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Zenith Investment Partners

Model Portfolio Construction Document

February 2010

TABLE OF CONTENTS
1. The Model Portfolio Offering ........................................................................... 3
1.1. 1.2. Accessing the Model Portfolios ..................................................................................... 3 Model Portfolio Reports .................................................................................................. 4

2. 3. 4.

Objectives of the Portfolios............................................................................. 5 Determining the Risk / Return Profiles ........................................................... 5 Strategic Asset Allocation ............................................................................... 6
4.1. 4.2. 4.3. 4.4. 4.5. Zeniths Strategic Asset Allocation ............................................................................... 6 Setting the Strategic Asset Allocation .......................................................................... 7 Investment Timeframe ..................................................................................................... 8 Strategic Asset Allocation Rebalancing ........................................................................ 9 Asset Classes within the Strategic Asset Allocation ................................................... 9

5. 6. 7. 8. 9.

Tactical Asset Allocation ............................................................................... 11 Portfolio Characteristics................................................................................ 11 Fund Selection ............................................................................................... 11 Portfolio Performance Calculation ............................................................... 12 Median Managers ........................................................................................... 12

1.

The Model Portfolio Offering


Zenith offers its clients three options in regards to our model portfolio service: Tailored Platform Portfolios; Fully Customised Portfolios; or a combination of both Tailored Platform and Fully Customised Portfolios. Each of the options are explained below: Tailored Platform Portfolios: Tailored Platform Portfolios are a model portfolio solution that provide five portfolios (ranging from Conservative to High Growth) per administration platform. Tailored Platform Portfolios are available across all of the major administration platforms, including BT Wrap, Macquarie Wrap, Colonial First State FirstChoice and Asgard eWrap/Mastertrust. Clients can choose to purchase portfolios for a single platform, or multiple platforms to suit their requirements. Zenith undertakes extensive ongoing due diligence for every fund in every portfolio. We also closely analyse how each fund blends with the other funds in the portfolio to ensure an optimal exposure across each asset class and individual fund. The portfolios are constantly monitored by Zenith, with detailed performance and attribution analysis conducted on a monthly basis. Performance issues with any of the underlying funds are identified early and discussed with the fund manager if necessary. To minimise the administrative burden on its clients, Zenith endeavours to keep the turnover of funds in the portfolios as low as possible. However, when a change is required, clients will be provided with a detailed explanation of the reasons for the change. Fully Customised Portfolios: Whilst the Tailored Platform Portfolios are designed to cater for the requirements of most adviser groups, Zenith acknowledges that some groups may have specialised requirements that are outside the scope of Tailored Platform Portfolios. For this reason, Zenith also offers Fully Customised Portfolios, where clients can incorporate their own unique requirements into the portfolios. A clients unique requirements may include things like a different growth/defensive split to the standard Zenith offering, or perhaps the exclusion of Alternative products in the portfolios. The Fully Customised Portfolios are subjected to exactly the same rigorous ongoing monitoring process that is applied to the Tailored Platform Portfolios. Combination of both Tailored Platform and Fully Customised Portfolios: Some clients may choose to purchase a combination of both Tailored Platform Portfolios and Fully Customised Portfolios, which Zenith can easily cater for.

1.1.

Accessing the Model Portfolios


The model portfolios are accessed via a unique log-in to the www.zenithpartners.com.au website. Once logged in, advisers can then click on the Portfolios tab, which provides a drop down list of all of the advisers model portfolios. Once a particular portfolio is selected, the fund names and weightings are displayed, as well as links to the four reports available for the portfolio. The screenshot below shows the display after a portfolio has been selected from the drop-down list and the Display Portfolio button has been pressed.

1.2.

Model Portfolio Reports


There are four reports available for the model portfolios, accessed via links on the webpage. Samples of these reports are available via the home page of the www.zenithpartners.com.au website. The four available reports are explained below: Report For Selected Portfolio: this report provides all the details for the selected portfolio including: portfolio holdings and weightings; commentary on the funds used in the portfolio and why certain funds have been blended together; and return, risk & consistency statistics for the portfolio compared to the median manager. Product Profile Reports For All Funds In Selected Portfolio: this report consolidates the Product Profile reports for all funds in the selected portfolio into a single document. A Product Profile report provides key details for a fund, including Fund Rating, Fees, Benchmark, Investment Objective, Manager Background, Investor Profile and basic Performance Statistics. Product Profile reports are usually a single page each. Product Assessment Reports For All Funds In Selected Portfolio: this report consolidates the Product Assessment reports for all funds in the selected portfolio into a single document. A Product Assessment report provides the research findings of the Zenith investment team for the particular fund and includes the Fund Rating, and an assessment of the funds Investment Process, Investment Team, Risks of the Fund and Applications of the Fund. Product Assessment reports for each fund are generally around 5-7 pages in length. Report For All Portfolios: this report consolidates the Report For Selected Portfolio (mentioned above) for all available portfolios into a single document. 4

2.

