd Westoz Funds Mgt. WA stocks outside top 100, value, long only, may use derivatives

Positive return (p.a)

International

AGF Amp Capital China AMP Capital China A shares; large, balanced, active, long only CTIC 300 TR Index (AUD)

HHV Hunter Hall Global Hunter Hall Invest. Mgt Global, mid/small cap, value, active, long only MSCI World Accum (AUD)

MFF Magellan Flagship Magellan Asset Mgt Global (US focus), large, value, active, long only MSCI World Price Index (AUD)

PGF PM Capital Global Opportunities

PM Capital Global, ~40 quality stocks, bottom up, shorts limited to 3%,

MSCI AC World Net Index (AUD)

TGG Templeton Global Templeton Global Equity Global, large, value, active, long only MSCI All Country World (AUD)

Specialist

ALF Australian Leaders Watermark Funds Mgt market neutral, value, long/short All Ords Accum.

KII K2 Global Equities K2 Asset Mgt Absolute return, variable beta, 80-120 stocks, cash up to 100%

MSCI World AC $A

PMC Platinum Capital Ltd Platinum Asset Mgt Large, absolute return, active, long/short MSCI All Country World Net

WAA WAM Active Wilson Asset Mgt. absolute returns, arbitrage opportunities, long/short, may hold cash

UBS Bank Bill Index

IPE ING Private Equity ING Investment Mgt invests in about 16 private equity funds Positive return (p.a)

*based on LIC market cap and not investment focus



SUMMARY TABLE:

The table below provides a summary of the LICs in descending order of long term NTA growth.

Code Company Price ($) 17.09.15

Pre-tax NTA ($)

Prem/Disc to NTA

(%)

Approx. DPS

(c)

Net Yield

(%)

Gross Yield

($)

Franking (%)

5 Yr Total

Return (% p.a)

5 Yr NTA

Growth (% p.a)

Market Cap ($M)

Domestic - Large*

CIN Carlton Investments 29.40 33.15 -11.3 108.0 3.7 5.2 100 14.8 13.6 775

WAM WAM Capital Limited 2.00 1.86 7.8 14.0 7.0 10.0 100 14.7 9.1 902

MLT Milton Corporation 4.30 4.19 2.6 18.4 4.3 6.1 100 11.8 8.7 2,783

AFI Australian Foundat. 5.83 5.48 6.4 23.0 3.9 5.6 100 8.6 7.9 6,452

BKI BKI Investment Ltd 1.60 1.56 2.2 7.2 4.5 6.4 100 11.8 7.8 890

ARG Argo Investments 7.78 7.13 9.1 29.5 3.8 5.4 100 10.0 7.8 5,233

DUI Diversified United 3.41 3.50 -2.6 14.0 4.1 5.9 100 9.2 6.7 699

AUI Australian United In 7.71 7.80 -1.2 34.0 4.4 6.3 100 8.2 6.2 845

DJW Djerriwarrh 4.18 3.18 31.4 26.0 6.2 8.9 100 7.5 5.6 914

Domestic - Small*

CDM Cadence Capital 1.47 1.39 6.0 10.0 6.8 9.7 100 22.7 14.3 357

WAX WAM Research Ltd 1.25 1.15 8.7 8.0 6.4 9.1 100 17.7 13.1 207

WHF Whitefield Ltd 4.25 4.51 -5.8 17.0 4.0 5.7 100 11.5 10.7 338

MIR Mirrabooka Invest. 2.44 2.18 11.9 10.0 4.1 5.9 100 14.0 10.5 363

CBC* Cbg Capital Limited 0.90 0.96 -6.5 3.0 3.3 4.8 100 n.a 9.5 22

AMH AMCIL Limited 0.87 0.86 1.2 4.0 4.6 6.6 100 12.4 9.3 207

FSI Flagship Investments 1.36 1.66 -18.2 7.3 5.3 7.6 100 4.1 7.4 34

CYA Century Australia 0.83 0.90 -7.7 3.2 3.9 5.6 100 5.3 5.5 67

IBC Ironbark Capital Ltd 0.48 0.54 -11.3 3.0 6.3 8.9 100 7.3 4.5 60

ALR Aberdeen Leaders 1.06 1.14 -7.5 5.0 4.7 6.8 100 4.1 4.2 64

CTN Contango Microcap 0.95 1.09 -13.2 7.7 8.1 9.9 50 8.7 3.3 148

CAM Clime Capital 0.88 0.96 -8.3 4.7 5.3 7.5 100 8.1 2.1 72

KAT Katana Capital 0.81 0.84 -3.1 6.0 7.4 9.0 50 8.4 2.1 37

WIC Westoz Inv Ltd 0.85 0.98 -13.3 9.0 10.6 15.1 100 4.8 -2.0 110

NCC Naos Emerg Opp 0.95 1.04 -8.7 6.3 6.6 9.4 100 n.a n.a 45

GC1 Glennon SML Co Ltd 1.00 0.99 0.7 n.a n.a n.a n.a n.a n.a 22

International Focus

MFF Magellan Flagship 1.88 2.12 -11.2 2.0 1.1 1.1 0 26.0 24.5 856

TGG Templeton Global 1.29 1.51 -14.9 4.1 3.2 3.4 17 14.8 12.8 318

AGF Amp Capital China 1.19 1.55 -23.2 2.9 2.5 2.5 0 8.5 10.1 454

HHV Hunter Hall Global 1.08 1.36 -20.8 8.0 7.4 7.7 9 11.8 9.3 258

PMC Platinum Capital Ltd 1.86 1.55 20.5 11.0 5.9 8.4 100 10.2 8.6 436

PGF Pm Capital Fund 1.04 1.19 -13.2 0.0 0.0 0.0 0 n.a n.a 353

Specialist Focus

ALF Australian Leaders 1.42 1.40 1.1 10.0 7.1 10.1 100 13.6 10.8 359

WAA WAM Active Limited 0.95 1.00 -5.3 2.5 2.6 3.8 100 6.3 4.9 34

IPE IPE Ltd 0.27 0.33 -17.9 1.8 6.5 7.9 50 13.5 4.6 37

KII.AXW K2Globalequitiesfund 2.39 2.43 -1.6 n.a n.a n.a n.a n.a n.a 31

All Ords. Accumulation Index 7.9

*Dividend yields are approximate and based on historical distributions except for CBC. NAV is used for AGF, PMC instead of NTA; CBC was listed in Dec 2014 but we have approximated its long term NTA growth on the performance of its retail fund. *based on LIC market cap and not investment focus

