NO USE - Canaccord Genuity · ater, Gas & Multi-Utilities Oil & Gas Storage & ransportation Airports & Marine Ports Construction & Engineering Cable & Satellite Specialized REIs Australia

1Investor Update | Q3 FY19 cgf.com

Investment ObjectiveThe investment objective is to achieve a return of CPI + 6% per annum over the long-term by investing in a diverse mix of asset classes covering Australian equities, international equities, property, infrastructure, alternatives, fixed interest and cash.

Key Facts

Inception date 13 Dec 2018

Investment minimum $100,000

Minimum suggested timeframe 7 years

Estimated yield* 3.59%

Investors experienced a euphoric bounce in markets throughout the quarter as compared to the pullback in December yet global growth remains a more contentious topic in the short to mid-term.

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Australian Equity Component

Australian Equity Component as at 16 April

Asset Allocation Page 1.

Investor Review Q3 FY18 CGWM Moderate Growth Portfolio 16_4_18

Performace Summary Page 2. OCTOBER

Growth of 10,000 Reinvested Apr 16

Active Asset Allocation Page 3.

S&P/ASX 300 IndexAustralian Equity ComponentS&P/ASX 300 Index C

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Int Equity Component

International Equity Component as at 16 April

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International Equity Component MSCI World Index International Equity Component MSCI World Index

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Property Component

Property Component as at 16 April

Property Component

Retail REITs Diversi�ed REITsIndustrial REITs O�ce REITs Residential REITs Health Care REITs Specialized REITs

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Infrastructure Component

Infrastructure Component as at 16 April


Highways & Rail Electric Utility & Production Water, Gas & Multi-Utilities Oil & Gas Storage & Transportation Airports & Marine Ports Construction & EngineeringCable & SatelliteSpecialized REITs

Australia North America Europe Ex UK UK Asia inc Japan exc EM Emerging Markets Others

Fixed Interest as at 16 April

Alternatives

Global SovereignAust SovereignCorp (IG)Corp (Sub IG)/HighEM DebtMBS/ABS Cash/Other

AustraliaNorth AmericaEurope Ex UKUKAsia inc Japan exc EMEmerging MarketsOther

Fixed InterestComponent

CashComponent

AusBondCompositeBond Index

Barclays GlobalAggregateBond Index

RBA CashRate

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AusBond CompositeBond Index

Barclays GlobalAggregate Bond Index

Overweight Underweight

InternationalEquities

Property & Infrastructure

FixedInterest

Alternatives CashAustralianEquities

-15.0%

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-5.0%

0%

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15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

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18

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Jul 1

8

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NOT USED

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Canaccord Genuity Moderate Growth Portfolio CPI +4%

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1.0%

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1 Month 3 Months 6 Months

1.5%

Source: Hub24

Canaccord High Growth PortfolioMSCI World Ex Australia NR AUDBloomberg AusBond Bank Bill Index

S&P/ASX 300 TR IndexBloomberg AusBond Comp. 0+ Yr Index

Source: Hub24

115,000

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95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

High Growth Portfolio Investor Update Q3 FY19As at 31 March 2018

Portfolio CommentaryInvestors experienced a euphoric bounce in markets throughout the quarter as compared to the pullback in December, although this did begin to slow a little in March. Global growth remained among the more contentious topics. The US 10-year yield dipped below the 3-month, provoking a flurry of articles in the press about whether this heralds a US recession. Central banks around the world have embraced the idea of being patient in their hiking cycles, a total shift from where they were last year. US-China trade talks continued to dominate the news flow of global markets as the discussion between the world’s two largest economies appeared to edge closer to conclusion. Brexit remained at the top of the agenda for both the UK and EU economies. Despite this recovery slowing a little towards the end of March, all major asset classes still posted positive returns. Australian equities were up 10.9%, international equities 11.5%, and emerging market equities returned 8.9%, as investors flocked back in to risk assets. A-REITs were up 14.4% against a 14.1% return from their global counterparts. Australian and international fixed interest returned 3.4% and 2.8%, respectively, and cash posted 0.5%.