Objectives of the Portfolios


Setting total return objectives for portfolios is a difficult task, as the return is dependent on the performance of each of the underlying asset classes and fund returns. Whilst it is useful to assess the historical risk and return characteristics of each of the asset classes, this is not necessarily a reliable guide to future performance and volatility. For this reason, Zeniths portfolio objectives are relative in nature, with the aim to outperform competitor products of a similar risk/return profile over the medium to longer term. In order to determine the performance of competitor products, Zenith utilises a series of median managers that match the risk/return profile of each of the Zenith portfolios. To enable comparison, the performance statistics of the relevant median manager are shown alongside the performance of the portfolio in the model portfolio report. For further detail on median manager calculations, please refer to Section 9 of this document.

3.

Determining the Risk / Return Profiles


Zenith offers five risk / return profiles across its portfolio suite. The main consideration in determining the split between growth and defensive assets across the portfolio suite was to ensure that there was a meaningful and consistent step-up in risk and return. This approach ensures that there is an appropriate portfolio available for all clients, regardless of the risk appetite. The five model portfolios offered by Zenith are as follows:

Conservative

Moderate

Balanced

Growth

High Growth

The graph below displays the long-term risk and return statistics that Zenith believes may be achievable over the long-term (i.e. 10 years plus) for each of the portfolios. These numbers have been calculated based on a detailed analysis of the historical risk and return characteristics of each asset class index, as well as a consideration of fund manager excess returns relative to the asset class indices.

Zenith Model Portfolios - Efficient Frontier


11% High Growth 10%
Growth

9%
Return (% pa)

Balanced 8% Moderate 7% Conservative 6%

5% 2% 4% 6% 8% Volatility (% pa) 10% 12% 14%

4.
4.1.

Strategic Asset Allocation


Zeniths Strategic Asset Allocation
Zenith reviews the Strategic Asset Allocation of all portfolios on an annual basis to ensure they remain consistent with the portfolios objectives and industry best practice. Zeniths typical Strategic Asset Allocation across each of the five Risk/Return profiles is shown below:

Conservative Australian Shares International Shares Australian Listed Property International Listed Property Alternatives Total Growth Assets 5.5% 5.5% 4.0% 5.0% 20.0%

Moderate 13.0% 13.0% 4.0% 4.0% 6.0% 40.0%

Balanced 21.5% 21.5% 5.0% 5.0% 7.0% 60.0%

Growth 30.0% 30.0% 6.0% 6.0% 8.0% 80.0%

High Growth 39.5% 39.5% 6.5% 6.5% 8.0% 100.0%

Fixed Interest Cash Total Defensive Assets

70.0% 10.0% 80.0%

52.5% 7.5% 60.0%

35.0% 5.0% 40.0%

20.0% 20.0%

0.0%

4.2.

Setting the Strategic Asset Allocation


The decision making process in determining the underlying Strategic Asset Allocation of the portfolios incorporates several quantitative and qualitative inputs. The process begins with an analysis of the interaction of each asset class with one another using Correlation Matrices over several time periods. Asset class pairs that have a sustained low correlation over multiple time periods can potentially indicate a diversification opportunity for portfolios. An example of a typical Correlation Matrix used by Zenith is shown below:

International Shares (unhedged)

5 Year Correlation

Global Infrastructure Securities


0.87 0.89 0.55 0.91 0.72 0.77 -0.32 0.16 -0.33 0.76 0.68 1.00 -0.05

International Shares (hedged)

Australian Small Companies

International Fixed Interest

Global Resources Securities

Australian Listed Property

Australian Fixed Interest

Global Listed Property

Hedge Fund-of-Funds

Australian Shares Australian Small Companies International Shares (unhedged) International Shares (hedged) Australian Listed Property Global Listed Property Australian Fixed Interest International Fixed Interest Australian Cash Hedge Fund-of-Funds Global Resources Securities Global Infrastructure Securities Managed Futures