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TOTAL RETURN AND NTA GROWTH

The following charts compare the one and five year total return with the underlying NTA growth for the LICs in our universe. Over the year to August 2015, half the LICs on our coverage list was able to outperform the All Ordinaries Accumulation Index (shaded in green below). The LICs in which share prices have not moved inline with the underlying growth in NTA and represent opportunities include ALF, WAA, IPE, FSI, and CBC. Those with the strongest NTA growth over the year were AGF, MFF, and PGF.

NB: The NTA growth and total return for CBC is calculated from listing date in December 2014.

Over five years ending August 2015, the LICs that have experienced the strongest NTA growth were MFF, CDM, CIN and WAX. During the year, MFF undertook a 1:4 rights issue at a share price of $1.60. CIN has a significant exposure to Amalgamated holdings (AHD). Meanwhile, the bonus issue implemented by CDM has expired in August and this should now remove the options overhang on the stock. Outside of these LICs, WHF, MIR and TGG also lie in the top quartile for NTA growth. The worst performing domestic funds over the long term include ALR, FSI and WIC.

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7

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. Most of the attractive LICs focus on global equities – MFF, AGF, TGG, and HHV. Investors are cautious on the AMP Capital China Growth Fund (AGF) due to the weak Chinese economic data which has weighed on the share price. Among the domestic LICs, WHF, CIN and FSI are attractively priced. Note that WHF has high exposure to Australian banks while CIN has a large investment in Amalgamated Holdings. The LICs that are currently most expensive are DJW and PMC.

TOTAL RETURN VS NTA GROWTH

In theory, we would expect share price gains to reflect NTA growth over the long term. However, increasing market uncertainty 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 these opportunities ie. when NTA growth exceeds total return by a wide margin.

MFF

CDM

CIN

WAX

TGG

ALF

WHF

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WAM

MLT

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NTA GROWTH (% P.A)

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Domestic 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%.

Price Dividend Dividend Franking 1 Year Market Listing

Code Exchange Traded Funds 17.09.15 Yield cps (%) Return Cap. Date

($) (%) (%) ($M)

STW SPDR ASX200 49.05 4.0 196.9 80.5 0.0 2,814 Aug-01

SFY SPDR ASX50 51.10 4.3 217.4 81.4 -0.3 418 Aug-01

SLF SPDR ASX200 Prop. Tr. Fund

11.31 3.8 42.9 6.1 19.2 553 Feb-02

OZF SPDR 200 Financials 19.77 7.9 155.3 59.3 2.6 35 Apr-11

OZR SPDR ASX200 Resources 7.28 4.0 29.2 89.8 -25.0 18 Apr-11

SSO SPDR Small Ords 10.39 3.1 32.2 30.5 -8.2 7 Apr-11

YMAX BetaShares Top 20 Yield Max

9.89 9.9 98.3 37.5 -4.8 336 Nov-12

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).



($) (%) (%) ($M)

SPY SPDR S&P 500 ETF Trust 278.40 1.2 339.4 0.0 0.0 21 Jan-93

WXOZ SPDR World (Ex-Aust) 24.30 4.5 109.1 0.0 20.8 147 Mar-13

WXHG SPDR World (Ex-Aust) Hedged

17.83 5.5 97.8 0.0 3.2 74 Jul-13

WDIV SPDR Global Dividend 18.06 7.6 137.7 1.0 19.4 70 Nov-13

WEMG SPDR Emerging Mkts 16.41 2.0 32.3 0.0 -2.1 7 Nov-13

DJRE SPDR DJ Global REITs 20.54 1.9 39.5 0.6 26.8 53 Nov-13




($) (%) (%) ($M)

BOND SPDR ASX Aust Bond 26.11 4.0 104.4 0.0 6.9 16 Jul-12

GOVT SPDR ASX Govt Bond 25.95 4.2 108.2 0.0 7.9 5 Jul-12


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.



9

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).



($) (%) (%) ($M)

MVW MV Equal Weight 21.08 2.3 47.9 61.3 1.5 43 Mar-14

MVB MV Aust. Banks 26.00 4.4 115.7 94.1 4.1 19 Oct-13

MVA MV Australian REITs 17.60 4.7 82.6 1.6 16.3 41 Oct-13

MVR MV Aust. Resources 15.57 3.3 51.3 55.7 -24.2 2 Oct-13

MVS MV Aust. Small Caps Div. 15.21 0.3 4.1 12.8 n.a 27 May-15



($) (%) (%) ($M)

QUAL MV World ex Aust Quality 18.63 1.7 32.4 0.0 n.a 55 Oct-14

MOAT MV Morningstar Wide Moat 40.52 0.0 0.0 0.0 n.a 1 Jun-15

GDX MV Gold Miners 18.42 0.0 0.0 0.0 n.a 3 Jun-15

CETF MV China A-Share 58.15 0.0 0.0 0.0 n.a 2 Jun-15


Vanguard also has a domestic fund called the Vanguard Australian Shares Index (VAS), which covers the S&P/ASX 300 index. Australian Index Investments (AII) also offers a range of sector-specific funds targeting financials (banking, finance and real estate), financials excluding A-REITS, resources (including energy), REITS, metals and mining, industrials (capital goods and commercial services) and energy. The table below gives the codes and source indices.