Performance to 31 March 2019

1 Month 3 Months 6 Months Since Incept.

Canaccord Genuity High Growth Portfolio -0.2% 8.0% NA 8.4%

Morningstar Aus Msec Aggressive TR AUD 1.4% 10.4% NA 9.0%

Excess above objective -1.6% -2.4% NA -0.6%

Asset allocation took away from performance a little throughout the quarter. The largest detractor was the portfolios overweight allocation to alternatives, where both underlying managers unfortunately underperformed. The portfolios underweight position in property and infrastructure also took away from performance slightly, as the dovish shift from central banks around the world gave these interest rate sensitive sectors a boost. The overweight position in cash dragged on the portfolio too, as equity markets continued to rise. This slightly more defensive position is what helped performance in December and given the uncertainty that still lingers in markets we believe this position is still justified. On a more positive note however, this was completely negated by the portfolios underweight to fixed interest, which both domestically and internationally lagged other major asset classes. Manager selection had disappointing results for the quarter. Munro struggled to keep up with broader international equity benchmarks, surrounded by strong returns from other major developed markets. The largest detractor was one of the portfolios underlying fixed interest managers (T. Rowe Price). Low rate expectations around the world proved difficult for the manager, returning -0.9% across the three months. It wasn’t all bad however, as both property & infrastructure managers modestly outperformed, as did two of the portfolios underlying fixed interest managers (CC JCB & Macquarie).

Growth of $100,000 (Income Reinvested)


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1.0

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Property Component


Property Component


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14

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8

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6







Alternatives




CashComponent



RBA CashRate

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FixedInterest


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-5.0%

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

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May

17

Jul 1

7

Sep

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Nov

17

Jan

18

10

30

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18

May

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Jul 1

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NOT USED

NOT USED


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1.5%

Source: Hub24



Source: Hub24

115,000

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95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

In contrast to the December quarter, all major asset classes posted positive returns further demonstrating the volatility inherent in single asset class investment.

Since inception the portfolios diversified risk profile achieved what is intended being reduced volatility and more stable returns.

The past 6 months have highlighted just how unpredictable markets can be. It’s worth noting that the portfolios low-risk profile achieved what was intended, by eliminating much of the instability of surrounding markets, and producing a more stable return than would have otherwise been achieved. Given the backdrop of rising markets so far this year, it was disappointing the portfolio did not return similar to its benchmark. As we mentioned above, the slightly more defensive positioning is what has helped the portfolio recently, and we believe this positioning is still justified. While positive returns are always welcome, it’s worth keeping a longer-term perspective in mind when it comes to investing. Since inception, the portfolio has slightly underperformed its objective. Current valuations suggest that lower-yield environments may increasingly add difficulty in achieving portfolio objectives, and while we remain vigilant in monitoring how these factors influence performance, we continue to believe that the portfolio is appropriately positioned to achieve its objectives over the long term.

Asset Allocation (%)

Active Asset Allocation

Asset Class Dynamic Positioning

Comments

Australian Equities

Neutral While Australian equities appear attractive relative to the US, they are valued more or less on-par with Europe and Japan. Since Australian equities entail greater concentration risks than their developed market counterparts, we see no compelling reason to overweight the asset class.

International Equities

Small O/W Although neutral overall within international equities, the portfolio has a significant underweight to the US and overweights to Europe, Asia and Emerging Markets.

Property & Infrastruture

U/W Property & infrastructure lagged equity markets in late 2017 and beginning of 2018, becoming less expensive, but not enough to warrant closing the underweight. Despite a strong performance so far this year, the asset class still remains unattractive relative to other growth assets.

Fixed Income U/W We maintain an underweight to fixed interest, and to US duration in particular, as a result of the hiking cycle late last year. Within Fixed Interest, the portfolio maintains an exposure to duration assets in Australia, floating rate credit, and variable exposure to global duration.

Alternative O/W We are overweight Alternatives primarily because expected returns on traditional growth assets are low by historical standards and we aim to position the portfolio defensively as a result.

Cash O/W The overweight to cash is a consequence of our underweight to fixed interest, and allows us to wait patiently until we can find more attractive investment opportunities.

