listed investment companies

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

VALUATIONS MOVE TO LONG TERM AVERAGES

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 33 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 – The most attractive LICs are those that have a history of strong NTA growth and are trading at discounts to their long term averages. These include Cadence Capital (CDM), Whitefield (WHF), and Diversified United (DUI). Although Carlton Investments (CIN) looks tempting, the LIC has benefitted from strong returns on its largest holding – Amalgamated Holdings (AHD). Among the micro-cap LICs, we recommend CBG Capital (CBC) and Flagship Investments (FSI) which are trading at steep discounts to NTA.

• Across the global LICs, we recommend Magellan Flagship (MFF) and Templeton Global (TGG). We are also positive on the PM Capital Global Opportunities Fund (PGF) which has achieved NTA growth of 18% over the year. Hunter Hall Global (HHV) is trading at a 15% discount to NTA and is ideal for those who want exposure to mid/small cap global companies.

• Expensive – The LICs that appear most expensive are Djerriwarrh (DJW) and Platinum Capital (PMC). Over the quarter to date, both WAM Active (WAA) and Australian Leaders (ALF) have 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 CDM (fully franked net yield of 7.2%), WAM (7.0%), WAX (6.7%) and IBC (8.1%).

• Strongest NTA Growth – The LICs with the strongest NTA growth over the year have been the global LICs - AGF, MFF, HHV, and PGF. However, among the domestic LICs, CIN, WHF, and ALR have performed the best. Over five years, MFF, AGF, CDM, and CIN achieved the strongest growth in NTA.

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

• Chart below - the median premium to NTA of LICs is now close to its historical average.

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Jun-15

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

Historical Average

19 June 2015

Analyst: Kien Trinh

Phone: (+61 3) 9242 4027

Email: [email protected]

19 June 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 LICS?

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*

ALF Australian Leaders Watermark Funds Mgt At least 70% of the fund in the ASX100, value, long/short

All Ords Accum.

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.

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.

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

UBS Bank Bill Index

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)

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

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

Specialist

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 ($) 18.06.15

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 31.51 36.02 -12.5 106.0 3.4 4.8 100 17.8 14.6 834