Aii Sector ETF ASX Code (.AXW)

Aii S&P/ASX 200 Financials FIN

Aii S&P/ASX 200 Financials x-A-REITS FIX

Aii S&P/ASX 200 Resources RSR

Aii S&P/ASX 200 Metals & Mining MAM

Aii S&P/ASX 200 Industrials IDD

Aii S&P/ASX 200 Energy ENY

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 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



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

Australian Leaders

Aberdeen Leaders

AFI As at 31 August 2015Code Company % PortfolioCBA Commonwealth Bank of Australia 13.5WBC Westpac Banking Corporation 11.8BHP BHP Billiton 7.6NAB National Australia Bank 6.7TLS Telstra Corporation 6.5WES Wesfarmers 6.4ANZ ANZ Banking Group 5.1RIO Rio Tinto 3.9TCL Transurban Group 3.8AMC Amcor 3.8WOW Woolworths 3.0CSL CSL 3.0AMP AMP 2.6QBE QBE Insurance Group 2.5OSH Oil Search 2.4WPL Woodside Petroleum 2.4BXB Brambles 2.3AGL AGL Energy 2.2APA APA Group 1.9RHC Ramsay Health Care 1.8

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0

1

2

3

4

5

6

7

Jun-

00

Dec

-00

Jun-

01

Dec

-01

Jun-

02

Dec

-02

Jun-

03

Dec

-03

Jun-

04

Dec

-04

Jun-

05

Dec

-05

Jun-

06

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11

Jun-

12

Dec

-12

Jun-

13

Dec

-13

Jun-

14

Dec

-14

Jun-

15

AFI

Premium/ Discount (RHS) Price (LHS) NTA (LHS)

$

ALF As at 31 August 2015Code Company % PortfolioGross Portfolio Structure

Long Exposure 88.9Short Exposure -78.9Gross Exposure 167.7Cash 90.0

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.5

1.0

1.5

2.0

2.5

Fe

b-04

Jun-

04

Oct

-04

Fe

b-05

Jun-

05

Oct

-05

Fe

b-06

Jun-

06

Oct

-06

Fe

b-07

Jun-

07

Oct

-07

Fe

b-08

Jun-

08

Oct

-08

Fe

b-09

Jun-

09

Oct

-09

Fe

b-10

Jun-

10

Oct

-10

Fe

b-11

Jun-

11

Oct

-11

Fe

b-12

Jun-

12

Oct

-12

Fe

b-13

Jun-

13

Oct

-13

Fe

b-14

Jun-

14

Oct

-14

Fe

b-15

Jun-

15

ALF


$

ALR As at 31 August 2015Code Company % PortfolioBHP BHP Billiton Limited 6.6CBA Commonwealth Bank. 5.9CSL CSL Limited 5.7ANZ ANZ Banking Grp Ltd 5.5ASX ASX Limited 5.3RIO Rio Tinto Limited 5.3WFD Westfield Corp 4.7AGL AGL Energy Limited. 4.5AMP AMP Limited 4.4TLS Telstra Corporation Limited 4.4WBC Westpac Banking Corp 3.9SCG Scentre Grp 3.4QBE QBE Insurance Group 3.4RMD ResMed Inc. 3.3COH Cochlear Limited 3.3WPL Woodside Petroleum 3.1AST AusNet Services 3.0IPL Incitec Pivot Limited 2.2CCL Coca-Cola Amatil 2.2CTX Caltex Australia Limited 2.1

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jun-

00

No

v-00

Apr

-01

Se

p-01

Feb

-02

Jul-0

2

De

c-02

Ma

y-0

3

Oct

-03

Ma

r-0

4

Au

g-04

Jan-

05

Jun-

05

No

v-05

Apr

-06

Se

p-06

Feb

-07

Jul-0

7

De

c-07

Ma

y-0

8

Oct

-08

Ma

r-0

9

Au

g-09

Jan-

10

Jun-

10

No

v-10

Apr

-11

Se

p-11

Feb

-12

Jul-1

2

De

c-12

Ma

y-1

3

Oct

-13

Ma

r-1

4

Au

g-14

Jan-

15

Jun-

15

ALR


$



11

AMCIL

Argo Investments

Australian United

AMH As at 31 August 2015Code Company % PortfolioOSH Oil Search 9.5CBA Commonwealth Bank of Australia 8.8TLS Telstra Corporation 6.7BXB Brambles 6.5BHP BHP Billiton 6.1CSL CSL 5.7NAB National Australia Bank 5.4QBE QBE Insurance Group 5.3LIC Lifestyle Communities 4.9TPM TPG Telecom 4.6IPL Incitec Pivot 4.6QUB Qube Holdings 4.2TCL Transurban Group 4.0WBC Westpac Banking Corporation 4.0AMP AMP 3.8RMD ResMed 3.3SHL Sonic Healthcare 3.3JHC Japara Healthcare 3.3CGL The Citadel Group 3.2TWE Treasury Wine Estates 3.0