Strategic Allocation

Current Allocation

Australian Equities 44.0 41.8

International Equities 43.0 38.3

Property & Infrastructure 13.0 6.2

Fixed Interest 0 0

Alternatives 0 7.2

Cash 0 6.5

Strategic

Current


Underlying Manager Allocation & Performance

Performance to 31 March 2019 Weight 3 Months 6 Months 1 Year Est. Yield*

Australian Equities 41.8%

Canaccord Genuity Aus Equities Income Portfolio (I)

19.0% 10.0% 2.3% 13.2% 4.6%

Allan Gray Australia Equity Fund 18.4% 11.4% -0.9% 9.1% 4.9%

Spheria Australian Smaller Companies Fund 4.5% 12.6% -1.6% 7.6% 3.9%

International Equities 38.3%

Ironbark Royal London Concentrated Global Share Fund

15.6% 10.4% -0.2% 14.5% 2.7%

Munro Global Growth Fund 11.4% 6.5% -3.8% 5.7% 1.1%

Platinum European Fund 5.5% 4.0% -7.9% -6.5% 3.2%

iShares MSCI Japan ETF 1.9% 7.0% -7.0% 0.6% 2.6%

Trinetra Emerging Markets Growth Trust 4.0% 1.3%

Property & Infrastructure 6.2%

Vanguard Australian Property Securities Index Fund

2.8% 14.3% 12.4% 25.7% 4.8%

RARE Infrastructure Value Fund - Hedged 3.4% 13.2% 8.5% 15.5% 4.2%

Alternatives 7.2%

Ellerston Australian Market Neutral Fund 3.3% -8.0% -14.3% -18.6% 0.2%

GMO Systematic Global Macro Trust 3.9% 3.1% 0.3% -2.1% 0.0%

Cash 6.5%

BetaShares Australian High Interest Cash ETF (AAA)

1.9% 0.5% 1.0% 2.0% 2.0%

Cash 4.6% 0.5% 1.0% 2.0% 1.0%

A combination of both asset allocation and manager performance detracted value on a relative basis during the quarter. We remain defensive in our positioning and active in our analysis of micro and macro events.

*Estimated Yield corresponds to the estimated dividend yield of underlying stock holdings for equity based portfolios and funds, and to the yield to maturity for fixed income funds. Income distributions may vary from the estimated yield as funds may elect to distribute capital gains.


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Property Component


Property Component


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RBA CashRate

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FixedInterest


-15.0%

-10.0%

-5.0%

0%

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10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

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18

Jan

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Mar

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NOT USED

NOT USED


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0.5%

1.0%

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Source: Hub24



Source: Hub24

115,000

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90,000Jan-19 Feb-19 Mar-19Dec-18

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Australian Equity Component S&P/ASX 300 Index Australian Equity Component S&P/ASX 300 IndexEx

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7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

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5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

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NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

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95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

0.0%

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Con

sum

er D

iscr

etio

nary

Ener

gy

Com

mun

icat

ion

Serv

ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Australian Equity Component S&P/ASX 300 Index Australian Equity Component S&P/ASX 300 IndexEx

-Ind

ex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

sum

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iscr

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Info

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ion

Tech

nolo

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Fina

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are

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Con

sum

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tapl

es

Ener

gy

Mat

eria

ls

Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

Est

ate

Mat

eria

ls

Fina

ncia

ls

Con

sum

er S

tapl

es

Hea

lth C

are

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stria

ls

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sum

er D

iscr

etio

nary

Ener

gy

Com

mun

icat

ion

Serv

ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

sum

er D

iscr

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nary

Info

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ion

Tech

nolo

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Fina

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Con

sum

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tapl

es

Ener

gy

Mat

eria

ls

Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

Company WeightBHP Group Ltd 6.3%Commonwealth Bank of Australia 6.0%Cleanaway Waste Management Ltd 5.2%Brambles Ltd 5.1%Woolworths Group Ltd 5.0%Caltex Australia Ltd 4.8%Woodside Petroleum Ltd 4.7%Wesfarmers Ltd 4.3%Macquarie Group Ltd 4.2%Aust and NZ Banking Group 3.8%