WAM WAM Capital Limited 1.93 1.85 3.9 13.5 7.0 10.0 100 17.4 10.0 880

MLT Milton Corporation 4.50 4.60 -2.2 17.9 4.0 5.7 100 10.5 9.9 2,894

AFI Australian Foundat. 6.25 6.18 1.1 23.0 3.7 5.3 100 8.2 9.6 6,790

BKI BKI Investment Ltd 1.68 1.73 -3.2 7.1 4.2 6.1 100 12.2 9.3 955

ARG Argo Investments 7.91 7.91 0.0 28.5 3.6 5.1 100 9.3 9.1 5,273

AUI Australian United In 8.22 8.95 -8.2 33.0 4.0 5.7 100 8.6 8.6 913

DUI Diversified United 3.50 3.90 -10.3 13.8 3.9 5.6 100 7.9 8.5 738

DJW Djerriwarrh 4.72 3.67 28.6 26.0 5.5 7.9 100 7.2 6.9 1,023

Domestic - Small*

CDM Cadence Capital 1.40 1.44 -3.3 10.0 7.2 10.2 100 22.4 15.7 315

WAX WAM Research Ltd 1.17 1.18 -0.5 7.8 6.7 9.5 100 18.3 13.5 197

WHF Whitefield Ltd 4.44 4.92 -9.8 17.0 3.8 5.5 100 12.6 12.2 356

MIR Mirrabooka Invest. 2.56 2.44 4.9 10.0 3.9 5.6 100 14.7 11.9 362

CBC* Cbg Capital Limited 0.93 1.04 -11.0 4.5 4.9 6.9 100 n.a 11.7 22

AMH AMCIL Limited 0.92 0.96 -4.2 2.5 2.7 3.9 100 12.6 11.0 220

ALF Australian Leaders 1.16 1.29 -10.1 10.0 8.6 12.3 100 11.8 8.1 295

FSI Flagship Investments 1.37 1.79 -23.9 7.0 5.1 7.3 100 5.3 7.8 35

ALR Aberdeen Leaders 1.11 1.31 -15.3 5.0 4.5 6.4 100 4.6 6.4 72

CYA Century Australia 0.86 1.02 -16.3 3.5 4.1 5.8 100 6.6 6.2 58

CTN Contango Microcap 1.09 1.22 -11.0 8.6 7.9 9.6 50 13.1 5.9 173

IBC Ironbark Capital Ltd 0.53 0.55 -3.6 3.0 5.7 8.1 100 9.7 5.3 90

KAT Katana Capital 0.87 0.93 -6.7 6.0 6.9 8.0 38 11.3 4.2 40

WAA WAM Active Limited 0.98 1.00 -2.3 9.6 9.7 13.9 100 8.6 4.2 34

CAM Clime Capital 0.91 1.01 -10.4 4.7 5.1 7.3 100 8.7 3.7 75

WIC Westoz Inv Ltd 0.93 1.09 -15.3 9.0 9.7 13.9 100 6.5 -1.0 120

NCC Naos Emerg Opp 1.01 1.13 -11.1 6.3 6.2 8.9 100 n.a n.a 48

International Focus

MFF Magellan Flagship 1.81 2.01 -10.2 2.0 1.1 1.1 0 24.1 21.9 824

AGF Amp Capital China 1.65 2.21 -25.3 2.9 1.8 1.8 0 20.2 18.4 622

TGG Templeton Global 1.37 1.60 -14.5 3.4 2.5 3.6 100 16.2 12.5 270

HHV Hunter Hall Global 1.20 1.41 -15.0 7.0 5.8 6.3 20 12.7 9.9 289

PMC Platinum Capital Ltd 1.78 1.67 6.6 10.0 5.6 8.0 100 8.7 8.2 423

PGF Pm Capital Fund 1.02 1.13 -9.5 0.0 0.0 0.0 0 n.a n.a 223

Specialist Focus

IPE IPE Ltd 0.30 0.32 -8.7 0.0 0.0 0.0 50 19.2 5.2 40

All Ords. Accumulation Index 9.9

Arithmetic Average

-6.9

4.8 6.7

12.2

*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



5

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 interim period, the LICs that reported a drop in dividends included ALF, ALR, and CYA. Note that the chart below does not account for the special dividends such as those paid by AMH.

*the dividend yield for CBC is based on forward estimates. The LIC was listed in December 2014.

PREMIUM/ DISCOUNT TO NTA

The table below compares the premium/ discount of our universe of LICs to their five year historical averages. The few LICs which are trading significantly below historical levels are FSI, ALF, WAA, MFF, and IPE. Sentiment towards Australian Leaders (ALF) has been weak due to its disappointing performance in the 2H14. However in recent months, the fund has outperformed the market due to its high weighting in defensive assets with little exposure to equities. The LICs that are trading at large premiums to their historical average NTA are DJW, KAT, and CTN. The strongest share price performers over the last quarter were AGF, PMC, CIN, and WAM.

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DJW

CAM

FSI

CBC*

ALR

HHV

BKI

CYA

WAA

AUI

MLT

DUI

MIR

WHF

AFI

ARG

CIN

AMH

TGG

AGF

MFF

Div

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%)

DIVIDEND YIELD (%)

Franking Credit Net Yield

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DJW

PMC

MIR

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AFI

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AMH

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IPE

PGF

WHF

ALF

MFF

DUI

CAM

CTN

CBC*

NCC

CIN

TGG

HHV

ALR

WIC

CYA

FSI

AGF

SHARE PRICE PREMIUM (DISCOUNT) TO PRE-TAX NTA

Historical Average Current Price to NTA



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 May 2015, the performance of most LICs lagged 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 include WAX, PGF, CDM, CYA, ALR, FSI, CBC, WAA and IPE. Those with the strongest NTA growth over the year were AGF, MFF, and HHV.

NB: Although not shown in the chart below, the NTA growth and total return for AGF is 170% and 162% respectively. *The NTA growth and total return for CBC is calculated from listing date in December 2014.

