Selector June 2009 Quarterly Newsletter

June2009Selector rFundQuarterly yNewsletter#24 4
DearInvestor, e cast our minds m back over o the eve ents that sha aped the 20 009 financial year, the As we single emostimpo ortantfeatur rewasones sabilitytosu urvivethefin nancialcrisis s. he fallout th hat no one has h been spared. While the chief So big and wide has been th offen nders all hav ve the comm mon link of f too much leverage, m many innocent parties havebeenhitinthe t crossfire e. er these circ cumstances, navigating a market th hat incurred the biggest t fall in 27 Unde years s and the fift thworst performance o on record ha as not been easy. While e we cant profe ess to being fully satisfie ed by delive ering our inv vestors a ne egative return for the perio od, we are nevertheless n s extremely pleased to have achiev ved two things. First, that we w delivered an investm ment perfor rmance cons siderably better than th he general mark ket. And seco ondly, that we w keptour composure when it wo ould have be een just as easytopanic. In the e report tha at follows, we w aim to provide some e further ins sights into the Funds inves stment hold dings, the ongoing o deleveraging process p at work and what the imme ediateoutloo okmaymea anforinvestors. e the road ahead a is not without its challenges, we are more than com mforted by While thela argenumber rofexcellen ntinvestmen ntopportunitiesnowbef foreus. ly we would d like to extend our app preciation to o all of our investors, fo or staying Finall thecourseduring gthesediffic culttimes. Regards TonyScenna VictorGomes Corey yVincent ctorFundsManagement M tLimited Selec
SelectorFundsManagem mentLimited A ACN102756347AFSL225316 Level3,66 6HunterStreetSydney S NSW20 000,Australia Telephone612 280903610Web bwww.selector rfund.com.au
Table eofContent ts Page1:Lettertoinvestors anceJuneQu uarter2009 Page3:Performa Page3:PharmaxisAnAustralianSuccessStory nStory Page8:TheEarningsDilution nyReviewREAGroupa addedtoPo ortfolio Page12:Compan gOut Page15:Looking mentsandDe ebt Page18:AustralianGovernm nyvisitdiary yJuneQuarter2009 Page19:Compan oStatisticsJuneQuarter2009 Page21:Portfolio
Perfo ormanceJun neQuarter2009 2 The Fund deliv vered a str rong last quarter; q risin ng 21.2%. The All Ordinaries O umulation Ind dex in contra ast; rose 12.6%. Accu he financial year, the Fund F recorde ed a 10.31% % fall, signifi ficantly outperforming For th the All Ordina aries Accum mulation Index whic ch declined d 22.15%. Portfolio ormance stati istics are det tailed on pag ge 21. perfo maxis:AnAustralianSu uccessStory Pharm m not be familiar wit th the pharm maceutical company c Ph harmaxis (PX XS), but in You may this review r we hope to outline why we rate it as an Australian n success sto ory that is begin nningtocapt tureinternationalattention. f became aware of f this Sydne eybased bu usiness back k at the tim me of its We first prosp pectus launc ch in Octobe er 2003. Alw ways cynical l of gunna stocks, we e read the Pharm maxis docum ment fully anticipating a a quick re ejection on our part. Too T often, comp panies come e to market t seeking funds, ill prep pared and without w a th horoughly thoug ght out gam me plan. In the case of f biotechnology compa anies, the situation is made e worse by the t fact tha at the vast m majority of candidates c are a virtual light years away y from com mmercialising g their end deavors. We expected d Pharmaxis s was no differ rentbutonour o firstread dingwerese ervedjudgm ment. everal levels we noted promise. p The company was asking for money at a time At se when n general in nvestor sent timent was still weak. Secondly, a all the fund ds sought, amou unting to so ome $25 million, were earmarked for produc ct developm ment. And finally yandmostimportantly,thecompa anyspipelineofpharma aceuticaldru ugswasat an ad dvanced stag ge of develo opment, bac cked up by what w appeared on pape er to be a very experienced d manageme entteam wh ho were also o buying into othe offer.On O listing, the companys c market m capit talisation sat at $54 million with ca ash on hand d totalling $32 million. m Suff fice to say that our inte erest was piqued and we w organised d to meet withmanagemen ntattheirSy ydneysitein nFrenchsForest. c prospectus stated that t Pharmaxi is is a spec cialist pharm maceutical The companys comp pany commit tted to the research, r de evelopmentand comme ercialisationof human thera apeutic prod ducts for ch hronic respiratory and autoimmun s and the ne diseases development of an improve ed lung fun nction test. Setting as spirational goals g may sureprospec ctiveinvesto ors,butforus u theproofwasinourfirstmeeting gwithCEO reass Alan Robertson. Here was a man clearly y on a missi ion and one e cut from a different ical prepare edness of ot ther manage ers to imple ement quick k licensing cloth to the typi
deals s. Robertson n entertained no such t thoughts. Th here would be no short t cuts but rathe er a clear and articulated strate egy to build a fully integrated specialist pharm maceutical company c en ncompassing g research, manufacturi ing and marketing of itswh hollyownedintellectual lpharmaceu uticalproduc cts. ve little unde erstanding of o what is Such a desire can be easily lost on those who hav requi ired to bring g a new pha armaceutical drug to market. The r road is long, , tortuous andextremely e co ostly,withfe ewgettingto omarket.Milestonestosuccesssurroundthe various phases to t prove tha at a drug is s both safe and effectiv ve for huma an intake. tifying a wo orthy candi idate, taking it throug gh preclinic cal research h (animal Ident studies),beforeembarking e on o thelength hyclinical(h humantrials)pathwayre eferredto hase I, Phase e II and Pha ase III studie es, are necessary before e a drug can n even be as Ph considered for regulatory r approval. Successfully navigating su uch a proce ess has its sbutsimplyhavingagoo odcandidateisnotenou ugh. financialrewards
4 he time of listing, Pha armaxiss tw wo leading products, A Aridol and Bronchitol B At th repre esented the culmination n of ten years worth of f research. A Aridol designed as a lungfunction f testusedtodia agnoseandmanagecon nditionssuch hasasthmaandother respiratorydiseaseswasinthefinalsta agesofphas seIIItrials.In ncontrast,Bronchitol B had just j entered d phase II studies, wit th a goal of o providing long term effective treatmentforpatientsinflict tedwiththegeneticdise easecysticfi ibrosis. hattryingto opickwinner rsfromafie eldofdrug Atthisjuncture,itwouldbefairtosayth idates would be equivalent to fin nding a needle in a haystack. Furt thermore, candi when n we first assessed a the e merits of Pharmaxis, we did so without an ny special understanding of f the science e that backe ed up its asp pirational aim ms. But follo owing our ertson, our o ongoing inte erest was ass sured. Succe ess, as we very first meeting with Robe rtained, was s not based solely on whether w the e drugs wor rked but als so on the ascer group phavingthe enecessarycapital c anddesire d tosee ethingsthrough. cally, our co onfidence re ested on two o very impo ortant aspec cts of the companys c Critic drugtechnology.Firstly,theuseofthesugarpowdermannitol(commonlyused u asan