-30%

-20%

-10%

0%

10%

20%

30%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

De

c-0

3

Ap

r-0

4

Au

g-0

4

De

c-0

4

Ap

r-0

5

Au

g-0

5

De

c-0

5

Ap

r-0

6

Au

g-0

6

De

c-0

6

Ap

r-0

7

Au

g-0

7

De

c-0

7

Ap

r-0

8

Au

g-0

8

De

c-0

8

Ap

r-0

9

Au

g-0

9

De

c-0

9

Ap

r-1

0

Au

g-1

0

De

c-1

0

Ap

r-1

1

Au

g-1

1

De

c-1

1

Ap

r-1

2

Au

g-1

2

De

c-1

2

Ap

r-1

3

Au

g-1

3

De

c-1

3

Ap

r-1

4

Au

g-1

4

De

c-1

4

Ap

r-1

5

Au

g-1

5

AMH


$

ARG As at 31 August 2015Code Company % PortfolioWBC Westpac Banking Corporation 6.8ANZ ANZ Banking Group Ltd. 5.6TLS Telstra Corporation Ltd. 5.1CBA Commonwealth Bank 4.7WES Wesfarmers Ltd. 4.5BHP BHP Billiton Ltd. 4.4NAB National Australia Bank Ltd. 3.9MQA Macquarie Group Ltd. 3.6MLT Milton Corporation Ltd. 2.9AUI Australian United Invest. Co 2.8RIO Rio Tinto Ltd. 2.6WOW Woolworths Ltd. 2.2CSL CSL Ltd. 2.0APA APA Group 1.8RHC Ramsay Health Care Ltd. 1.8SYD Sydney Airport 1.7AMP AMP Ltd. 1.5AMC Amcor Ltd 1.4QBE QBE Insurance Group Ltd 1.4FOX Twenty-First Century Fox, Inc. 1.3

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0

1

2

3

4

5

6

7

8

9

Jun-

00

Nov

-00

Apr

-01

Sep

-01

Feb

-02

Jul-0

2

Dec

-02

May

-03

Oct

-03

Mar

-04

Aug

-04

Jan-

05

Jun-

05

Nov

-05

Apr

-06

Sep

-06

Feb

-07

Jul-0

7

Dec

-07

May

-08

Oct

-08

Mar

-09

Aug

-09

Jan-

10

Jun-

10

Nov

-10

Apr

-11

Sep

-11

Feb

-12

Jul-1

2

Dec

-12

May

-13

Oct

-13

Mar

-14

Aug

-14

Jan-

15

Jun-

15

ARG


$

AUI As at 31 August 2015Code Company % PortfolioANZ ANZ Group Ltd 8.0CBA Commonwealth Bank 7.9WBC Westpac Banking Corp 7.4NAB National Australia Bank Ltd 7.1BHP BHP Billiton Ltd 6.0WES Wesfarmers Ltd 5.7DUI Diversified United Investment 5.1RIO Rio Tinto Ltd 4.8WPL Woodside Petroleum Ltd 4.1TCL Transurban Group Ltd 3.9CSL CSL Ltd 3.2WOW Woolworths Ltd 3.2BXB Brambles Ltd 2.1AHD Amalgamated Holdings Ltd 1.9SHL Sonic Healthcare Ltd 1.8TLS Telstra Corporation Ltd 1.7RHC Ramsay Health Care Ltd 1.7ORI Orica Ltd 1.6OSH Oil Search Ltd 1.5AMP AMP Ltd 1.5

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0

1

2

3

4

5

6

7

8

9

10

Jun-

00

Nov

-00

Apr

-01

Sep

-01

Feb

-02

Jul-0

2

Dec

-02

May

-03

Oct

-03

Mar

-04

Aug

-04

Jan-

05

Jun-

05

Nov

-05

Apr

-06

Sep

-06

Feb

-07

Jul-0

7

Dec

-07

May

-08

Oct

-08

Mar

-09

Aug

-09

Jan-

10

Jun-

10

Nov

-10

Apr

-11

Sep

-11

Feb

-12

Jul-1

2

Dec

-12

May

-13

Oct

-13

Mar

-14

Aug

-14

Jan-

15

Jun-

15

AUI


$



BKI Investment

Clime Capital

Cadence Capital

BKI As at 31 August 2015Code Company % PortfolioNAB National Australia Bank 9.3CBA Commonwealth Bank 8.8WBC Westpac Bank 7.4TLS Telstra Corporation 5.7ANZ ANZ Banking Group 4.8TPM TPG Telecom 4.7BHP BHP Billiton 4.5WES Wesfarmers Limited 4.5APA APA Group 3.4WOW Woolworths Limited 3.1NHC New Hope Corporation 3.0AGK AGL Energy Limited 2.4TCL Transurban Group 2.3IAG IAG Limited 1.8IVC Invocare Limited 1.8SUN Suncorp Group Limited 1.7WPL Woodside Petroleum Limited 1.6RHC Ramsay Health Care 1.6ASX ASX Limited 1.4ARP ARB Corp Limited 1.4

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Dec

-03

May

-04

Oct

-04

Mar

-05

Aug

-05

Jan-

06

Jun-

06

Nov

-06

Apr

-07

Sep

-07

Feb

-08

Jul-

08

Dec

-08

May

-09

Oct

-09

Mar

-10

Aug

-10

Jan-

11

Jun-

11

Nov

-11

Apr

-12

Sep

-12

Feb

-13

Jul-

13

Dec

-13

May

-14

Oct

-14

Mar

-15

Aug

-15

BKI


$

CAM As at 31 August 2015Code Company % PortfolioWOW Woolworths Limited 5.0NAB National Australia Bank 4.4ANZ ANZ Banking Group 4.2TLS Telstra Corporation Limited 3.8CSL CSL Limited 3.1CBA Commonwealth Bank of Australia 3.0CPU Computershare Limited 3.0

Macquarie Perpetual Notes 2.8National Australia Bank Notes 2.7

SEK Seek Limited 2.7American International Group 1.8American Express Company 1.6Diageo Plc 1.5