Over five years ending May 2015, the LICs that have experienced the strongest NTA growth were MFF, CDM and CIN. Among these stocks, MFF has recently undertaken a capital raising (1 for 4 Rights issue) while CIN has a significant exposure to Amalgamated holdings (AHD). Meanwhile, CDM remains a high quality LIC but its share price has been weighed down by a bonus issue done last year (expiring by August 2015). 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 WIC, WAA, and CAM.

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etu

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Total Return (%) NTA Growth (%)

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p.a

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COMPOUND RETURN - FIVE YEARS (% P.A)

Total Return (%) NTA Growth (%)

%



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. Those that appear most attractive are MFF, AGF, CIN, TGG, CBC, WHF, HHV, and FSI. Note that CDM has undertaken a 1 for 1 bonus issue to shareholders on 15 January 2014. Each Option gives shareholders the opportunity to subscribe for one share any time before 31 August 2015 at an exercise price of $1.43 per share. In general, bonus issues tend to dilute equity and this has weighed on the share price in recent months. Those 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.

DJW

PMC

MIRWAM

AFIARG

WAXMLTWAA

BKICDMIBC

AMH

KAT AUIIPE

WHF

ALFMFF

DUICAM

CTNCBC* CIN

TGGHHVALRWIC CYA

FSIAGF

y = -0.1887x - 0.0496R² = 0.0073

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-5% 0% 5% 10% 15% 20% 25%

PR

EM

IUM

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NT

A

NTA GROWTH (% P.A)

PREMIUM TO NTA VS FIVE YEAR NTA GROWTH (% P.A)

DJW

PMC

MIR

WAM

AFI

ARG

WAX

MLT

WAA

BKI

CDM

IBC

AMHKAT

AUI

IPE

WHF

ALF

MFF

DUI

CAM

CTN

CIN

TGG

HHV

ALR

WIC

y = 0.7985x + 0.0515R² = 0.5311

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TOTAL RETURN VS FIVE YEAR NTA GROWTH (% P.A)



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 18.06.15 Yield cps (%) Return Cap. Date

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

STW SPDR ASX200 52.13 4.3 224.4 70.5 7.8 2,930 Aug-01

SFY SPDR ASX50 54.49 6.1 332.6 52.2 7.0 431 Aug-01

SLF SPDR ASX200 Prop. Tr. Fund

11.28 5.2 58.9 6.4 21.0 559 Feb-02

OZF SPDR 200 Financials 21.66 5.2 111.9 79.9 8.2 33 Apr-11

YMAX BetaShares Top 20 Yield Max

10.50 9.4 98.3 37.5 1.0 352 Nov-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.

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

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).