artific cial sweeten ner in foods) ) as the grou ups principa al compound. And seco ondly, that its int take and mo ode of action, represent ted a physical solution t to the proble em rather than the drug industrys typ pical chemica al treatment t approach. To us, this appeared s andnovel n approa achthathad dthecapabilityofalterin nghowthese ediseases asasimple could dultimatelybetreatedand a managed. At its s core, the groups g tech hnology is fo ounded on the t use and delivery of f mannitol into the patien nts lungs and a airway ys, giving rise r to both a treatm ment and agement for r a whole host of respiratory cond ditions. In th he case of Aridol, A the mana patientisinvolve edinwhatis stermedachallengetes st,wherebyincrementalamounts of inh haled dry po owered man nnitol is deliv vered by cap psule into a patients airway. The proce edure takes approximat tely 20 minu utes, is administered by y either a specialist or general practitio oner and is the only t test capable e of quantitatively measuring a tibility to hy yper respon nsive airways s typically r referred to as a asthma patients suscept hronic obstructive pulm monary disea ase (COPD). The test is rapid, accurate, safe or ch and inexpensive. . In contrast t, existing m methods used d to measur re lung func ction have en to be bo oth inaccura ate and inc consistent, leading to a high perce entage of prove misdi iagnosed pa atients. It is estimated t that asthma a affects som me 51 millio on people world dwidewhileCOPDnumb bersareestimatedatov ver30million n. nchitol has been b develo oped for the manageme ent of variou us chronic In contrast, Bron obstr ructive lung diseases, in particular r cystic fibrosis, bronch hiectasis and chronic bronc chitis. These e are all lif fe threaten ning disease es with cyst tic fibrosis the most debilitating. Wit th more th han 75,000 sufferers worldwide, w cystic fibro osis is an ritedgenetic cdiseasetha atprimarilyaffects a therespiratory r s system.Thediseaseis inher cause ed by adisru uption to the e balance of f saltand wa ater within t the lungs an nd airways leading to a stea ady build up p of thick m mucus in the e lungs. With h sufferers unable to , cystic fibro osis will ulti imately lead d to progres ssive lung effectively clear the mucus, tion deterioration and collapse of the respirat tory system m. There is no n known funct cureforcysticfib brosisandth heaveragemedian m survivalageis37 7years. ke chemically y derived dr rugs Pulmoz zyme and To obramycin, which are taken for Unlik thetr reatmentof fcysticfibros sissymptom msbutloseeffectiveness e saspatientresistance r builds Bronchito ol operates in two distin nct methods s. Firstly, it reduces r the thickness ucusand,se econdly,itcle earsthemucusfromthe elungs,ther rebyrestorin ngnormal ofmu lung function and d reducing the t need for r antibiotics. . It does this s in a unique e mode of mannitol) mi imics the ac ction of salt in a health hy lung to action whereby the drug (m ically draw water w out of the cells (o osmotic acti ion) resultin ng in the hyd dration of physi the lungs. Ultim mately, it is s managem ments belief that Bron nchitol will halt the ressive redu uction in lun ng function thereby ext tending the life of cystic fibrosis progr sufferers.
Despite experiencing signif ficant delay ys in gainin ng regulato ory approva al, steady ress continu ues to be ma ade on all fr ronts. For Aridol, Pharm maxis succee eded in its progr pivotal phase 3 studies, gaining local regulatory y approval in March 2006 2 and wed this up p with marke eting approval in Swed den during t the latter pa art of the follow same eyear.Despi itethelongarduousreg gulatoryprocessthatdo ogsallpharm maceutical comp panies opening new territories, Pha armaxis now w has Aridol registered for f sale in fourteenEuropea ancountries s,aswellasKorea.Thegroup g isalso ointhefinal lstagesof S market, wi ith an expec cted response from the e US Food seeking approval for the US D Admini istration (FD DA) set down n for 27 Dec cember 2009 9. Revenue continues and Drug to bu uild slowly as a full rollo outs are und dertaken in all key markets and awareness a amon ngst the medical community grows. In time, it is expected that Aridol will open upamarketestim matedatuptoA$200m millionperan nnum.
reme, Bronc chitol holds enormous promise p and d looks set to capture At the other extr mmediate attention. Following the group s recent successful s the markets im pletion of a Phase 3 trial involvin ng 325 cysti ic fibrosis p patients, a marketing m comp applic cation is now w being pur rsued with e expectations s that regula atory approv val will be grant ted for the European E an nd Australian n markets in n the latter half h of calen ndar 2010. A sec cond Phase III I trial is cur rrently unde erway to sat tisfy the U.S FDA require ement for two pivotal stud dies. Enrolm ment is expe ected to be e completed d midyear with high ctations tha at final app proval will also be gra anted durin ng 2010. Th his would expec repre esent only the third pro oduct appro oved for the e treatment of cystic fib brosis but more e importantly, will be th he first to of ffer sufferer rs effective, long term treatment t and managemen nt of the disease. Dur ring 2008 co ombined sa ales of the only two appro ovedproduc ctsexceeded dA$1.0billio on. Robertsonhasse etthebarhig ghandmake esnoapolog gyforthedirectiontake enandthe quantumofshareholderfund dsinvestedtodate.Atlastcount,Pharmaxisha asraiseda rs in its pursuit of building b a specialist total of $250 million from investor maceutical company. c Of the funds raised, som me $90 millio on has been n directed pharm towards research h and develo opment exp penditure ne ecessary to c complete a multitude umanpharmaceuticaltri ials.Another r$17million nhasbeenoutlaid o onth hegroups ofhu
newly y completed 7,000 square metre e purpose built b manuf facturing facility and comp pany headqu uarters. This s facility wil ll allow for an initial pr roduction ca apacity of 40,00 00patientsper p annum.The T remainingbulkoffu unds,some$ $130million nisheldin cash, as the gr roup looks to embark on the wo orldwide co ommercial launch l of chitol. With its own de edicated sales and mar rketing team m, Robertson n aims to Bronc keep a tight grip p on the gr roups prized intellectual property and the majority m of reven nuestreamsthatflowfr romit. m a standing g start, Robe ertson expects Bronchit tol to captu ure 30% of the cystic From fibros sismarket within w 18 mo onthsoflaun nch,risingst teadilythere eafter.Hisco onfidence is bor rne out in th he fact that Bronchitol n not only wor rks better th han the exist ting drugs andiseasiertoadminister a butthatitwi illgooneste epfurtherandchangethecourse ofthi isdiseaseto t onethatprovidessuf ffererswithalongtermsolution.An ndgetting the message m acr ross to the tightknit cystic c fibros sis community should carry few challe enges.Withsome320cystic c fibrosis scentresest tablishedthroughoutEu uropeand anoth her150inth heUS,comm mercialmark ketingmanag gerGaryPhillipsandhisteamwill prom motedirectly ytotheendusers. w will it mean m if Pharmaxis gets itrightcom mmercially? B Below we pr rovide our Andwhat financial snapsho ot if manage ement captu ures their in nitially stated d aims of 30 0% of the c fibrosis ma arket, ignoring for this exercise the larger and d broader re espiratory cystic mark ketpotential. CysticFibrosis nMarkets s Pharma axis30% SalePrice efordrug Main Sufferers Market tShare Equivalen nce USmarket m 30,000 9,000 $US22,00 00 Top5EUCountri ies 27,000 8,100 $US13,00 00 Total 57,000 17,100 $US17,70 00 average aunch US S EU Total 2012FullYearLa RevenueUS$M 198 105 303 Gross sProfitUS$M 168 89 257 EBITUS$M 182 NPAT TUS$M 127 NPAT TA$M 159 EPS 72.0 PER($2.50) 3.5x