1.00 0.92 0.60 0.91 0.73 0.73 -0.36 0.06 -0.43 0.77 0.73 0.87 -0.01

0.92 1.00 0.51 0.92 0.65 0.75 -0.44 0.08 -0.48 0.80 0.76 0.89 -0.02

0.60 0.51 1.00 0.62 0.64 0.57 0.12 -0.09 -0.04 0.31 0.34 0.55 -0.16

0.91 0.92 0.62 1.00 0.73 0.86 -0.34 0.10 -0.38 0.76 0.72 0.91 -0.06

0.73 0.65 0.64 0.73 1.00 0.75 -0.03 0.21 -0.28 0.46 0.37 0.72 -0.18

0.73 0.75 0.57 0.86 0.75 1.00 -0.17 0.19 -0.36 0.50 0.45 0.77 -0.18

-0.36 -0.44 0.12 -0.34 -0.03 -0.17 1.00 0.43 0.39 -0.54 -0.45 -0.32 -0.07

0.06 0.08 -0.09 0.10 0.21 0.19 0.43 1.00 -0.14 -0.12 -0.06 0.16 -0.12

-0.43 -0.48 -0.04 -0.38 -0.28 -0.36 0.39 -0.14 1.00 -0.36 -0.35 -0.33 0.16

0.77 0.80 0.31 0.76 0.46 0.50 -0.54 -0.12 -0.36 1.00 0.85 0.76 0.24

0.73 0.76 0.34 0.72 0.37 0.45 -0.45 -0.06 -0.35 0.85 1.00 0.68 0.26

-0.01 -0.02 -0.16 -0.06 -0.18 -0.18 -0.07 -0.12 0.16 0.24 0.26 -0.05 1.00

Further work is then done to assess the optimal weight that a particular asset class could be used in a portfolio. Zenith uses a proprietary Diversification Model to provide some guidance in terms of the allocation between asset classes. An extract of the model is provided as an example below, which shows how adding Managed Futures to a Moderate Portfolio would impact on portfolio volatility. Despite the fact that Managed Futures have a higher stand alone Volatility than the Moderate Portfolio, the graph below shows that up to a weighting of around 40%, the addition of Managed Futures would have actually decreased the overall Volatility of the combined portfolio. This is a result of the low correlation that Managed Futures has with traditional asset classes.

Managed Futures

Australian Shares

Australian Cash

Diversification Model
Volatility Impact of Adding Managed Futures to a Moderate Portfolio 8%
7%

Annualised Volatility

6%
5%

4% 3% 2% 1% 0%

0%

5%

Allocation to New Fund (%)


Zenith Composite Moderate Portfolio Managed Futures Combined Portfolio

While the Diversification Model is extremely useful in highlighting how the addition of an asset class will impact on portfolio volatility, clearly a 40% allocation to Managed Futures would be an excessive exposure for most investors. Therefore, there is also a significant qualitative component to the Strategic Asset Allocation process, where we leverage off Zeniths extensive inhouse knowledge of the risk and return inherent in all mainstream asset classes.

4.3.

Investment Timeframe
The investment timeframe for each portfolio is determined after careful consideration of expected volatility, expected negative returns and predictability of return outcomes. Based on the historical volatility of the model portfolios, Zenith has calculated the following Risk of Negative Return statistics for each of the five model portfolio types.
Risk of Negative Return Conservative Portfolio Moderate Portfolio Balanced Portfolio Growth Portfolio High Growth Portfolio 1 in 36 Years 1 in 10 Years 1 in 6 Years 1 in 5 Years 1 in 5 Years

Another useful input in setting the Investment Timeframe is the analysis of return funnel graphs. Return funnel graphs use long-term index data and model the variability of returns over different time periods. An example of a typical Growth Portfolio is show below, with 20 years of data used in the underlying model. The graph clearly shows that the variability of returns is much higher over shorter-term periods. For example, if an investor had invested in a typical Growth Portfolio for only a 1 year period (at any time over the past 20 years), their return outcome could have been anywhere between +33% and -26%. Far better predictability of returns was achieved by investing for periods of 5 years or longer, where the difference between the maximum return and minimum return was much tighter. Zenith analyses models such as this for all risk profiles (i.e. High Growth, Growth, Balanced etc).

100%

10%

35%

40%

45%

50%

55%

80%

85%

90%

95%

15%

20%

25%

30%

60%

65%

70%

75%

Example Growth Portfolio


40% 30%
20%

Return (% pa.)

