| Portfolio –
|3 years p.a.||14.0||12.7||1.3|
|5 years p.a.||12.0||10.0||2.1|
|7 years p.a.||14.2||10.8||3.4|
|10 years p.a.||10.7||8.4||2.4|
|15 years p.a.||11.4||8.3||3.1|
|Since Inception** p.a.||12.0||9.6||2.4|
Top 5 Holdings
|Portfolio (%)||Benchmark* (%)|
* Benchmark is the S&P/ASX 300 Accumulation Index.
** Inception date 30th September 2002
^ Total Return
Past performance is not a reliable indicator of future performance
In Australia, the S&P/ASX 300 Index returned +3.2% with economic data revealing an increase in house prices during November and weaker retail trading activity and wages growth during the third quarter of 2019. Information technology (+10.6%), health care (+8.8%) and consumer staples (+8.1%) were the best performing sectors. Financials (-2.0%), utilities (-0.5%) and REITs (+2.3%) were the worst performers. Bulk commodity prices were mixed during November with gold and thermal and hard coking coal prices falling, whilst iron ore and brent oil rose. The U.S. dollar was up against most G10 currencies during the month, except against the New Zealand Dollar and Swedish Krona.
Macquarie Group Limited (MQG-AU) released its first half year ended 30 September 2019 results, reporting net revenue growth of 8% to $6.3b, operating income growth of 8% to $1.8b and net profit growth of 11% to $1.5b. The company’s Annuity-Style operating group, comprising 60% of the group’s profits, increased net profit by 10% to $1.7b. Macquarie Asset Management net profit increased by 32% to $1.1b after it benefited from higher base & performance fees whilst Banking and Financial Services net profit was up 2% to $385m after achieving higher income from its Australian loan portfolio and from an increase in the funds on its platform. MQG-AU’s Markets-Facing operating group, comprising 40% of the group’s profits, increased net profit by 4% to $1.2b. Macquarie Capital’s net profit fell 56% to $223m due to lower investment-related income and lower interest income from its debt portfolio whilst the Commodities and Global Markets segment performed strongly with net profit up 32% to $1.1b driven by increased client hedging and overall activity on its platform. Management expect the group’s results for FY20 to be slightly down on FY19, subject to market conditions.
Xero Limited (XRO-AU) reported results for the first half ended 30 September 2019, announcing operating revenue growth of 32% to $339m, gross margin expansion of 240bps to 85.2% and EBITDA, excluding non-cash share-based payments & impairments, was up 66% to $82m. Geographically, ANZ achieved operating revenue growth of 25% to $211m, subscribers increased by 23% to 1.2m with the Average Revenue Per User (ARPU) down 1% to $31.64 due to the weaker AUD vs NZD but offset by contributions from Hubdoc and Xero Payroll. XRO-AU’s International segment achieved operating revenue growth of 46% to $127m, with subscribers increasing by 42% to 850,000 and ARPU up 1% to $29.98. Divisionally, Core Accounting revenue, 89% of revenue, increased 29% to $301m, Platform revenue, 6% of revenue, was up 116% to $20m, WorkflowMax revenue, 3% of revenue, was up 20% to $10m and Non-recurring revenue, 2% of revenue, increased 19% to $7m. The company also announced that as part of its social and environmental impact program it will offset 100% of its carbon emissions for the year and going forward.
Hyperion named AUSTRALIAN FUND MANAGER OF THE YEAR in the Morningstar 2016 Awards, Australia.
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