The task t ahead is not witho out its challe enges. From m this point on manage ement will need to succeed d on a numb ber of front ts to enjoy the t commer rcial reward ds of their tically the next n 12 1 18 months is importan nt and any delays in endeavours. Crit ufacturing, gaining g mar rketing appr rovals, or hi itting eventual sales ta argets will manu come eatasignific cantoverallcosttotheg group. ate plus the e will and co ommitment within the Pharmaxis P That noted, the results to da w has followed the co ompanys en ndeavours since 2003 team is obvious to anyone who g with Rober rtsons sense of purpose I dont want accola ades, I dont do it for along peer group recog gnition. Its all for the e end use of the t patient struggling with w these horrible,debilitat ting,fataldiseases. From mourvantagepoint,thereisalotto olikeaboutthe t companyandthero oadthatit now finds itself on. o Perhaps in the not to oo distant fu uture when the likes of Cochlear, a ResMed d are highlig ghted as ex xamples of great Australian succes ss stories, CSL and anoth hermayfind ditselfadded dtothelist. Earni ingsDilution n When n we cast our o minds back b to the e events of late 2008, what was becoming abundantly clear r even then n has turned d into the full f blown re eality of tod day. With banking and inv vestor confid dence shot to pieces and stretched balance sheets a comm montheme,thechances softhingsendingnicely ywerenever rhigh.Aswe enotedin our September S 2008 quart terly newsle etter, the thing t we fe eared most was the delev veragingprocessthatwo ouldinevitab blyfollow. Unlik ke governme ents which can c indulge i in that wond derful art of f printing ne ew money when ncalledupon n,individual lsandbusine esseshaveno n suchluxury.Andassu uchitwas only a matter of f time befor re the question of debt would com mmand centre stage. ifically, the treatment of o debt wou uld take on many tradit tional chara acteristics. Speci Firstly y it would return r to its rightful pla ace, being re epriced appr ropriately fo or the risk undertaken. Seco ondly, debt would be vo oluntarily or r forcibly repaid. And la astly, debt wouldbedenied. er such circu umstances, new capital l becomes very v expensive and for our part, Unde oneof o ourkeyr roadmapaimsistoavo oidpreciselythisscenariowherecompanies c are fo orced to go cap in hand d to raise expensive new w capital dur ring times of financial weak kness. t are pr recisely the circumstanc ces that inve estors must t now face. Following But these thesharemarket tslowpoint tinmidmarch,whatsta artedasatricklehasturn nedintoa
ragingtorrentascompanyboardsande executiveslo ooktoraisen newcapitaltopayoff ous bankers s and reduce excessive levels of debt. In som me circumsta ances, the nervo raisin ngshavebee ensensible;simplyreflectingamore econservativeoutlook.Inothers, thest tarkrealityhas h leftfewalternatives s. Graph1:
h thecurrentstat teofplay.SinceDecember2008,ne ewcapital Graphs1and2highlight ngs as a pe ercentage of o the tota al markets capitalisation, jumped d sharply, raisin appro oaching peaks last set in 1992. To put that into o some context, since peaking p in Septe ember 2007 at $1,643 million, m the All Ordinaries market c capitalisation n value of alllist tedstockshadfallento$1,048milli ionbyMay2009, 2 down 36%. Comp parethattoGraph2whereaslewof o secondary ycapitalraisingshasseencloseto $80billion b ofnew wequityrais sedduringth he2009fina ancialyear.Unlike U anum mberof other rassetclasse es,sharema arketsandin nvestorsadju usttocircum mstancesquickly, historicallyleadin ngonthewa aydownand dbottomingwellbefore eeconomicconditions c u Unfortun nately,those ewhoarew waitingforth hegreenligh htbeforereturningto turnup. themarket m maybe b disappoin ntedasmark ketandinve estorpsychologyrarelyoperate o in tande em.
Graph2:
n abo ove would seem s to indicate that th he offers on n hand have been too The numbers good to refuse. But there is a price and that is s earnings d dilution. As Graph 1 d breadth of capital raised has s been, in a word, highlights, the extent and extraordinary and reflected in the blow w out of a co ompanys iss sued capital. It seems yone now wants w to get rid of as mu uch debt as possible and return to that once every pillaredworldofrunninglazy ybalancesheets. ever, the ex xpected fall in earnings s is now co ompounded by the sharp rise in Howe share es on issue, leading in some cases s to massive e earnings d dilution. Sha areholders have been left with w few choices but to p participate. While some e, including Westfield, W ary Healthca are and Billa abong have engineered an excellen nt outcome under u the Prima circum mstances, others includ ding Asciano, , BlueScope Steel, GPT a and Transpa acific have been severely im mpacted. In some instan nces the like es of Fisher & Paykel Appliances A K have probably made m the bes st of abad situation, wit th the introd duction of and Kagara signif ficantnewcornerstoneinvestors. windingof de ebt is likely to continueforsome time. In due course c we All in all, the unw expec ct attention to shift to the t next leg g of market recoveries that of me ergers and acqui isitions. Alre eady, the arrival of Chin nese investors seeking to acquire ha ard assets is but a taste of f things to come. c Right tly or wrong gly, investor r attitude to o risk will ge,bringingwithitadiff ferentpersp pectivetotheopportuni itiesonoffer. chang
10
This is i not to say y that the pr roblems that t got us into o this situation have mir raculously disap ppearedbutmoreofanacknowledg gementthat tthingshadsimply move edtoofar oneway. w w shareholders may y be nursing g sore heads and empt ty wallets, tw wo things And while appear more ce ertain. Firstly that the investment t banking community is i making mone ey hand ove er fist; earning fat fees o on the billio ons of new f funds being raised. In stark contrast, the t losers appear a to b be our majo or commerc cial banks, who w have ayed lemmin nglike beha aviour in den nying capital to all but a handful of blue chip displa client ts. Based on n our discus ssions with directors an nd managem ment alike, our main banks shavealottoanswerfo orandthelo ongertermdamage d that tcouldbein nflictedon them mthroughthe elossoffutu urebusiness sshouldnotbeunderestimated. e1:NewIssu ues Table
FY08 Shares 489,154 4,372 656,596 6,506 207,437 7,563 762,444 4,516 FY09 Shares 595 5,237,735 3,010 0,623,605 252 2,007,759 1,823 3,297,662 725 5,939,975 % C Change 116.1 21.7 358.5 21.5 139.1 55.4 155.1 107.7 31.4 172.1 50.9 16.0 52.5 50.9 59.7 82.8 31.6 108.7 254.1 52.6 17.2 ll08 $mill09 0 $mil T(a) NPAT(f f) NPAT 36.4 43 167.4 18 82.1 76.4 17 612.3 38 86.9 5 54.2 467.0 614.3 65.0 315.0 7.6 76.0 3,67 50.1 1,65 04.6 70 17.0 561.0 8 82.2 75.3 17 50.0 1,05 3,460.3 150 0.0 105 5.0 155 5.0 162 2.5 160 0.0 209 9.0 34 4.0 358 8.0 375 5.0 63 3.0 332 2.0 106 6.0 4,900 0.0 166 6.0 1,561 1.0 32 2.0 390 0.0 83 3.0 90 0.9 1,750 0.0 1,886 6.0 % Change n/a 37.3 n/a 7.9 73.9 46.0 37.3 23.3 38.9 n/a +5.4 >1,000 33.3 89.9 n/a +88.2 30.5 +1.0 48.2 +66.7 45.5
Alum mina
APN Ascia ano Billab bong BlueS Scope Fairfa ax GPT Incite ec Kagara Ones steel PrimaryHealthcare e RioTi into Santo os Stock kland STW Suncorp Trans sfieldServices Trans spacific Wesf farmers West tfield
1,129,026 6,761 2,440 0,196,187
11
1,513,622 2,490 2,351 1,955,725 4,467,363 3,800 9,277 7,584,743 1,217,230 0,560 1,599 9,761,337 216,547 7,147 878,712 2,920 371,225 5,650 1,454,070 0,000 584,219 9,202 199,280 0,485 955,528 8,252 198,063 3,552 289,951 1,438 658,508 8,406 589 9,214,550 1,325 5,811,294 430 0,748,277 2,217 7,456,750 881 1,903,244 364 4,310,964 1,257 7,377,460 413 3,281,383 1,026 6,800,000 1,005 5,125,230
Fishe er&PaykelApp p 284,608 8,907
1,480,552 2,814 2,364 4,773,862
1,942,202 2,837 2,276 6,448,850