9

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

As at 31 May 2015

Company % Portfolio

Commonwealth Bank 13.8

Westpac Banking Corporation 11.7

BHP Billiton 8.0

National Australia Bank 6.6

Telstra Corporation 6.2

Wesfarmers 6.2

ANZ Banking Group 5.4

Rio Tinto 4.1

Amcor 3.6

Transurban Group 3.6

Woolworths 3.2

AMP 2.6

Brambles 2.4

Oil Search 2.4

Woodside Petroleum 2.4

QBE Insurance Group 2.3

CSL 2.1

Computershare 2.0

AGL Energy 1.9

APA Group 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 March 2015

Code Company % Portfolio

Gross Portfolio Structure

Long Exposure 82.0

Short Exposure -75.0

Net Exposure 7.0

Cash 93.0

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.5

1.0

1.5

2.0

2.5

Feb-04

Jun-04

Oct-04

Feb-05

Jun-05

Oct-05

Feb-06

Jun-06

Oct-06

Feb-07

Jun-07

Oct-07

Feb-08

Jun-08

Oct-08

Feb-09

Jun-09

Oct-09

Feb-10

Jun-10

Oct-10

Feb-11

Jun-11

Oct-11

Feb-12

Jun-12

Oct-12

Feb-13

Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

ALF


$

As at 31 May 2015

Company % Portfolio

BHP Billiton Limited 7.2

Commonwealth Bank. 6.2

ANZ Banking Grp Ltd 6.0

CSL Limited 5.6

ASX Limited 5.5

Rio Tinto Limited 5.5

AMP Limited 4.6

Telstra Corporation Limited 4.3

Westfield Corp 4.2

AGL Energy Limited. 4.0

Westpac Banking Corp 3.9



ResMed Inc. 3.3

Scentre Grp 3.2

AusNet Services 3.1

Cochlear Limited 3.1

Woolworths Limited 2.8

Coca-Cola Amatil 2.3

Caltex Australia Limited 2.3

-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

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

ALR


$



AMCIL

Argo Investments

Australian United

As at 31 May 2015

Company % Portfolio


Oil Search 9.0

BHP Billiton 7.2


Brambles 6.4



Qube Holdings 4.7


CSL 4.6


Incitec Pivot 4.4

AMP 4.3

Lifestyle Communities 3.9

TPG Telecom 3.8

Santos 3.6

ResMed 3.2

Japara Healthcare 2.9

Brickworks 2.8

Treasury Wine Estates 2.3

-30%

-20%

-10%

0%

10%

20%

30%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

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

AMH


$

As at 31 May 2015

Company % Portfolio


ANZ Banking Group Ltd. 5.9

Telstra Corporation Ltd. 5.0


BHP Billiton Ltd. 4.6

Wesfarmers Ltd. 4.5

National Australia Bank Ltd. 3.9

Macquarie Group Ltd. 3.6

Milton Corporation Ltd. 2.8

Rio Tinto Ltd. 2.7

Australian United Invest. Co 2.6

Woolworths Ltd. 2.2

CSL Ltd. 1.9

Origin Energy Ltd. 1.8

APA Group 1.8

Ramsay Health Care Ltd. 1.7

AMP Ltd. 1.6

Sydney Airport 1.5

Twenty-First Century Fox, Inc. 1.4

QBE Insurance Group Ltd. 1.4

-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-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

ARG


$

As at 31 May 2015

Company % Portfolio

ANZ Group Ltd 8.3



National Australia Bank Ltd 7.0

BHP Billiton Ltd 6.3

Wesfarmers Ltd 5.7

Rio Tinto Ltd 5.0

Diversified United Investment 4.7

Woodside Petroleum Ltd 4.2

Transurban Group Ltd 3.2

Woolworths Ltd 3.1

CSL Ltd 2.6

Brambles Ltd 2.2

Orica Ltd 2.0

Medibank Private Ltd 1.9

Origin Energy Ltd 1.8

Amalgamated Holdings Ltd 1.8

Telstra Corporation Ltd 1.7

Ramsay Health Care Ltd 1.6

Sonic Healthcare Ltd 1.6

-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-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