10% 0% -10% -20% -30% 1 Year 2 Years Maximum Return 3 Years 5 Years 7 Years Average Return 10 Yrs

Minimum Return

Zenith utilises the above Risk of Negative Return and Return Funnel modelling in determining its recommended investment time frames for each of the five model portfolio types that we offer. The recommended investment time frames across each of the Zenith Model Portfolios are shown in the table below:
Investment Timeframe Conservative Portfolio Moderate Portfolio Balanced Portfolio Growth Portfolio High Growth Portfolio 2 3 Years 3 4 Years 4 5 Years 5 7 Years 7+ Years

4.4.

Strategic Asset Allocation Rebalancing


As a minimum, Zenith recommends that advisers rebalance their portfolios on an annual basis, but preferably more frequently. Regular rebalancing ensures that the portfolio does not stray too far from the desired asset allocation, and avoids over exposure to any particular asset class.

4.5.

Asset Classes within the Strategic Asset Allocation


The following includes a brief discussion on how each of the major asset classes are used in model portfolios.

4.5.1.

Australian Shares Australian shares funds form a core component of the Zenith model portfolios. The primary exposure to Australian shares is achieved using funds that focus on large capitalisation stocks, which have historically provided solid capital growth and reasonable levels of dividend income. The majority of large cap funds historically used in the Zenith portfolios have been long-only, however, long/short funds will also be used from time to time. Small companies funds are also used where applicable, particularly for Balanced, Growth and High Growth portfolios, where the allocation to growth assets is higher. High quality small companies funds are an attractive addition to portfolios as they can potentially enhance long-term returns.

4.5.2.

International Shares As with Australian shares, international shares funds also form a core component of the Zenith model portfolios. Zenith has tended to use a combination of long-only and long/short funds in its international shares portfolios. Whilst international shares offer a slightly lower dividend yield than Australian shares, Zenith believes the total return available from high quality international shares funds should be comparable to Australian shares funds over the long term. For this reason, Zenith tends to have an equal allocation to Australian and international shares in its model portfolios. Zenith includes two other sub-asset classes in its overall exposure to international shares, specifically: global resources securities; and global infrastructure securities. Global resources securities essentially encompasses resources & mining stocks listed on global stock exchanges, and can provide strong diversification to a portfolio when used appropriately. Global infrastructure securities includes those listed companies that specialise in infrastructure projects. Infrastructure securities tend to offer a higher yield and lower volatility than the broader international shares sector, and therefore an exposure to infrastructure securities in model portfolios can be used to not only enhance diversification, but also to increase the overall income generation of the portfolio. In order to ensure that there are not too many funds used in portfolios, Zenith tends to mainly introduce global resources securities funds and global infrastructure securities funds in Growth and High Growth portfolios. In regards to the currency exposure of international shares funds, Zenith aims to achieve an approximate 50/50 allocation between hedged and unhedged funds. Zenith released a paper in 2009 that provided our findings that a 50/50 allocation has historically achieved lower volatility than taking on a 100% unhedged or 100% hedged exposure.

4.5.3.

Property Property exposure is achieved using listed property securities funds. Property provides strong diversification benefits and can also enhance the model portfolios income profile. Whilst Australian property securities funds have long been available, the relatively recent emergence of global listed property funds in the Australian market has provided further opportunity for diversification. Global listed property offers higher growth potential with lower yields than what is generally available from Australian listed property funds. Zenith typically allocates 50% of the property exposure of a portfolio to Australian listed property and 50% to global listed property.

4.5.4.

Fixed Interest Fixed interest is used to provide the defensive (capital preservation) exposure of the model portfolios. Zenith aims to achieve diversification across three distinct fixed interest segments, specifically: Australian government bonds; international government bonds; and credit (i.e. corporate fixed interest securities). Government bonds typically provide stability and downside protection, while an exposure to credit can be used to enhance the model portfolios income profile. Zenith tightly manages the fixed interest component of the portfolios to ensure that there is adequate diversification. It is critical to ensure that the portfolios are not overly exposed to any single factor risk.

4.5.5.

Alternatives Zenith is a strong advocate of the use of Alternatives funds in model portfolios, as we believe that high quality Alternatives funds can significantly enhance portfolio diversification, lower volatility and potentially enhance long-term returns.