So far the portfolio has weat thered the s storm particularly well. W While some hits have gtheway,we w areconfid dentthatthereareman nybusinessfranchises f beentakenalong nt teams th hat will emerge from these diffic cult periods in much and managemen ngershape. stron G (REA) )addedtoth heportfolio o REAGroup o when oneconsiders s thesignific cant part tha atemployment, carsand housing It isonly have played in building b old medias riv vers of gold that one truly t unders stands the atthattheonlineworldbrings.Anyo onedoubtingtheshiftn needsonlyto oconsider threa the growing g influ uence of the ese uninvite ed new play yers. And in much the same s way that seek.com.a au has com me to dominate the online emp ployment sp pace and carsa ales.com.au the online auto a classifie eds, so too has realesta ate.com.au cemented c itsho oldontheon nlinerealest tatesection.
ught off gua ard with the growing do ominance of these online players. We too were cau When n SEEK listed d on the exc change in April A 2005, we w certainly didnt appre eciate the magn nitude of the e printtoon nline shift th hat was under way. How wever, as we e noted in our September S 2008 2 quarter rly report, th he share ma arkets dram matic decline e provided inves storswithan nopportunit tytorevisits someformerhighflyers.Thatwead ddedSEEK to th he portfolio back then at what w we considere ed knock do own prices also now applie es to the REA Group ($ $4.75 entry price). Tab ble 2 provide es a snapsh hot of the group psclimbfro omlocalobsc curitytomarketdomina ance. g key y strength li ies in its fir rst mover advantage a in n building Australias A The groups onlinemarketsit teofchoiceforrealesta ateclassified ds.Fromast tandingstart t,theREA ps local online dominance is demo onstrated by y both the rise r in the number n of group realestate e payingsubscriber rsandthean nnualrevenuecharged.Eachagentthatjoins pays an annual subscription s n fee, provid ding them with w unlimite ed access to o list new erties. Agent numbers have h grown from less th han 1,500 wi ith each pay ying about prope $200 per month h in 2001, to t the curre ent level of f 9,264 payi ing $926 pe er month. tional reven nue sources s including website adv vertising an nd develope er income Addit make es up the balance of the gro oups incom me. While the Fairf faxowned doma ain.com.auportal p isthegroupsnea arestcompetitor,witha25%marke etshare,it lagsthe t 65%mar rketleadingpositionofrealestate.com.au.
12
Table e2:REAGroupCorporat teHistory19 9952009