CASH

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

May

-04

Se

p-04

Jan-

05

May

-05

Se

p-05

Jan-

06

May

-06

Se

p-06

Jan-

07

May

-07

Se

p-07

Jan-

08

May

-08

Se

p-08

Jan-

09

May

-09

Se

p-09

Jan-

10

May

-10

Se

p-10

Jan-

11

May

-11

Se

p-11

Jan-

12

May

-12

Se

p-12

Jan-

13

May

-13

Se

p-13

Jan-

14

May

-14

Se

p-14

Jan-

15

May

-15

Se

p-15

CAM


$

CDM As at 31 August 2015Code Company % PortfolioMQG Macquarie Group Limited 9.5HGG Henderson Group Plc 6.2LUX IM Luxottica Group SPA 6.2MLB Melbourne IT Ltd 5.8MA US Mastercard Inc 4.7GILD US Gilead Sciences Inc 4.7RFG Retail Food Group 3.6ANZ ANZ Banking Group 3.5V US Visa Inc. 3.3IIN IInet Limited 3.2NAB National Australia Bank Ltd 3.0RIO Rio Tinto Ltd 2.8AIG US American International Group 2.6BOQ Bank of Queensland Ltd 2.1WPL Woodside Petroleum Ltd 1.9CBA Commonwealth Bank of Australia 1.9MYO MYOB Group Ltd 1.9AGN US Allergan Plc. 1.7IPH IPH Ltd. 1.5PEP Pepper Group Ltd. 1.5

-60%

-40%

-20%

0%

20%

40%

60%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

De

c-0

6

Mar

-07

Jun-

07

Se

p-0

7

De

c-0

7

Mar

-08

Jun-

08

Se

p-0

8

De

c-0

8

Mar

-09

Jun-

09

Se

p-0

9

De

c-0

9

Mar

-10

Jun-

10

Se

p-1

0

De

c-1

0

Mar

-11

Jun-

11

Se

p-1

1

De

c-1

1

Mar

-12

Jun-

12

Se

p-1

2

De

c-1

2

Mar

-13

Jun-

13

Se

p-1

3

De

c-1

3

Mar

-14

Jun-

14

Se

p-1

4

De

c-1

4

Mar

-15

Jun-

15

Se

p-1

5

CDM


$



13

Carlton Investments

Contango Microcap

Century Australia

Djerriwarrh

CIN As at 30 June 2015Code Company % PortfolioAHD Amalgamated Holdings 42.5NAB National Australia Bank 8.1WBC Westpac Bank 6.0CBA Commonwealth Bank 5.1ANZ ANZ Bank 3.6TLS Telstra 2.9AGK AGL 2.7WES Wesfarmers 2.6BHP BHP Billiton 2.4PPT Perpetual 2.1BOQ Bank of Queensland 2.0BEN Bendigo & Adelaide Bank 1.5GOW Gowing Bros 1.5AMC Amcor 1.3ORI Orica 1.3JHX James Hardie 1.2ORG Origin Energy 1.0APA APA Group 0.8LLC Lend Lease 0.8RIO Rio Tinto 0.6

-30%

-20%

-10%

0%

10%

20%

30%

0

5

10

15

20

25

30

35

40

Jun-

00

Nov

-00

Apr

-01

Sep

-01

Feb

-02

Jul-0

2

Dec

-02

May

-03

Oct

-03

Mar

-04

Aug

-04

Jan-

05

Jun-

05

Nov

-05

Apr

-06

Sep

-06

Feb

-07

Jul-0

7

Dec

-07

May

-08

Oct

-08

Mar

-09

Aug

-09

Jan-

10

Jun-

10

Nov

-10

Apr

-11

Sep

-11

Feb

-12

Jul-1

2

Dec

-12

May

-13

Oct

-13

Mar

-14

Aug

-14

Jan-

15

Jun-

15

CIN


$

CTN As at 31 August 2015Code Company % PortfolioMYX Mayne Pharma Group Limited 4.0SGF SG Fleet Group Limited 3.5VLW Villa World Limited 3.4ASB Austal Limited 3.2SFR Sandfire Resources NL 3.2AHG Automotive Hlds Group Ltd 2.9ENN Elanor Investors Group 2.7SAR Saracen Mineral Hldgs Ltd 2.5GMF Gpt Metro Office Fund 2.5ALU Altium Limited 2.4TGP 360 Capital Group 2.1IFM Infomedia Ltd 2.1VRL Village Roadshow Limited 2.1GFY Godfreys Group Limited 2.1PMP PMP Limited 2.0PRT Prime Media Group Limited 2.0HUB HUB24 Limited 2.0QMS QMS Media Limited 1.8LIC Lifestyle Communities Ltd 1.7EPW ERM Power Limited 1.7

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Mar

-04

Jul-0

4

Nov

-04

Mar

-05

Jul-0

5

Nov

-05

Mar

-06

Jul-0

6

Nov

-06

Mar

-07

Jul-0

7

Nov

-07

Mar

-08

Jul-0

8

Nov

-08

Mar

-09

Jul-0

9

Nov

-09

Mar

-10

Jul-1

0

Nov

-10

Mar

-11

Jul-1

1

Nov

-11

Mar

-12

Jul-1

2

Nov

-12

Mar

-13

Jul-1

3

Nov

-13

Mar

-14

Jul-1

4

Nov

-14

Mar

-15

Jul-1

5

CTN


$

CYA As at 31 August 2015Code Company % PortfolioCBA Commonwealth Bank 8.1WBC Westpac Banking Corp 7.9NAB National Aust. Bank 7.7ANZ ANZ Banking Grp Ltd 6.5BHP BHP Billiton Limited 6.4TLS Telstra Corporation 6.3MQA Macquarie Group Ltd 3.5WOW Woolworths Limited 2.9AMP AMP Limited 2.9QBE QBE Insurance Group 2.6

