June was a quiet month for portfolio news. The team attended several company and industry meetings in relation to prospective and current portfolio companies to gain insight and build a deeper understanding of their respective industries. Notably, Medidata Solutions (MDSO-US) and Dassault Systèmes (DSY-FR) announced the signing of a definitive agreement for DSY-FR to acquire MDSO-US in an all-cash transaction. The team continued to attend company and industry meetings to inform the investment process and ensure only the highest quality companies are held in the portfolios.
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.||23.7||14.6||9.1|
|5 years p.a.||21.4||13.8||7.6|
Top 5 Stock Holdings
|Portfolio (%)||Benchmark* (%)|
|Alphabet Inc. Class A||8.7||0.8|
|Facebook, Inc. Class A||8.2||1.1|
|PayPal Holdings Inc||7.1||0.3|
|Mastercard Incorporated Class A||5.8||0.6|
* Inception date: 1st June 2014. Benchmark is the MSCI World Index (AUD).
Past performance is not a reliable indicator of future performance.
Salesforce.com, Inc. (CRM-US) released its results for the first quarter ended 30 April 2019, reporting revenue growth of 24% to $3.7b, gross profit margin expansion of 106bps to 75.5% and net profit growth of 14% to $392m. Revenue growth was driven by a 11% increase in Sales Cloud (29% of revenue) to $1.1b, +20% in Service Cloud (27% of revenue) to $1.0b, +46% in Salesforce Platform and Other (23% of revenue) to $842m, +33% in Marketing and Commerce Cloud (15% of revenue) to $561m, and a 23% increase in Professional Services and Other revenue (6% of revenue) to $241m. Geographically, Americas revenue increased 25% to $2.6b, Europe +25% to $755m and Asia Pacific +22% to $365m. Management took the opportunity to reaffirm revenue guidance and increased diluted EPS guidance to $0.78 to $0.80 per share.
Medidata Solutions (MDSO-US) and Dassault Systèmes (DSY-FR) announced the signing of a definitive agreement for DSY-FR to acquire MDSO-US in an all-cash transaction at a price of $92.25 per share. The transaction was unanimously approved by the Board of Directors of both companies.
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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