Year r Event 1995 5 Businessestablished e with w $24,000o ofinvestedca apitalbyjoint tfoundersKarlSabljak andMarti inHowell 1999 9 ListedinNovember N asrealestate.co om.auLimited dwitha$6.0millioncapita alraising at50cent tspershare,giving g thegro oupa$20.8million m market tcapitalisatio on 1999 9 Shareshit tapostlisting ghighof$1.5 50inDecembe er 2000 0 Reportedlosseshit$6. .3million 2001 1 Shareshit talltimelowof5centspe ershareSepte ember2001 2001 1 Privatepla acementtoNews N Limitedgivingita40 0%interest 2001 1 SimonBak kerappointed dchiefexecut tiveofficer 2002 2 Groupbec comesoperat tionallycashflowpositive,subscribingpayingagent tspasses 2,000innumber n 2003 3 Macquarie eBanksellsit ts15.8%stak ketoSongpan nPtyLtd(TheRayWhiteGroup) G 2003 3 Revenuedoubles d to$1 18million,rec cordsfirsttim mefullyearne etprofitof$2 2.5million 2004 4 Groupacq quiresproper rtylistingweb bsite,propert ty.com.aufromRPDatain$9 milliontra ansaction,lift tingsubscribe erpayingagen ntsnumbersby750to5,2 200 2005 5 Revenueexceeds e $30million, m repor rtedprofitshit$8million,sharestradeabove 1999level 2005 5 Launchesprintpublishingtrialtoco omplementonlineservices s/expandsin ntoNew Zealand 2005 5 NewsLtdbids$2.00pe ershareintak keoverinAug gust/offerra aisedto$2.50 0inOct 2005 5 AcquiresUK U propertyportal p proper rtyfinder.comfor$34Min nJVwithNew wsLtd. Businessrevenues r at$7 $ million,slig ghtlossmake erwith2,000subscribingagents a 2005 5 NewsLtdfulltakeoverofferfails,in nterestliftedto t 58.6% 2006 6 Rightsissu ueat$3.00pe ershare,raising$25M 2006 6 Onlinevisitstocompan nywebsitesexceed e 5million 2006 6 Partnerswith w SKYItalia atoacquire9 90%ofItalyslargestreale estatewebsite eCasa.it for$15.9M/split59.4 4%(REA),SKY Y(30.6%).Fou undedin1996 6,smallprofit ts,2,800 subscribin ngagentsserv vicing60millionpopulatio on,15,000est tateagents 2007 7 Revenuesexceed$107 7million,netprofithits$15.1million,coremetricof f subscribin ngpayingage entsjumps6,298to17,011,shareshitall a timepeakof$7.49 inNovember 2007 7 REAacqu uires51%inte erestinAlbabaworld.comDubaislead dingwebsitefor$1.2m 2008 8 CEOBakerreappointed d,expandsinUKviapurch haseofSherlo ockPublicatio ons$12m 2008 8 Increasesdirectinteres stinCasa.itto o69.4%for$2.44m $ 2008 8 Groupann nouncesdepa artureofCEO OBaker/AppointsGregEll lisasnewCEO Ofrom previousrole r asmarke etingdirectorAsiaonlineservicesforM Microsoftand5yearsat Sensis,11 1yearsatTels stra 2008 8 RayWhite ereducesstak keto11%wit thoffmarket tsaleat$4.50 0toNewsLtd d(60.7%) 2009 9 UKprintbusiness b toclo ose/UKonlin nebusinessunder u review
13
As Ta able 3 highlig ghts, this ha as given rise to some wo onderful bus siness metrics. Strong top line l growth has flowed through to impressi ive operatin ng profits and a rising marg gins. But th hese numbers also in nclude the groups lo oss making offshore opera ations.Durin ng2008,the esebusinesseslostatot talof$15.4million, m impa actingthe group psbottomlineby$8.8million. m Table e3:REAGroupFinancial lSnapshot
$M Reven nue Opera atingMargin(%) EBITD DA EBITA A NPAT NetDebt D /(netcas sh) Marke etCapitalisation EnterpriseValue Subcr riberPayingAgents A Earnin ngsYield(%) ROCE(%) Cover rratio GOCF F/EBITDA(%) ) Earnin ngspershare e() PER Share ePrice30June($) Issued dCapital 2003 9.5 12.6 1.2 1.0 (1.5) (1.4) 24 4 22.6 3,173 4.4 934 4.5 (4.4) 85 5 n/ /a n/ /a 0.2 26 92.9 2.8 27.9 13.2 162 2.4 34.2 0.82 106.4 3.9 49.4 13.9 109 7.5 19.2 1.44 107.3 2.8 21.9 7.1 73 6.4 59.4 3.80 127.3 2. .6 23 3.5 7. .9 10 02 11 1.9 49 9.9 5.9 94 127 7.3 (2.6) 87.2 84.6 5,207 (7.3) 154.5 147.2 6,414 ( (10.4) 483.7 473.3 1 10,713 (2. .0) 756 6.2 754 4.2 17,0 011 2004 19.0 14.2 2.7 2.4 2.5 2005 33.4 19.5 6.5 5.7 8.1 2 2006 60.4 24.8 15.0 13.3 8.2 2007 107 7.3 21 1.9 23 3.5 19 9.5 15 5.1 2008 155.6 6 23.5 36.6 33.8 22.3 (7.3) 557.6 6 550.3 22,478 8 6.1 31.4 9.0 90 17.5 25.0 4.38 127.3 2009 (e) 187.0 26.4 49.5 45.0 29.5 (30.0) 758.7 728.7 22,100 6.2* 40.0 9.0 90 23.2** 25.7 5.96 127.3
14
Quant Screen
*The eearningsyieldisestima atedat10.0% %excludingoverseaslosses **Th heEPSisesti imatedat35 5.0centsexc cludingover rseaslosses
Unde er new CEO O Greg Ellis, , such losse es are now under review. Already the UK opera ations have e been earm marked for a possible exit while the Italian business provides the group with the e largest medium term upside. u Not unlike the Australian A ket, the grou ups casa.it portal p leads the Italian market m with an estimate ed market mark share e of 40%. With W some 6,000 6 agents s signed up p of a total market esti imated at 15,00 00, the sign ns are good for this em merging online market. . During 20 008, these opera ations lost $2.8 $ million, a figure tha at is now ex xpected to e exceed $6.0 million in 2009, ,asmanagementramps supmarketi ing. tal managem ment focus s and News s Limited With no net debt, a renewed capit continuing to cre eep on the register, the e REA Group p is attractiv vely priced. Excluding a a marke et capitalisation approa aching $760 million, we e estimate offshore losses and the group g is trad ding on a cu urrent earni ings yield of f 10%. The recent drop p in share price has little to o do with the e business fundamental ls, providing g investors with w a rare ortunity to part p own an a entrenched marketleading ope erator, trading at an oppo attrac ctiveprice. Looki ingOut On 12 June 2009 9, we dialled d into a tele econference with JP Mo organs US economist e Bruce eKasman,co ommentingontheircurrentglobaleconomic e vie ewslookingout. p noted; Keypoints i. 46quar rtersofpositiveUSGDP Pgrowth,mo ovingtoward ds4%during g2010 ii. Synchronisedglobalgrowth g iii. USunemp ploymentre emaininghighataround8%into201 12 iv. Reneweddeflationth hreatascore econsumerpricetrendsfromhigh1% 1 to0% v. p remainingunchan ngedin2010 0 USFedinterestratepolicy The argument put p forward d was of an n economy moving ou ut of recess sion, thus providingafound dationforgr rowthbutw withsobering gchallengesremaining. he5keypoin nts; Onth h GD DP growth nu umber may come as a surprise s to m many, but it t needs to The headline bepu utintoconte extofwhere ewehavebe een.Moreon nthatalittle efurtheron. hronised global growt th makes some s sense e. We kno ow we hav ve had a Synch synch hronized glo obal recessio on. This resu ulted in unri ivalled synch hronized government interv vention. Tod day, we hav ve a somew what synchronized reca apitalisation of global balan ncesheets.