Australian Equities Component

Top 10 holdings

Sector exposures

Estimated dividend yield Estimated Fwd P/E ratio

Market cap exposures

Canaccord Genuity High Growth Portfolio

Aus Equity ComponentS&P/ASX 300 Index

Aus Equity ComponentS&P/ASX 300 Index

The S&P/ASX 300 Index returned +10.9% over the March quarter while mid-caps (+10.5%) and small caps (+8.1%) underperformed slightly. Within sectors, consumer staples was the slowest performer (+5.1%) weighed on slightly by cyclical factors. The best performing sectors were IT (+20.8%) and materials (18.2%). Iron ore producers BHP and RIO which make up a large portion of the index were supported by supply concerns surrounding the Vale tailings dam incident. The Canaccord Genuity Australian Equity Income portfolio (+10.0%) performed broadly in line with the market over the quarter. The major positive contributors were Cleanaway Waste Management (CWY), QBE Insurance and BHP. Breaking performance down by sector, the best performing components of the portfolio were industrials, followed by financials and materials. The financials component of the portfolio was broadly boosted by the outcome of the Hayne Royal Commission. Among the 76 recommendations, the vertical strucutre of the banking industry was left intact, triggering a relief rally in financial stocks and adding $20bn in value to the sector alone.


International Equities Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

Est

ate

Mat

eria

ls

Fina

ncia

ls

Con

sum

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are

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ls

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sum

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iscr

etio

nary

Ener

gy

Com

mun

icat

ion

Serv

ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

sum

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iscr

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Info

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Tech

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Fina

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are

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ls

Con

sum

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tapl

es

Ener

gy

Mat

eria

ls

Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

Est

ate

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ls

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sum

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etio

nary

Ener

gy

Com

mun

icat

ion

Serv

ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

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Ener

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ls

Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

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Ener

gy

Com

mun

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ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

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Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

Est

ate

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eria

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Ener

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Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

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ion

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Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

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Emg

Mkt

s - A

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Emg

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s - O

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Cas

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n

Euro

pe e

x U

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Nor

th A

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ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

Company WeightMicrosoft Corp 2.9%Amazon.com Inc 2.5%Alphabet Inc-A 2.3%Berkshire Hathaway Inc-CL B 2.0%Eli Lilly & Co 1.9%Bandai Namco Holdings Inc 1.6%Church & Dwight Co Inc 1.5%Safran SA 1.5%Johnson & Johnson 1.5%Suncor Energy Inc 1.5%

Top 10 holdings

Sector exposures

Estimated dividend yield Estimated Fwd P/E ratio

Regional exposures

Intl Equity ComponentMSCI World Index

Intl Equity ComponentMSCI World Index

The MSCI World ex-Australia index was up +11.5% over the March quarter, a complete recovery from the slide experienced only 3 months ago. IT performed especially well, with the sector returning +18.5% for the quarter. This was also the case for real estate, returning +14.7%, as interest rate sensitive sectors enjoyed rate expectations around the world coming down. In this context, the portfolio’s two core managers Royal London (+10.3%) and Munro (+6.5%) both managed to return positive numbers throughout the quarter. Royal London’s performance was helped by exposure to select energy and IT stocks, while Munro was boosted by Blue Prism Group, Worldpay, and Servicenow Inc, returning +52.0%, +39.6% and +37.3% respectively. Munro’s large exposure to cash and its downside protection account for the bulk of its underperformance. The Platinum Europe Fund returned 4.0% over the first three months of 2019. The best perfoming segments were once again those that are most senstive to interest rates. This includes fast-growing businesses whose lifetime earnings mostly accrue in the future, as well as slow-growing businesses with defensive earnings and high dividend payouts. The fund is increasingly skewed towards businesses with cyclical earnings. The exposure to fast growing businesses and almost no exposure to slow-growing businesses explains why performance has lagged the broader market in recent months.


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

Est

ate

Mat

eria

ls

Fina

ncia

ls

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sum

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Ener

gy

Com

mun

icat

ion

Serv

ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

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es

Ener

gy

Mat

eria

ls

Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

Est

ate

Mat

eria

ls

Fina

ncia

ls

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sum

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are

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Ener

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Com

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ion

Serv

ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

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Tech

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Fina

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Ener

gy

Mat

eria

ls

Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

Company WeightScentre Group 17.6%Goodman Group 17.2%Dexus 10.3%GPT Group 8.9%Mirvac Group 8.2%

Property Component

Top 5 holdings Estimated dividend yield Estimated Fwd P/B ratio


Property Component Property Component

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

Est

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Mat

eria

ls

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Util

ities

Info

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ion

Tech

nolo

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0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

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Ener

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Com

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ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

Sectors

Retail REITs 34.3%

Diversified REITs 31.0%

Industrial REITs 18.2%

Office REITs 12.9%

Residential REITs 0.5%

Health Care REITs 0.6%

Specialized REITs 2.5%

The A-REITs market was up +14.4% over the quarter, boosted by strong positive performances by Charter Hall (+38.1%), Goodman Group (+25.6%), and Mirvac (+22.8%). This sector, along with other interest rate sensitive sectors, was aided by interest rate expectations coming down across the world.


