As at 30th November 2015, cash represented 11% of the Fund. Cash remains a valuable, low risk, income producing option to take advantage of future opportunities.
The top five holdings by value were: ANZ Bank, Caltex, Resmed, Credit Corp and Tatts Group. The Fund’s largest positive contributors for the month were SG Fleet, Credit Corp, Caltex, RCG Group and CSL. The larger detractors (although small) were RIO and FlexiGroup.
The Fund added to existing holdings in Flight Centre, FlexiGroup, Telstra and Meridian. The Fund sold its holding in Fox Group at a healthy profit while also taking advantage of the strong DUET share price to lighten the holding.
As at 30th November 2015, the Fund’s exposure to non-Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed, CSL, Crown Resorts, Rio Tinto, and NZ based companies net of the forex hedge) stood at 20%.
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