15
Conti inued high unemploym ment is a co oncern and seems cou unterintuitiv ve to the headline growth, , as are falling core con nsumer price es, particularly in light of o massive rnmentinterventionwe w willexplainthis.Andifpointsiiiandivholdtrue, t then gover theUS U FederalRe eserveislike elytokeepr ratesonhold d. a fo orpointsian ndiihadtwo oaspects. Thearguments y, empirical evidence suggests that t the worst elements of o the credit crisis are Firstly abating. Central governmen nt policies have produce ed an impo ortant circuit t breaker, hhasseencreditmarketsworkingm moreeffectiv vely. which hey should, these marke ets are now w differentiating betwee en high quality credit As th and low quality credit, her ralding a return to mo ore normal conditions than that riencedover rthepastsix xmonths. exper alcyhasnotyetreturne ed,nonbank kfinancingis sworking, Eventhoughdealflownorma andincludes; oratebondmarkets m 9 Corpo 9 Comm mercialpapermarkets 9 Assetbackedpaper ymarkets(fa acilitatingba alancesheet trepair) 9 Equity ndly,Kasmannotesthebehavioural lchanges. Secon Consumers were e rocked to their t thread dbare socks, initially by soaring energy prices and rising inflat tion. Throw in a depre essing jobs market, a downward spiralling ing market, , a free falling share market an nd finally, t the fear of f financial housi meltd down and its easy to o envisage a return to o a 1930s depression era. Not surpr risingly, the consumer response r wa as both rap pid and mag gnified in na ature. The fallou utincluded; umerdurable egoodsspendingfellto oitslowestpoint p sinceWWII. W 9 Consu 9 Consu umerhousingspendingfell f toitslow westpointsinceWWII. s in business behaviour has been just as dramatic, d as s managers bunkered The shift down n,preparingforthefallout. o Product tionandinve entorylevels sfelltounsu ustainably lowpoints. p These elevelswerewellbelow wthesupply ylevelsnorm mallyexperie encedina reces ssionarytype etradingenvironment.
16
Today y, it is fair to t say that many m of the e markets worst w fears have not manifested. Even the action ns of consu umers are n now akin to t a more normal rec cessionary onse, eviden nced by improving consu umer confid dence readin ngs even wh hile labour respo mark kets continue e to deteriorate. Graph 3 illustrates s Australias s skirt with recessions r datingbackto19 960,notingtheir t regular roccurrence e. Graph3:AustraliaandReces ssions19602009
17
Source:TheAustralian,ABS
b bad, the reaction fro om business ses has been n so swift In short, while things may be that even servici ing current demand lev vels would require r a ris se in both production vels. andinventorylev g resu ults in a pos sitive feedba ack loop tha at we have s spoken about in past This growth news sletters.Kasm manbelieve esthisloopw willprovide thenecessaryleveragetodrive4 6 quarters q of positive p grow wth and a U US GDP rate e of 4% in 2 2010. In his view, this alone ecouldresul ltinthebest tindustrialp productiongrowth g rates smorethan20years. Howe ever, somew what soberin ng is Kasman ns belief that this source of growth is really reflec cting the co onsumer com ming to grip ps with the situation s rat ther than re eflecting a retur rn to robust growth, supporting str rong job cre eation, we are likely to see more conflictingsignalsontheeco onomyshealthinthemonthsahead d. Here, , Kasman do ovetails a sto ory of excess capacity and enormou us slack in th he system for years to that will result in n high unem mployment f o come and keep core consumer
price growth low w or flat. As a consequence, the prices of finish hed goods will w remain kandactasasourceofdisinflationthat willsee etheUSinflationratetr rendfrom weak themid m tohighone o percenttoafigurec closertozero o. a likely to result in th he US Federa al Reserve keeping k inte erest rates Such outcomes are oldwellintothebackha alfof2010. onho o view on n this subjec ct has remained consist tent and dra aws some pa arallels to Our own that of o Kasmans s. We subscr ribed to the view that the levels of inventory drawdown d wher re unsustainable and extreme. Even n worse, extrapolation o of these eve ents led to scena ariosthatap ppearedhigh hlyunlikely. That said, the de eleveraging process that t we now fin nd ourselves in is of suc ch a scale thatasimpleVshapedrecov veryishighly yunlikely. ncecanvasse ed from a w wide rangeof f businesses s would back k the view Anecdotaleviden t priority of most ma anagers is to o now reduc ce debt levels to newly redefined that the levels sofacceptability.Forus sthishasres sultedinsev veralthings. The dilutive cap pital raisings s we spoke e about in our Septem mber 2008 quarterly news sletterareto odaysnormalcourseofaction i. Gener rally,lowerrates r ofearn ningsgrowth harenowlik kelytofollow w ii. Invest torsarelikel lytoattribut telowerearningsmultip plestobusin nesses. ertheless,suc chuncertain nlyandconfusionhaspr rovidedattra activeprices satwhich Neve to inv vest. Not un nlike the inve entory exam mple, when investor i fear finally subsided, the