AUI


$



11

BKI Investment

Clime Capital

Cadence Capital

As at 31 May 2015

Company % Portfolio



Westpac Bank 7.3



BHP Billiton 4.5

Wesfarmers Limited 4.4

TPG Telecom 4.1

New Hope Corporation 3.2


APA Group 2.8


AGL Energy Limited 2.1

Invocare Limited 1.9

IAG Limited 1.9

Woodside Petroleum Limited 1.6

Suncorp Group Limited 1.6

Ramsay Health Care 1.5

ASX Limited 1.4

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

BKI


$

As at 31 May 2015

Company % Portfolio





The Reject Shop Limited 3.0

Macquarie Perpetual Notes 2.9


National Australia Bank Notes 2.8

Ardent Leisure Group 2.6

Dick Smith Holdings 2.5

American Insurance Group 1.5

McDonald’s Corporation 1.3

American Express Company 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

May-04

Sep-04

Jan-05

May-05

Sep-05

Jan-06

May-06

Sep-06

Jan-07

May-07

Sep-07

Jan-08

May-08

Sep-08

Jan-09

May-09

Sep-09

Jan-10

May-10

Sep-10

Jan-11

May-11

Sep-11

Jan-12

May-12

Sep-12

Jan-13

May-13

Sep-13

Jan-14

May-14

Sep-14

Jan-15

May-15

CAM


$

CDM As at 31 May 2015


MQG Macquarie Group Limited 12.2

HGG Henderson Group Plc 6.8

LUX IM Luxottica Group SPA 6.7

BOQ Bank of Queensland Ltd 5.0

MA US Mastercard Inc 4.5

RFG Retail Food Group 4.4

MLB Melbourne IT Ltd 4.4

NAB National Australia Bank Ltd 4.3

GILD US Gilead Sciences Inc 4.0

ANZ ANZ Banking Group 3.6

MNK US Mallinckrodt Plc 3.5

IIN IInet Limited 3.4

BEN Bendigo and Adelaide Bank 3.0

RIO Rio Tinto 2.3

CBA Commonwealth Bank of Australia 2.2

WBC Westpac Banking Corp. 2.1

AIG UA American International Group 2.0

FXL Flexigroup Ltd 1.9

HFR Highfield Resources Ltd 1.7

-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

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

CDM


$



Carlton Investments

Contango Microcap

Century Australia

As at 31 March 2015

Company % Portfolio

Amalgamated Holdings 39.0


Westpac Bank 7.2


ANZ Bank 4.0

Telstra 2.9

Wesfarmers 2.9

AGL 2.6

BHP Billiton 2.5

Perpetual 2.4

Bank of Queensland 2.1

Bendigo & Adelaide Bank 1.5

Gowing Bros 1.5

Amcor 1.3

Orica 1.2

James Hardie 1.0

Lend Lease 0.9

APA Group 0.9

Origin Energy 0.9

Ansell 0.7

-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-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