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

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Ener

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Com

mun

icat

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Serv

ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

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ion

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Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

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evel

oped

Emg

Mkt

s - A

sia

Emg

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s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

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Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

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ion

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0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

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ities

Real

Est

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0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

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Emg

Mkt

s - A

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Emg

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Cas

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0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

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Util

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ion

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nolo

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0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

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20

25

10




ash

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sum

er S

tapl

es

Ener

gy

Mat

eria

ls

Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

Est

ate

Mat

eria

ls

Fina

ncia

ls

Con

sum

er S

tapl

es

Hea

lth C

are

Indu

stria

ls

Con

sum

er D

iscr

etio

nary

Ener

gy

Com

mun

icat

ion

Serv

ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

sum

er D

iscr

etio

nary

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Con

sum

er S

tapl

es

Ener

gy

Mat

eria

ls

Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18

Company WeightEnbridge Inc 6.7%Williams Cos Inc 5.2%National Grid PLC 5.1%Transurban Group 4.9%United Utilities Group PLC 4.9%Vinci SA 4.6%Union Pacific Corp 4.3%Sempra Energy 4.2%Emera Inc 4.1%Severn Trent PLC 3.9%


Top 10 holdings

Sectors

Estimated dividend yield Estimated Fwd EV/EBITDA

Regions


Infrastructure Component Infrastructure Component

Highways & Rail 18.1%

Electric Utility & Production 19.8%

Water, Gas & Multi-Utilities 27.6%

Oil & Gas Storage & Transportation

15.7%

Airports & Marine Ports 7.1%

Construction & Engineering 6.7%

Cable & Satellite 0%

Specialized REITs 2.2%

North America 48.5%

Europe ex UK 12.9%

UK 16.0%

Other Developed 13.0%

Emg Mkts - Other 6.0%

Emg Mkts - Asia 1.9%

Top performers for RARE, the portfolio’s dedicated Infrastructure manager, included US utilities companies PG&E Corporation, Enbridge and Dominion Energy. On a regional basis, USA & Canada were the top contributors to quarterly performance. PG&E Corporation shares rallied throughout the quarter after the Californian Government announced a team to tackle utility wildfire liability issues in the state. Enbridge also rallied as the market is beginning to give the company credit for their successful strategic initiatives, including corporate simplification and deleveraging.


Alternatives


The exposure to alternatives is diversified across two differentiated strategies: a relativly defensive one, Ellerston Australian Market Neutral Fund and a more growth oriented one, GMO Systematic Global Macro Trust.

Ellerston is an absolute return strategy that tends to have a low correlation to equity markets. The fund invests mainly in relative value, or “pair trades”, i.e. “long” one stock and “short” the other, thereby avoiding market risk. A small portion of the fund is also allocated to special situations, including share recapitalisations, mergers, takeovers, restructures, security conversions, placements, IPOs, sell downs and share buybacks.

The Fund returned -4.0% in March, underperforming the benchmark return of +0.1% in the period. The bulk of the negative return came from a break in the merger between Eclipx (-67.6%) and McMillan Shakespeare (+1.7%), a paired position that was held within Special Situations. Net exposure was +25% with a beta-adjusted net of -3.1%. Gross exposure closed the quarter at 212.1%. Throughout the entire quarter, the holding in Johns Lyng (+6.6%) added value, with the market continuing to appreciate the unique business model that is geared to benefit from the damage caused by catastrophic events.

The GMO Systematic Global Macro Trust uses a quantitative investment model to tactically allocate between equities, bonds, commodities and currencies, using futures and forward contracts. The strategy can be long or short any of these markets. The model is based on Value factors (which compare the price of an asset to its economic fundamental value) and Sentiment-based factors (which reflect consensus risk aversion, analyst behaviour and momentum).