situat tion of quality companies trading at a knock dow wn prices wa as never goi ing to last forlo ong,astatem mentwemad declearino ournewsletter. wise, not all companie es are dep pendent on debt to fuel f growth h. Rather, Likew busin nesses with the t ability to o generate s solid interna al cash flows s will remain n, as ever, sough htafterinve estments. Austr ralianGover rnmentsand dDebt It is rather iron nic that just when eve eryone else e is looking to cut do own debt, gover rnments are e heading in n the other direction. As A we outlin ned in our June 2008 quart terlynewsletterunderthe t title,Go overnments Perfecting theartofst tealing,it was looking rath her ominous that with h revenue shortfalls s a growing threat, that rnments of all persuasions would look to mak ke up the sh hortfall. So while the gover dead hand of gov vernments to t tax more is always aconstant c thr reat, the she eersize of
18
the revenue hole e has meant t that large of o chunks of f new debt a are now the e only real efundingalt ternative. viable ngasidethe eFederalGovernmentsprojectednetdebtposi itionof$188 8billionin Puttin four years time e, the situa ation facing the variou us state gov vernments is just as ronting. From m a combin ned net debt position of o just $21 billion b two years y ago, confr budget papers now show this rising to $166 $ billion by 201213 3. So while businesses b t their t belts and reduci ing their re eliance on bank fundi ing, state are tightening gover rnments wil ll be up to their necks in new deb bt. And with h such a burden, it is alreadyapparent tthatvaluab bleassetswi illbeoffload dedandserv vicesoutsourcedfrom public to private hands. And down the track, dontbe b surprised d toreadtha at the real winne ers to emer rge from th his new era of conserva atism will in nclude all th hose new inves stors and business opera ators who get to share in the gover rnments ow wn pursuit ofdeleveraging. Newwebsite w isne ewandimpr rovedwithe easyaccesstoourlibrary yofnewslett ters. Ourwebsite www w.selectorfun nd.com.au COMPANIESVISI ITEDDURINGTHE4thQUARTER Q 20 0082009
April SH HV WO OR PX XS MN ND BO OQ PLI BR RC SIP P AL LL May MQ QG RE EA OR RG AG GK IRE E IIN N OS SH CT TX CP PB Macqua arieGroupfullyearbriefing REAGro oupmanageme entmeeting OriginEnergy E Macqua arieconference e AGLEne ergyMacquarie econference IressMa arketTechnolo ogiesMacquarieconference iinetMa acquarieconfe erence OilSear rchMacquarie conference CaltexAustralia A Macquarieconferen nce Campbe ellBrothersMa acquarieconfe erence 01 1/05/09 04 4/05/09 06 6/05/09 06 6/05/09 06 6/05/09 06 6/05/09 06 6/05/09 06 6/05/09 07 7/05/09 SelectHarvests H manag gementmeetin ng WorleyP Parsonssitevis sit Pharmaxisthirdquarterconferencecall Monade elphousGroup pmanagementmeeting BankofQueenslandm managementmeeting m ncmanagementmeeting PeplinIn BrainRe esourcemanag gementmeetin ng SigmaPharmaceutical P lsmanagemen ntmeeting Aristocr ratLeisureann nualmeeting 01 1/04/09 08 8/04/09 09 9/04/09 09 9/04/09 15 5/04/09 16 6/04/09 20 0/04/09 21 1/04/09 21 1/04/09
19
WBC QB BE CP PU TA AH WO OR FLT T FA AN AR RP AU UW TLS S STO WDC DJS WO OW NA AN IGO O PA AN MB BN WS SA RO OC CX XD PX XS CP PB RO OC FPH CX XD TEL June MS NM WES DO OW CO OH IPD D TSI
WestpacBankingCorp porationMacq quarieconferen nce QBEInsuranceGroupMacquarieconference Comput tershareMacquarieconferen nce Tabcorp pHoldingsMac cquarieconference WorleyP ParsonsMacqu uarieconference FlightCe entreMacquar rieconference e Fantasti icFurnitureMacquarieconfe erence ARBCor rporationMacquarieconfere ence AustralianWealthManagementMacquarieconfer rence TelstraCorporation C M Macquarieconference SantosMacquarie M con nference Westfie eldGroupMacq quarieconfere ence DavidJo onesMacquari ieconference Woolwo orthsMacquar rieconference Nanosonicsmanagem mentmeeting Indepen ndenceGoldm managementmeeting m Panoram micResourcesmanagement meeting MirabelaNickelmanagementmeeting Western nAreasmanag gementmeetin ng ROCOilannualmeetin ng CathRxmanagementm meeting Pharmaxissitevisit Campbe ellBrothersfullyearresultsbriefing b ROCOilopeninvestor rday hcarefullyearresultsbriefing Fisher&PaykelHealth CathRxsitevisit mCorporationofNZinvestoropenday Telecom
07 7/05/09 07 7/05/09 07 7/05/09 07 7/05/09 07 7/05/09 07 7/05/09 07 7/05/09 07 7/05/09 07 7/05/09 08 8/05/09 08 8/05/09 08 8/05/09 08 8/05/09 08 8/05/09 13 3/05/09 13 3/05/09 13 3/05/09 13 3/05/09 13 3/05/09 21 1/05/09 22 2/05/09 25 5/05/09 26 6/05/09 26 6/05/09 26 6/05/09 28 8/05/09 28 8/05/09
20
NeptuneMarineServi icesmanagementmeeting mersmanagem mentmeeting Wesfarm Downer rEDIinvestord day Cochlea arsitevisit Impedim medmanagem mentvisit Transfie eldServicesInf frastructureFu undmanageme entvisit
03 3/06/09 04 4/06/09 10 0/06/09 16 6/06/09 19 9/06/09 29 9/06/09
FUND REPORT
as at 30 June 2009
Issued by Selector Funds Management Limited ABN 85 102 756 347, AFSL 225 316. The investment information in this Fund report is historical and refers to the period to 30 June 2009. Past performance is not an indicator of future performance for this fund.
PERFORMANCE SUMMARY
Compound Annual Return 3 months (%) 6 months (%) 1 Year (%) 2 Year (%) 3 Year (%) Inception1 (%)
Total Distribution Growth S&P/ ASX All Ordinaries Accumulation Index
21.80 2.65 19.15 12.60
17.34 2.55 14.79 10.72
-10.32 1.95 -12.27 -22.15
-24.20 1.49 -25.69 -17.28
-11.28 1.39 -12.67 -3.76
3.12 1.87 1.25 5.18
Returns are calculated using exit prices, and are calculated after all fees have been deducted with distributions included and no allowance made for tax. The distribution component represents the amount paid by way of distribution, including net realised capital gains.
1. Inception date - 1 November 2004
MONTHLY DETAIL (past 12 months)