CIN


$

As at 31 May 2015

Company % Portfolio

Slater & Gordon 4.0

Villa World 3.6

Mayne Pharma Group 3.2

Infomedia Limited 3.2

Altium Limited 3.0

SG Fleet Group 2.9

ERM Power 2.8

Austal Limited 2.8

Automotive Holdings 2.5

GBST Holdings 2.5

Affinity Education Group 2.5

Elanor Investors Group 2.4

360 Capital Group 2.2

Sandfire Resources 2.2

Iproperty Group 2.2

Saracen Minerals 2.1

Godfrey's Group 2.1

Prime Media Group 2.0

Village Roadshow 2.0

PMP Limited 1.9

-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-04

Nov-04

Mar-05

Jul-05

Nov-05

Mar-06

Jul-06

Nov-06

Mar-07

Jul-07

Nov-07

Mar-08

Jul-08

Nov-08

Mar-09

Jul-09

Nov-09

Mar-10

Jul-10

Nov-10

Mar-11

Jul-11

Nov-11

Mar-12

Jul-12

Nov-12

Mar-13

Jul-13

Nov-13

Mar-14

Jul-14

Nov-14

Mar-15

CTN


$

As at 31 May 2015

Company % Portfolio


National Aust. Bank 7.7

BHP Billiton Limited 7.5

Commonwealth Bank. 6.7

Telstra Corporation. 6.1

ANZ Banking Grp Ltd 5.9

Macquarie Group Ltd 3.4


AMP Limited 2.8


-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

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

CYA


$



13

Djerriwarrh

Diversified United

Flagship Investments

As at 31 May 2015

Company % Portfolio

BHP Billiton 12.1






Oil Search 4.9

Wesfarmers 4.1

Rio Tinto 3.9


CSL 3.6

Brambles 3.0

Woolworths 2.8

Origin Energy 2.5


AMP 2.4

Santos 2.1

Mirrabooka Investments 1.9

Suncorp Group 1.9

Orica 1.8

-30%

-20%

-10%

0%

10%

20%

30%

40%

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

DJW


$

As at 31 May 2015

Company % Portfolio


ANZ Banking Group Ltd 7.1


CSL Ltd 6.3

BHP Billiton Ltd 5.3

National Australia Bank Ltd 5.0


Woodside Petroleum Ltd 4.1

Rio Tinto Ltd 3.9


Vanguard All-World Ex-US Shares I 2.8

Vanguard US Total Market Shares I 2.4

Woolworths Ltd 2.2

Wesfarmers Ltd 2.2

AMP Ltd 1.9

Origin Energy Ltd 1.8

Washington H Soul Pattinson 1.7

Oil Search Ltd 1.7

Asciano Ltd 1.7

Computershare Ltd 1.6

-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


$

As at 31 March 2015

Company % Portfolio


Macquarie Group 8.2

Commonwealth Bank of Australia 8.1


Rio Tinto 5.4

SEEK 5.1

REA Group 5.1

AMP 4.6

Brambles 4.5

Woolworths 4.4

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

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

FSI


$



Ironbark Capital

Katana

IBC As at 31 December 2014


TLS Telstra Corporation Limited 11.4

CBAPA/P

D/PCAPA

Commonwealth Bank Perls V &

Perls VII & Perls III9.9

WBCWestpac Banking Corporation

Limited7.8

BHP BHP Billiton Limited 7.7

ANZPA/P

C/PE

ANZ Banking Group Limited ‐

Convertible Preference Securities7.0

CBACommonwealth Bank of Australia

Limited6.7

SUNPC/P

E

Suncorp Group Limited ‐


IAGPCInsurance Australia Group ‐


ORGHAOrigin Energy‐ Subordinated

Notes4.3

ANZ ANZ Banking Group Limited 4.2

NAB National Australia Bank Limited 3.3

SVWPASeven Group Holdings Limited ‐


NABPANational Australia Bank Limited ‐


IANGIAG Finance (NZ) ‐ Perpetual

Reset Exchangeable Notes2.7

WBCPC/

PD/PE/

WCTPA

Westpac ‐ Convertible Preference

Securities2.6

CTXHACaltex Australia Limited ‐

Subordinated Notes2.2

RHCPARamsay Healthcare Limited ‐


BENPD/P

E

Bendigo Bank ‐ Convertible

Preference Securities1.6

BOQPDBank of Queensland ‐ Convertible

Preference Securities1.3

AGLHAAGL Energy Limited ‐

Subordinated Notes1.1

-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-02

Nov-02

Mar-03

Jul-03

Nov-03

Mar-04

Jul-04

Nov-04

Mar-05

Jul-05

Nov-05

Mar-06

Jul-06

Nov-06

Mar-07

Jul-07

Nov-07

Mar-08

Jul-08

Nov-08

Mar-09

Jul-09

Nov-09

Mar-10

Jul-10

Nov-10

Mar-11

Jul-11

Nov-11

Mar-12

Jul-12

Nov-12

Mar-13

Jul-13

Nov-13

Mar-14

Jul-14

Nov-14

Mar-15

IBC


$

As at 31 May 2015

Company % Portfolio

Crown Resorts 4.0


Santos Ltd 3.6

Henderson Group 3.0


Telstra Corp Ltd 2.9

Treasury Group Ltd 2.4

Global Construction Services Ltd 2.4



-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

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

KAT


$



15

Mirrabooka Investments

Milton Corp.