The fund returned +3.1% for the quarter. While it is disappointing that our alternative strategies weren’t able to return in line with broader equity benchmarks, we still believe the allocations are warranted and the funds continue to perform over the long-term.

Volatility Index 2017 to 2019 YTD

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

25

10









ash

Real

Est

ate

Mat

eria

ls

Fina

ncia

ls

Con

sum

er S

tapl

es

Hea

lth C

are

Indu

stria

ls

Con

sum

er D

iscr

etio

nary

Ener

gy

Com

mun

icat

ion

Serv

ices

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-I

ndex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

1.0%

2.0%

3.0%

4.0%

0

5

15

20

25

10




ash

Con

sum

er D

iscr

etio

nary

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Con

sum

er S

tapl

es

Ener

gy

Mat

eria

ls

Com

mun

icat

ion

Serv

ices

Util

ities

Real

Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cas

h

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6







Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0







FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-52%

A+ to A-15%

BBB+ to BBB-16%

Sub Inv.Grade

4%

Cash7%

NotRated

1%

AA+ to AA-4%

40

20

0

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

10

30

Mar

18

May

18

Jul 1

8

Sep

18

Nov

18

Jan

19

Mar

19

NOT USED

NOT USED


0.0%

0.5%

1.0%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%


1.5%

Source: Hub24



Source: Hub24

115,000

110,000

105,000

100,000

95,000

90,000Jan-19 Feb-19 Mar-19Dec-18


E [email protected] T +613 8688 9100www.cgf.com

Australia

Canada

China

France

Germany

Guernsey

Ireland

Isle of Man

Jersey

Singapore

Switzerland

United Kingdom

United States

Contact

This report is prepared by InvestSense Pty Ltd ABN 31 601 876 528 (“InvestSense”) based on data and information provided by Praemium Australia Ltd ABN 92 117 611 784, AFS licence No. 297 956). InvestSense provides investment advisory services to Canaccord Genuity Australia Limited ABN 19 075 071 466, AFSL 234666 (“CGAL”) who is the Portfolio Manager of this Portfolio. The information contained in this document is not intended to be a definitive statement on the subject matter nor an endorsement that this Portfolio is appropriate for you and should not be relied upon in making a decision to invest in this Service or Fund. The information in this report is general information only and does not take into account your individual objectives, financial situation, needs or circumstances. The material in this report is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. No representations or warranties express or implied, are made as to the accuracy or completeness of the information, opinions and conclusions contained in this report. In preparing this report, Praemium Australia Ltd has relied upon and assumed, without independent verification, the accuracy and completeness of all information available to Praemium Australia Ltd. To the maximum extent permitted by law, neither Praemium Australia Ltd or its directors, employees or agents accept any liability for any loss arising in relation to this report. No representation or warranty, expressed or implied, is made by InvestSense or CGAL, their affiliates or any other person as to its accuracy, completeness or correctness. All estimates, opinions and other information contained in this presentation constitute the authors’ judgment as of the date of this presentation, are subject to change without notice and are provided in good faith but without legal responsibility or liability. The suitability of the Service or Fund to your needs and the suitability of a particular Investment Choice depends on your individual circumstances and objectives and should be discussed with your Adviser. Potential investors must read the FSG and PDS along with any accompanying materials. CGAL is not a registered tax (financial) adviser under the Tax Agent Services Act (2009) and therefore you should consult your registered tax agent for tax related advice. Investment in securities and other financial products involves risk. An investment in a financial product may have the potential for capital growth and income, but may also carry the risk that the total return on the investment may be less than the amount contributed directly by the investor. Past performance of financial products is not a reliable indicator of future performance. Praemium Australia Ltd, its Trustee, InvestSense and CGAL do not assure or guarantee the performance of any financial products offered. Information, opinions, historical performance, calculations or assessments of performance of financial products or markets rely on assumptions about tax, reinvestment, market performance, liquidity and other factors that will be important and may fluctuate over time. Canaccord Genuity, InvestSense and Praemium Australia Ltd, its associates and their respective directors and other staff each declare that they may, from time to time, hold interests in Securities that are contained in this Service or Fund.

Documents

NO USE - Canaccord Genuity · ater, Gas & Multi-Utilities Oil & Gas Storage & ransportation Airports & Marine Ports Construction & Engineering Cable & Satellite Specialized REIs Australia