Month ending
Exit Price ($) Distribution per Unit ($) Month Gain (%) Fund Compound Inception Gain (%) Fund Index Level Month Gain (%) Index Compound Inception Gain (%) Index
30 Jun 09 31 May 09 30 Apr 09 31 Mar 09 28 Feb 09 31 Jan 09 31 Dec 08 30 Nov 08 31 Oct 08 30 Sep 08 31 Aug 08 31 Jul 08
1.0596 1.0400 0.9816 0.8893 0.8374 0.9232 0.9231 0.9239 0.9860 1.2473 1.2704 1.1975
0.0237 -
4.15 5.95 10.38 6.20 -9.29 0.01 -0.09 -6.30 -20.95 -1.82 6.09 -0.85
3.12 2.27 1.01 -1.21 -2.60 -0.38 -0.39 -0.38 1.24 7.53 8.23 6.72
26,732 25,722 25,181 23,739 21,971 22,949 24,143 24,162 26,042 30,253 33,848 32,538
3.93 2.15 6.07 8.05 -4.26 -4.95 -0.08 -7.22 -13.92 -10.62 4.02 -5.23
5.18 4.40 3.99 2.69 0.92 1.98 3.26 3.35 5.38 9.61 13.11 12.22
Sector Breakdown
Software & Services 1.0% Consumer Durables & Apparel 4.0% Media 2.2% Capital Goods 0.4%
Investment Growth
(based on an initial $100K investment and all earnings reinvested)
Commercial Services & Supplies 4.2% Energy 5.0% Health Care Equipment & Services 29.9%
$205,000 $185,000 $165,000 $145,000
Materials 5.1%
Telecommunication Services 6.0%
$125,000
Inv estment Value
$105,000
Diversified Financials 10.1% Pharmaceuticals & Biotechnology 16.5% Hotels Restaurants & Leisure 15.6%
S&P ASX All Ords Accum Index
$85,000 M a r-0 5 M a r-0 6 M a r-0 7 M a r-0 8 D e c-0 4 D e c-0 5 D e c-0 6 D e c-0 7 D e c-0 8 Se p -0 4 Se p -0 5 Se p -0 6 Se p -0 7 Se p -0 8 M a r-0 9 Ju n -0 5 Ju n -0 6 Ju n -0 7 Ju n -0 8 Ju n -0 9
To receive an Information Memorandum Phone: 61 2 9241 5830, email corey@selectorfund.com.au or visit the website: www.selectorfund.com.au Applications for units can only be made on the application form in the Information Memorandum (IM) dated 15 October 2004 and Supplementary Information Memorandum (SIM) dated 1 January 2006. Potential investors should consider the IM and SIM before deciding whether to invest in the Fund. This document provides general information only and is not financial product advice. It does not take into account your individual objectives, financial situation or needs. Information used in this publication, is believed to be accurate. However, subject to any contrary provision in any applicable law, neither Selector Funds Management Limited nor any of it related parties, their employees or directors, provides any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it.
Selector Fund | Quarterly Report | 30 June 2009

Selector June 2009 Quarterly Newsletter

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Selector June 2009 Quarterly Newsletter

Uploaded by

Copyright:

Available Formats

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

1,129,026 6,761 2,440 0,196,187

Fishe er&PaykelApp p 284,608 8,907

1,480,552 2,814 2,364 4,773,862

1,942,202 2,837 2,276 6,448,850

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

Table e2:REAGroupCorporat teHistory19 9952009

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

June2009Selector rFundQuarterly yNewsletter#24 4

03 3/06/09 04 4/06/09 10 0/06/09 16 6/06/09 19 9/06/09 29 9/06/09

Total Distribution Growth S&P/ ASX All Ordinaries Accumulation Index

21.80 2.65 19.15 12.60

17.34 2.55 14.79 10.72

-10.32 1.95 -12.27 -22.15

-24.20 1.49 -25.69 -17.28

-11.28 1.39 -12.67 -3.76

3.12 1.87 1.25 5.18

1. Inception date - 1 November 2004

MONTHLY DETAIL (past 12 months)

$205,000 $185,000 $165,000 $145,000

Telecommunication Services 6.0%

S&P ASX All Ords Accum Index

Selector Fund | Quarterly Report | 30 June 2009

You might also like