WAM Active

As at 31 May 2015

Company % Portfolio

Qube Holdings 8.3

Ansell 7.1

Alumina 6.0

IRESS 5.8

Tassal Group 5.5

Lifestyle Communities 5.4

ALS 5.3

Perpetual 5.2

Incitec Pivot 5.2

ResMed 4.9

Equity Trustees 4.6

Nufarm 4.5

Seek 4.5

Amalgamated Holdings 4.5

Treasury Wine Estates 4.4

ARB Corporation 4.0

Vocus Communications 3.9

iProperty Group 3.7

TPG Telecom 3.6

Japara Healthcare 3.6

-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-03

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

MIR


$

As at 31 May 2015

Company % Portfolio


Commonwealth Bank of Australia 8.8


W H Soul Pattinson 4.4


BHP Billiton 3.7


Bank of Queensland 3.3



Perpetual Limited 2.6

Bendigo and Adelaide Bank 2.4

ALS Limited 2.3

AP Eagers 1.9

CSL Limited 1.9

Brickworks Limited 1.6

Macquarie Bank 1.5

AGL Energy 1.5

Suncorp Group 1.4

QBE Insurance 1.3

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0

1

2

3

4

5

6

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

MLT


$

As at 31 May 2015

Company % Portfolio

Hunter Hall Global Value Limited 7.0

Century Australia Investments Limit 4.7

Harvey Norman Holdings Limited 3.4

Mayne Pharma Group Limited 3.3

McMillan Shakespeare Limited 2.6

ResMed Inc 2.3

Qantas Airways Limited 2.3

Gateway Lifestyle Group 2.2

Primary Health Care Limited 2.2

SG Fleet Group Limited 2.1

Premier Investments Limited 2.1

Burson Group Limited 2.1

Sunland Group Limited 2.0

Blackmores Limited 2.0

iiNet Limited 2.0

Galileo Japan Trust 1.9

Nine Entertainment Co. 1.7

IPE Limited 1.5

Ironbark Capital Limited 1.4

Westoz Investment Company 1.3

-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

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

Jul-12

Oct-12

Jan-13

Apr-13

Jul-13

Oct-13

Jan-14

Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

WAA


$



WAM Capital

WAM Research

Whitefield Limited

As at 31 May 2015

Company % Portfolio

Hunter Hall Global Value Limited 7.0

Century Australia Investments Limi 4.7

Harvey Norman Holdings Limited 3.4

Mayne Pharma Group Limited 3.3

McMillan Shakespeare Limited 2.6

ResMed Inc 2.3

Qantas Airways Limited 2.3

Gateway Lifestyle Group 2.2

Primary Health Care Limited 2.2

SG Fleet Group Limited 2.1

Premier Investments Limited 2.1

Burson Group Limited 2.1

Sunland Group Limited 2.0

Blackmores Limited 2.0

iiNet Limited 2.0

Galileo Japan Trust 1.9

Nine Entertainment Co. 1.7

IPE Limited 1.5

Ironbark Capital Limited 1.4

Westoz Investment Company 1.3

-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

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

WAM


$

As at 31 May 2015

Company % Portfolio

Austal Limited 3.9

Eclipx Group Limited 3.4

Mantra Group Limited 2.8

IPH Limited 2.6

Retail Food Group Limited 2.5

iSelect Limited 2.4

CSG Limited 2.4

Energy Developments Limited 2.4

Amalgamated Holdings Limited 2.3

Corporate Travel Management Limi 2.2

Credit Corp Group Limited 2.0

Smartgroup Corporation Limited 2.0

Collins Foods Limited 1.3

Thorn Group Limited 1.2

AP Eagers Limited 1.2

Clime Investment Management Limi 1.2

SpeedCast International Limited 1.0

Rhype Limited 1.0

Elders Limited 0.9

RCG Corp Limited 0.9

-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

WAX


$

As at 31 May 2015

Company % Portfolio



National Australia Banking 6.4

ANZ Banking Group Limited 6.2


Macquarie Group Limited 4.0

CSL Limited 3.3



Brambles Limited 2.6


AMP Limited 2.0

Amcor Limited 1.9

Scentre Group 1.5

Westfield Corporation 1.5

Ramsay Health Care Limited 1.5


ResMed Inc 1.4

Crown Resorts Limited 1.3

Lend Lease Group 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


$



17

Westoz Investment

As at 31 May 2015

Company % Portfolio

Automotive Holdings Group 9.0

Finbar Group Limited 8.0

Cedar Woods Properties Limited 7.0

Western Areas Limited 5.0

Sandfire Resources NL 4.0

Mount Gibson Iron Limited 3.0

Medusa Mining Limited 3.0

Genworth Mortgage Insurance 2.0

Peet Limited 2.0

Programmed Maintenance Serv. 2.0

Sundance Energy Australia 1.0

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0

0.5

1.0

1.5

2.0

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

Jan-11

Mar-11

May-11

Jul-11

Sep-11

Nov-11

Jan-12

Mar-12

May-12

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

WIC


$

listed investment companies

Documents