Approaching the holiday period, December was a relatively quiet month in terms of portfolio news. Notably, Trade Me Group Limited (TME-AU) entered into an agreement under which funds advised by Apax Partners will acquire 100% of its shares for NZ$6.45 per share. As we move into 2019, the domestic market will set its focus on the upcoming February reporting season.
We remain confident that the companies in the portfolios will achieve attractive rates of revenue, EPS and DPS growth over the next five years, well ahead of the broader market.
|3 years p.a.||14.1||7.1||7.0|
Top 5 Stock Holdings
|Portfolio (%)||Benchmark* (%)|
|Alphabet Inc. Class A||11.0||0.9|
|Facebook, Inc. Class A||7.9||0.9|
* Inception date: 1st June 2014. Benchmark is the MSCI World Index (AUD).
Past performance is not a reliable indicator of future performance.
Costco Wholesale Corporation (COST-US) released its first quarter FY19 results, announcing net sales growth of 10% to $34.3b and net income growth of 20% to $767m. Membership renewal rates remained strong at 90.5% in the U.S. and Canada with Worldwide rates now 88%. COST-US’s gross margin decreased 26bps, as fulfilment costs rose and fresh food margins came under pressure from increased competition. The company expects to open 23 net warehouses in FY19, with 75% in the U.S. and 25% internationally.
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.
The Fund’s Product Disclosure Statement contains more complete information on risks and fees.