|3 years p.a.||23.1||16.3||6.8|
|5 years p.a.||21.0||13.6||7.4|
Top 5 Stock Holdings
|Portfolio (%)||Benchmark* (%)|
|Alphabet Inc. Class A||7.9||0.9|
|Facebook, Inc. Class A||6.2||1.1|
|PayPal Holdings Inc||6.0||0.3|
* Inception date: 1st June 2014. Benchmark is the MSCI World Index (AUD).
Past performance is not a reliable indicator of future performance.
LVMH Moët Hennessy Louis Vuitton (MC-FR) released its sales revenue results for the third quarter ended 30 September 2019, reporting revenue growth of 16% to €38.4b. Overall, MC-FR achieved strong revenue growth across all geographical areas, Japan was up 20% to €2.7b, Asia ex Japan +12% to €11.9b, Europe +11% to €10.4b and the U.S. +8% to €8.8b. Divisionally, the Fashion & Leather Goods segment achieved revenue growth of 22% to €15.9b, driven by Louis Vuitton and Christian Dior Couture experiencing strong growth across all their product categories. Selective Retailing was the next best performer with revenue increasing 11% to €10.6b driven by Sephora which continued to experience strong organic revenue growth, especially in Asia and the Middle East. Wine & Spirits revenue increased 10% to €3.9b following strong demand from China and the U.S., with Hennessy cognac volumes up 10% driven by VS qualities. Elsewhere, Perfumes & Cosmetics revenue was up 11% to €4.9b, whilst Watches & Jewelry revenue increased 8% to €3.3b driven by rapid progress across Jewelry, especially in directly operated stores.
Microsoft Corporation (MSFT-US) released its results for the first quarter ended 30 September 2019, reporting revenue growth of 14% to $33.1b, operating margin expansion of 415bps to 33.4% and EPS growth of 21% to $1.38 per share. The company’s Productivity and Business Processes segment grew revenue by 13% to $11.1b, and achieved operating margin expansion of 345bps to 43.2% with operating income increasing 23% to $4.8b, driven by continued growth across its Office, Dynamics and LinkedIn products and services offerings. MSFT-US’s Intelligent Cloud segment grew revenue by 27% to $10.8b, while operating margins expanded by 165bps to 35.9% and operating income increased 33% to $3.9b, driven by a strong performance from Azure which achieved revenue growth of 59%. Furthermore, the More Personal Computing segment achieved revenue growth of 4% to $11.1b, achieving operating margin expansion of 682bps to 36.1% with operating income increasing 28% to $4.0b, driven by growth achieved across Windows, Surface and Search Advertising. A major highlight of the result was the continued growth in commercial cloud revenue which increased 36% and now represents 35% of the total revenue.
PayPal Holdings Inc (PYPL-US) released a market update for the quarter ended 30 September 2019, reporting revenue growth of 19% to $4.4b, operating margin expansion of 207bps to 23.4% and EPS growth of 31% to $0.76 per share (excludes unrealised losses on investment portfolio). Geographically, the company grew net revenue in the U.S. by 19% to $2.3b and by 19% to $2.1b Internationally. Operationally, the company continues to produce strong engagement metrics with the number of active accounts growing 16% to 295m with each account on average conducting 39.8 transactions, up 9%. The number of payment transactions processed by PYPL-US grew 25% to 3.1b, with Total Payment Volumes (TPV) up 25% to $178.7b. Management provided full year 2019 guidance for revenue to be between $17.7b to $17.76b and TPV growth in the mid-20% range.
OBJECTIVE: LONG-TERM CAPITAL GROWTH AND INCOME BY INVESTING IN HIGH QUALITY GLOBAL COMPANIES PRIMARILY LISTED WITHIN THE MSCI WORLD MARKETS AT THE TIME OF INVESTMENT.
Hyperion named AUSTRALIAN FUND MANAGER OF THE YEAR in the Morningstar 2016 Awards, Australia.
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