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There are a wide range of Alternatives products available, including Managed Futures, Hedge Fund-of-Funds, Multi-Strategy and Global Macro. It is critical that appropriate weightings are assigned to Alternatives products in model portfolios, as over exposure can lead to a risk profile that is beyond what was intended. Zenith spends a lot of time analysing how each of the different types of Alternatives products correlates with traditional asset classes, which is a significant input into the portfolio weighting process.

5.

Tactical Asset Allocation


Zenith does not undertake Tactical Asset Allocation (TAA), as we believe the risks associated with making an incorrect Tactical Asset Allocation call far outweigh the potential benefits of making a correct call. In addition, we believe that the logistics of implementing a tactical asset allocation decision in a timely manner are impractical and costly for most financial advisory groups. In most cases, implementing a TAA decision would require a Statement of Advice to be issued to each of the advisers underlying clients, which can be a time consuming process that would mute any potential benefit of switching quickly between asset classes. We strongly believe that by setting a sound long-term Strategic Asset Allocation, and rebalancing on a regular basis, clients will meet their long-term investment objectives without the need for tactical tilts to the portfolio along the way.

6.

Portfolio Characteristics
To assist our clients in determining the suitability of each portfolio, we provide estimates in regards to the income, growth, total return and volatility characteristics for each portfolio. Note that the ranges provided in the table below are to be used as a guide only and are long term estimates (five years plus). Over shorter term periods, the characteristics are expected to move outside of these ranges, sometimes significantly. Portfolio Characteristics
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Portfolio Type Conservative Portfolio Moderate Portfolio Balanced Portfolio Growth Portfolio High Growth Portfolio

Income (% pa) 5.0 - 6.0 4.8 - 5.8 4.5 - 5.5 4.0 - 5.0 3.5 - 4.5

Growth (% pa) 0.5 - 1.5 1.7 - 2.7 3.0 - 4.0 4.5 - 5.5 6.0 - 7.0

Total Return (% pa) 5.5 - 7.5 6.5 - 8.5 7.5 - 9.5 8.5 - 10.5 9.5 - 11.5

Volatility (% pa) 3.0 - 4.0 4.5 -5.5 6.5 - 7.5 9.0 - 10.0 12.0 - 13.0

7.

Fund Selection
Fund selection for the portfolios leverages off Zeniths intensive fund due diligence process and, in general, only those funds that are rated Highly Recommended or Recommended are considered for the portfolios. On occasion, an Approved rated product may be used if there is no suitable higher rated product available on a particular administration platform.

Note: It is important to realise that the income estimate is based on the expected yield of the underlying asset classes, and has not taken into account the realised capital gains, which will be variable over time. The one exception is the Alternatives asset class which, due to Australian tax laws, has traditionally paid out the majority of its return as realised capital gain and therefore we have included the expected return from Alternatives in the income column. Realised capital gains transfer some of the return from the growth component to the income component, effectively increasing the income paid out of the fund.

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A primary consideration when selecting a fund for the portfolio is how the fund will blend with other funds in the portfolio. For example, when building the Australian shares component of the portfolio, it is important to ensure that the portfolio is not overly exposed to value or growth style funds. Highly Recommended funds will be used where possible, however, if a particular Highly Recommended fund does not offer the required exposure for the portfolio (eg. A Highly Recommended growth-style fund is available, but the portfolio requires a value-style fund), then Zenith is happy to use Recommended rated funds. All funds that carry a current Zenith rating are subject to ongoing due diligence, where they are closely monitored in regards to a range factors, including: any changes in investment personnel, changes to investment process; deterioration of investment performance; or changes at an organisational level.

8.

Portfolio Performance Calculation


Performance of the Zenith model portfolios is calculated based on the weighted net returns of the underlying funds in the portfolio. For the purposes of performance calculations, it is assumed that the portfolios are reweighted to their Strategic Asset Allocation on a monthly basis. While we realise that monthly rebalancing is not practically possible for most adviser groups, this is the standard industry practice for model portfolio return calculations. The figures shown in the Zenith model portfolio reports display the performance of the portfolio after the fees of the underlying funds have been deducted, but before any wrap platform fees are deducted. The exception to this is for platforms such as Colonial First States FirstChoice platforms, where the manager fee and platform fee are not separated and therefore, in those cases, the model portfolio returns are net of both fees. In addition to the return of the portfolio, Zenith also calculates a range of risk and consistency statistics which are displayed in the model portfolio reports. These statistics include: Standard Deviation; Sharpe Ratio; % of Positive Months; % of Negative Months; and Longest Losing Streak.

