|3 years p.a.||13.2||11.4||1.8|
|5 years p.a.||13.3||10.8||2.5|
|7 years p.a.||14.9||7.3||7.6|
|10 years p.a.||13.7||4.6||9.1|
|15 years p.a.||13.4||5.0||8.4|
|Since Inception** p.a.||15.5||7.5||8.1|
Top 5 Stock Holdings
|Portfolio (%)||Benchmark* (%)|
* Benchmark is the S&P/ASX Small Ordinaries Accumulation Index.
** Inception 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.
Pushpay Holdings Limited (PPH-AU) released results for the first half ended 30 September 2019, reporting total revenue growth of 30% to US$57.4m, gross profit margin expansion of 8% to 65% and net profit growth of 247% to US$6.5m. Subscription revenue was up 22% to US$15.3m and processing revenue increased 35% to US$40.8m. Total Processing Volume (TPV) increased 45% to US$2.2b, with the average revenue per customer increasing 20% to US$1,272 per month. PPH-AU’s customer base increased 7% to 7,905 customers with the proportion of medium and large customers increasing from 54% to 56%. Management reiterated guidance for the year ending 31 March 2020 of operating revenue of between US$121m to US$124m, gross margin of over 63% and TPV of between US$4.8b and US$5.0b.
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.
OBJECTIVE: MEDIUM TO LONG-TERM CAPITAL GROWTH AND INCOME THROUGH INVESTING IN HIGH CALIBRE AUSTRALIAN COMPANIES PRIMARILY LISTED OUTSIDE THE S&P/ASX 100 AT THE TIME OF INVESTMENT.
Hyperion named AUSTRALIAN FUND MANAGER OF THE YEAR in the Morningstar 2016 Awards, Australia.
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