-30%

-20%

-10%

0%

10%

20%

30%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Ap

r-0

4

Au

g-0

4

De

c-0

4

Ap

r-0

5

Au

g-0

5

De

c-0

5

Ap

r-0

6

Au

g-0

6

De

c-0

6

Ap

r-0

7

Au

g-0

7

De

c-0

7

Ap

r-0

8

Au

g-0

8

De

c-0

8

Ap

r-0

9

Au

g-0

9

De

c-0

9

Ap

r-1

0

Au

g-1

0

De

c-1

0

Ap

r-1

1

Au

g-1

1

De

c-1

1

Ap

r-1

2

Au

g-1

2

De

c-1

2

Ap

r-1

3

Au

g-1

3

De

c-1

3

Ap

r-1

4

Au

g-1

4

De

c-1

4

Ap

r-1

5

Au

g-1

5

CYA


$



Diversified United

Flagship Investments

DJW As at 31 August 2015Code Company % PortfolioCBA Commonwealth Bank of Australia 11.5BHP BHP Billiton 11.1WBC Westpac Banking Corporation 10.2NAB National Australia Bank 10.0ANZ Australia & New Zealand Banking G 8.4TLS Telstra Corporation 7.5OSH Oil Search 4.8CSL CSL 4.6WES Wesfarmers 4.2RIO Rio Tinto 3.7WPL Woodside Petroleum 3.6BXB Brambles 3.0QBE QBE Insurance Group 2.7SUN Suncorp Group 2.5AMP AMP 2.4WOW Woolworths 2.4MIR Mirrabooka Investments 2.0AIO Asciano 2.0AGL AGL Energy 1.8ORG Origin Energy 1.7

-30%

-20%

-10%

0%

10%

20%

30%

40%

0

1

2

3

4

5

6

7

Jun-

00

De

c-00

Jun-

01

De

c-01

Jun-

02

De

c-02

Jun-

03

De

c-03

Jun-

04

De

c-04

Jun-

05

De

c-05

Jun-

06

De

c-06

Jun-

07

De

c-07

Jun-

08

De

c-08

Jun-

09

De

c-09

Jun-

10

De

c-10

Jun-

11

De

c-11

Jun-

12

De

c-12

Jun-

13

De

c-13

Jun-

14

De

c-14

Jun-

15

DJW


$

DUI As at 31 August 2015Code Company % PortfolioCBA Commonwealth Bank 7.6WBC Westpac Banking Corp 6.8CSL CSL Ltd 6.7ANZ ANZ Banking Group Ltd 6.6NAB National Australia Bank Ltd 4.9BHP BHP Billiton Ltd 4.9TCL Transurban Group 4.3WPL Woodside Petroleum Ltd 3.9

Vanguard All-World Ex-US Shares 3.7RIO Rio Tinto Ltd 3.7MPL Medibank Private Ltd 2.8

Vanguard US Total Market Shares 2.6WOW Woolworths Ltd 2.4WES Wesfarmers Ltd 2.2AIO Asciano Ltd 2.1SOL Washington H Soul Pattinson 1.8AMP AMP Ltd 1.8OSH Oil Search Ltd 1.6MYS Mystate Ltd 1.4BTT BT Investment Management Ltd 1.3

-30%

-20%

-10%

0%

10%

20%

30%

0

1

2

3

4

5

Jun-

00

Nov

-00

Apr

-01

Sep

-01

Feb

-02

Jul-

02

Dec

-02

May

-03

Oct

-03

Mar

-04

Aug

-04

Jan-

05

Jun-

05

Nov

-05

Apr

-06

Sep

-06

Feb

-07

Jul-

07

Dec

-07

May

-08

Oct

-08

Mar

-09

Aug

-09

Jan-

10

Jun-

10

Nov

-10

Apr

-11

Sep

-11

Feb

-12

Jul-

12

Dec

-12

May

-13

Oct

-13

Mar

-14

Aug

-14

Jan-

15

Jun-

15

DUI


$

FSI As at 31 August 2015Code Company % PortfolioTLS Telstra Corporation Ltd 8.9MQG Macquarie Group Ltd 8.8CBA Commonwealth Bank of Australia 7.0WBC Westpac Banking Corporation 6.1AMP AMP Limited 4.9

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

De

c-0

0

Jun-

01

De

c-0

1

Jun-

02

De

c-0

2

Jun-

03

De

c-0

3

Jun-

04

De

c-0

4

Jun-

05

De

c-0

5

Jun-

06

De

c-0

6

Jun-

07

De

c-0

7

Jun-

08

De

c-0

8

Jun-

09

De

c-0

9

Jun-

10

De

c-1

0

Jun-

11

De

c-1

1

Jun-

12

De

c-1

2

Jun-

13

De

c-1

3

Jun-

14

De

c-1

4

Jun-

15

FSI


$



15

Ironbark Capital

IBC As at June 2015

Katana

Mirrabooka Investments

Code Company % PortfolioTLS Telstra Corporation. 11.3WBC Westpac Banking Corp 8.1CBAPA/PC/PD CBA Perls 8.1CBA Commonwealth Bank. 7.3BHP BHP Billiton Limited 5.3ORGHA ORG Subord. Notes 4.5ANZ ANZ Banking Grp Ltd 4.1IAGPC IAG Conv. Pref. 3.9SUNPC/PE Suncorp Conv Pref 3.1IANG IAG Perp. Reset Exch. 2.8NAB National Aust. Bank 2.5CTXHA CTX Subord. Notes 2.3SVWPA Seven Group Conv. Pref. 2.1ANZPA ANZ Conv. Pref. 1.5NABPA NAB Conv. Pref 1.5BOQPD BOQ Conv. Pref. 1.4 -30%