9.

Median Managers
As discussed in the Objectives of the Portfolio section (Section 2) of this report, Zenith aims to outperform competitor products of a similar risk/return profile over the medium to longer term. In order to determine the performance of competitor products, Zenith has created a series of median managers, drawn from the universe of diversified funds, which match the risk/return profile of each of the Zenith portfolios. The calculation of the median manager is best illustrated using an example. The median manager used for performance comparison with the Zenith Balanced Portfolio has an allocation of 60% growth assets and 40% defensive assets (60/40 Median). There are currently 42 funds in the universe used for calculating the 60/40 Median. Some of these funds will have a slightly higher risk profile than 60/40, and some will have a slightly lower risk profile than 60/40, however, the median allocation of growth and defensive assets across this universe is exactly 60% growth assets and 40% defensive assets. Performance statistics for the 60/40 Median are then drawn from the median performance statistics of this universe, and displayed for comparative purposes in the Zenith Balanced Portfolio report. The entire 42 fund universe used for the 60/40 Median is shown on the following page.

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Funds in 60/40 Median Universe


Barclays Managed Inv Funds Diversified Stable Fund BT Wholesale Conservative Outlook Fund BT WS Partner Funds - WS Multi-Mana. Conservative Fund UBS Defensive Investment Trust Aviva Investors Income Plus Growth Trust BT Income Plus Fund Officium Cautious Fund Credit Suisse Sustainable Income Fund Mercer Income Plus Fund Perpetual Wholesale Diversified Growth Fnd Advance Moderate Multi-Blend Fund WS All Star Income Fund Colonial First State Wholesale Balanced MLC Inv Trust Conservative Growth (Multi-Manager) Fund Russell Diversified 50 Fund - Class A Vanguard Balanced Index Fund Zurich Blended Series Balanced BT Wholesale Tax Effective Income Fund Officium Conservative Fund BlackRock Global Allocation Fund (Aust) - Class D CFS FC WS Inv - Wholesale Moderate ING Wholesale Balanced Trust Select Defensive Portfolio Officium Balanced Fund BT Wholesale Balanced Returns Fund Perennial Balanced Wholesale Trust Macquarie Master Balanced Fund Schroder Balanced Fund Wholesale Class Perennial Partners Trust Advance Balanced Multi-Blend Fund WS BlackRock Wholesale Balanced Fund Colonial First State Wholesale Diversified Credit Suisse Asset Management Capital Growth Fund Goldman Sachs JB Were Diversified Growth WS Fund ING OA Inv Pfolio - ING Tax Eff Income ING Wholesale Managed Growth Trust MLC Wholesale Horizon 4 Balanced Portfolio SSgA Passive Balanced Trust Vanguard Growth Index Fund Legg Mason Diversified Trust - Class A Russell Balanced Fund - Class C Zurich Blended Series Managed Growth Median

Growth Assets
33.0% 34.0% 35.0% 35.0% 40.0% 40.0% 40.0% 40.0% 45.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 55.0% 57.5% 60.0% 60.0% 60.0% 60.0% 62.5% 66.0% 67.5% 68.8% 69.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 60.0%

Defensive Assets
67.0% 66.0% 65.0% 65.0% 60.0% 60.0% 60.0% 60.0% 55.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 45.0% 42.5% 40.0% 40.0% 40.0% 40.0% 37.5% 34.0% 32.5% 31.3% 31.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 40.0%

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Author:

Glen Franklin, Associate Director Zenith Investment Partners Pty Ltd (03) 9642 3320 glen.franklin@zenithpartners.com.au

DISCLAIMER: This report is prepared exclusively for clients of Zenith Investment Partners (Zenith). The report contains recommendations and advice of a general nature and does not have regard to the particular circumstances or needs of any specific person who may read it. Each client should assess either personally or with the assistance of a licensed financial adviser whether the Zenith recommendation or advice is appropriate to their situation before making an investment decision. The information contained in the report is believed to be reliable, but its completeness and accuracy is not guaranteed. Opinions expressed may change without notice. Zenith accepts no liability, whether direct or indirect arising from the use of information contained in this report. No part of this report is to be construed as a solicitation to buy or sell any investment. The performance of the investment in this report is not a representation as to future performance or likely return. The material contained in this report is subject to copyright and may not be reproduced without the consent of the copyright owner. Zenith usually receives a fee for assessing the fund manager and product(s) described in this document against accepted criteria considered comprehensive and objective.

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