-20%

-10%

0%

10%

20%

30%

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

Mar

-02

Jul-0

2

Nov

-02

Mar

-03

Jul-0

3

Nov

-03

Mar

-04

Jul-0

4

Nov

-04

Mar

-05

Jul-0

5

Nov

-05

Mar

-06

Jul-0

6

Nov

-06

Mar

-07

Jul-0

7

Nov

-07

Mar

-08

Jul-0

8

Nov

-08

Mar

-09

Jul-0

9

Nov

-09

Mar

-10

Jul-1

0

Nov

-10

Mar

-11

Jul-1

1

Nov

-11

Mar

-12

Jul-1

2

Nov

-12

Mar

-13

Jul-1

3

Nov

-13

Mar

-14

Jul-1

4

Nov

-14

Mar

-15

Jul-1

5

IBC


$

KAT As at 31 August 2015Company % Portfolio

NAB National Australia Bank 5.1TLS Telstra Corp Ltd 4.5ANZ ANZ Banking Group Ltd 4.4HGG Henderson Group PLC 3.9CWN Crown Resorts Ltd 3.8BTT BT Investment Management Ltd 2.8GCS Global Construction Services 2.5STO Santos Ltd 2.5TRG Treasury Group Ltd 2.3PPT Perpetual Ltd 2.2

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

De

c-0

5

Mar

-06

Jun-

06

Se

p-0

6

De

c-0

6

Mar

-07

Jun-

07

Se

p-0

7

De

c-0

7

Mar

-08

Jun-

08

Se

p-0

8

De

c-0

8

Mar

-09

Jun-

09

Se

p-0

9

De

c-0

9

Mar

-10

Jun-

10

Se

p-1

0

De

c-1

0

Mar

-11

Jun-

11

Se

p-1

1

De

c-1

1

Mar

-12

Jun-

12

Se

p-1

2

De

c-1

2

Mar

-13

Jun-

13

Se

p-1

3

De

c-1

3

Mar

-14

Jun-

14

Se

p-1

4

De

c-1

4

Mar

-15

Jun-

15

KAT


$

MIR As at 31 August 2015Code Company % PortfolioQUB Qube Holdings 6.7TGR Tassal Group 6.7ANN Ansell 6.3LIC Lifestyle Communities 6.1IRE IRESS 5.5RMD ResMed 5.3TWE Treasury Wine Estates 5.2EQT Equity Trustees 5.2IPL Incitec Pivot 4.9ALQ ALS 4.9AWC Alumina 4.8AHD Amalgamated Holdings 4.7IPP iProperty Group 4.5NUF Nufarm 4.5WLL Wellcom Group 4.3PPT Perpetual 4.3VOC Vocus Communications 4.2ARB ARB Corporation 4.1TPM TPG Telecom 4.0FNP Freedom Foods Group 3.7

-30%

-20%

-10%

0%

10%

20%

30%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jun-

01

Nov

-01

Apr

-02

Sep

-02

Feb

-03

Jul-0

3

Dec

-03

May

-04

Oct

-04

Mar

-05

Aug

-05

Jan-

06

Jun-

06

Nov

-06

Apr

-07

Sep

-07

Feb

-08

Jul-0

8

Dec

-08

May

-09

Oct

-09

Mar

-10

Aug

-10

Jan-

11

Jun-

11

Nov

-11

Apr

-12

Sep

-12

Feb

-13

Jul-1

3

Dec

-13

May

-14

Oct

-14

Mar

-15

Aug

-15

MIR


$



Milton Corp.

WAM Active

WAM Capital

MLT As at 31 August 2015Code Company % PortfolioWBC Westpac Banking Corporati 11.8CBA Commonwealth Bank of Au 8.5NAB National Australia Bank 5.4SOL W H Soul Pattinson 4.5WES Wesfarmers Limited 4.2ANZ ANZ Banking Group 3.4BOQ Bank of Queensland 3.4BHP BHP Billiton 3.3TLS Telstra Corporation 3.1WOW Woolworths Limited 2.8BEN Bendigo and Adelaide Bank 2.3APE AP Eagers 2.2PPT Perpetual Limited 2.1ALQ ALS Limited 2.1CSL CSL Limited 2.0BKW Brickworks Limited 1.8AGK AGL Energy 1.6MGQ Macquarie Bank 1.6BKL Blackmores Limited 1.4SUN Suncorp Group 1.4

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0

1

2

3

4

5

6

Jun-

00

No

v-0

0

Ap

r-0

1

Se

p-0

1

Fe

b-0

2

Jul-0

2

De

c-0

2

May

-03

Oct

-03

Mar

-04

Au

g-0

4

Jan-

05

Jun-

05

No

v-0

5

Ap

r-0

6

Se

p-0

6

Fe

b-0

7

Jul-0

7

De

c-0

7

May

-08

Oct

-08

Mar

-09

Au

g-0

9

Jan-

10

Jun-

10

No

v-1

0

Ap

r-1

1

Se

p-1

1

Fe

b-1

2

Jul-1

2

De

c-1

2

May

-13

Oct

-13

Mar

-14

Au

g-1

4

Jan-

15

Jun-

15

MLT


$

WAA As at 31 August 2015Code Company % PortfolioHHV Hunter Hall Global Value Lim 7.3SRX Sirtex Medical Limited 4.2CYA Century Australia Investme 4.1BAP Burson Group Limited 3.9MYX Mayne Pharma Group Limit 3.1PMV Premier Investments Limite 3.0MMS McMillan Shakespeare Limi 2.7BKL Blackmores Limited 2.6AOG Aveo Group 2.3SGF SG Fleet Group Limited 2.1ADH Adairs Limited 2.0SDG Sunland Group Limited 2.0OFX Ozforex Group Limited 2.0GTY Gateway Lifestyle Group 2.0TGG Templeton Global Growth F 1.9GJT Galileo Japan Trust 1.9HVN Harvey Norman Holdings Lim 1.8SRF Surfstitch Group Limited 1.8FXJ Fairfax Media Limited 1.8HFA HFA Holdings Limited 1.8

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

Jan-

08

Ap

r-08

Jul-0

8

Oct

-08

Jan-

09

Ap

r-09

Jul-0

9

Oct

-09

Jan-

10

Ap

r-10

Jul-1

0

Oct

-10

Jan-

11

Ap

r-11

Jul-1

1

Oct

-11

Jan-

12

Ap

r-12

Jul-1

2

Oct

-12

Jan-

13

Ap

r-13

Jul-1

3

Oct

-13

Jan-

14

Ap

r-14

Jul-1

4

Oct

-14

Jan-

15

Ap

r-15

Jul-1

5

WAA


$

WAM As at 31 August 2015Code Company % PortfolioHHV Hunter Hall Global Value Lim 3.6ECX Eclipx Group Limited 2.3ASB Austal Limited 2.1SRX Sirtex Medical Limited 2.0CYA Century Australia Investme 2.0BAP Burson Group Limited 1.9IPH IPH Limited 1.8ENE Energy Developments Limit 1.6SIQ Smartgroup Corporation Lim 1.6MYX Mayne Pharma Group Limit 1.5PMV Premier Investments Limite 1.5CSV CSG Limited 1.5MMS McMillan Shakespeare Limi 1.4MTR Mantra Group Limited 1.3TPM TPG Telecom Limited 1.3BKL Blackmores Limited 1.3RFG Retail Food Group Limited 1.3AHD Amalgamated Holdings Lim 1.2AOG Aveo Group 1.1ISU iSelect Limited 1.1

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

0.0

0.5

1.0

1.5

2.0

2.5

Jun-

00

Nov

-00

Ap

r-01

Se

p-01

Fe

b-02

Jul-0

2

Dec

-02

May

-03

Oct

-03

Mar

-04

Au

g-04

Jan-

05

Jun-

05

Nov

-05

Ap

r-06

Se

p-06

Fe

b-07

Jul-0

7

Dec

-07

May

-08

Oct

-08

Mar

-09

Au

g-09

Jan-

10

Jun-

10

Nov

-10

Ap

r-11

Se

p-11

Fe

b-12

Jul-1

2

Dec

-12

May

-13

Oct

-13

Mar

-14

Au

g-14

Jan-

15

Jun-

15

WAM


$



17

WAM Research

Whitefield Limited

Westoz Investment

WAX As at 31 August 2015Code Company % PortfolioASB Austal Limited 4.3ECX Eclipx Group Limited 4.1IPH IPH Limited 3.7ENE Energy Developments Limit 3.4SIQ Smartgroup Corporation Lim 3.3CSV CSG Limited 3.0MTR Mantra Group Limited 2.7TPM TPG Telecom Limited 2.7RFG Retail Food Group Limited 2.6AHD Amalgamated Holdings Lim 2.4ISU iSelect Limited 2.3RCG RCG Corp Limited 2.2VOC Vocus Communications Lim 2.1GUD GUD Holdings Limited 2.1CCP Credit Corp Group Limited 2.0AHG Automotive Group Holdings 2.0CKF Collins Foods Limited 1.9TRS The Reject Shop Limited 1.5SDA SpeedCast International Lim 1.4HSN Hansen Technologies Limite 1.2

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

Aug

-03

Dec

-03

Apr

-04

Aug

-04

Dec

-04

Apr

-05

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Dec

-06

Apr

-07

Aug

-07

Dec

-07

Apr

-08

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Apr

-13

Aug

-13

Dec

-13

Apr

-14

Aug

-14

Dec

-14

Apr

-15

Aug

-15

WAX


$

WHF As at 31 August 2015Code Company % PortfolioCBA Commonwealth Bank Of Au 10.0WBC Westpac Banking Corporati 7.6NAB National Australia Bank Lim 6.8ANZ ANZ Banking Group Limited 6.3TLS Telstra Corporation Limited 6.0CSL CSL Limited 3.7WES Wesfarmers Limited 3.2MQG Macquarie Group Limited 2.3WOW Woolworths Limited 2.3TCL Transurban Group 1.7SCG Scentre Group 1.6WFD Westfield Corporation 1.6AMC Amcor Limited 1.6AMP AMP Limited 1.6BXB Brambles Limited 1.5QBE QBE Insurance Group Limite 1.5SUN Suncorp Group Limited 1.3SYD Sydney Airport 1.3RHC Ramsay Health Care Limite 1.3IAG Insurance Australia Group L 1.2

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Jun-

01

Dec

-01

Jun-

02

Dec

-02

Jun-

03

Dec

-03

Jun-

04

Dec

-04

Jun-

05

Dec

-05

Jun-

06

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11

Jun-

12

Dec

-12

Jun-

13

Dec

-13

Jun-

14

Dec

-14

Jun-

15

WHF


$

WIC As at 31 August 2015Code Company % PortfolioAHE Automotive Holdings Group 9.0FRI Finbar Group Limited 9.0CWP Cedar Woods Properties Lim 7.0WSA Western Areas Limited 5.0MGX Mount Gibson Iron Limited 4.0PRG Programmed Maintenance 4.0TRY Troy Resources Limited 3.0DCG Decmil Group Limited 3.0VLW Villa World Limited 2.0SKE Skilled Group Limited 2.0IMF IMF Bentham Limited 2.0

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.5

1.0

1.5

2.0

Se

p-0

9

Mar

-10

Se

p-1

0

Mar

-11

Se

p-1

1

Mar

-12

Se

p-1

2

Mar

-13

Se

p-1

3

Mar

-14

Se

p-1

4

Mar

-15

Se

p-1

5

WIC


$

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