Macquarie Australian Small Companies Fund

Transcription

1 MACQUARIE INVESTMENT MANAGEMENT Teleconference Series Macquarie Australian Small Companies Fund JAMES DOUGHERTY PORTFOLIO MANAGER July 2013

2 IMPORTANT NOTICE For licensed adviser use only - not for distribution to retail investors This information has been prepared by Macquarie Investment Management Limited ABN AFS Licence (MIML), the issuer of units in the Macquarie Australian Small Companies Fund ARSN (Fund). This information is confidential and is provided to licensed financial advisers and professional advisers only. It is not to be distributed to, or disclosed to retail clients. The information may be based on assumptions or market conditions and may change without notice. The information in this presentation is provided for general information purposes only and does not take into account the investment objectives, financial situation or needs of any person. It should not be relied upon in determining whether to invest in the Fund. In deciding whether to acquire or continue to hold an investment in the Fund, an investor should consider the Fund s product disclosure statement. The product disclosure statement is available on our website at macquarie.com.au/pds or by contacting us on Past performance information is for illustrative purposes only and is not indicative of future performance. This presentation may include forward-looking statements that represent opinions, estimates and projections, which may not be realised. We believe the information provided herein is reliable, as of the date hereof, but do not warrant its accuracy or completeness. Certain parts of this presentation may have been obtained or are based upon information obtained from third parties which may not have been checked or verified. Investments in the Fund are not a deposits with, or other liabilities of, Macquarie Bank Limited or of any other member of the Macquarie Group and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither Macquarie Bank Limited nor any other member of the Macquarie Group guarantees the performance of the Fund or the repayment of capital from a Fund, or any particular rate of return. PAGE 2

3 Agenda 01 2Q13 update 4 02 Economic and market backdrop 7 03 Positioning and performance Contact details 17

4 01 2Q13 update

5 Net return Macquarie Australian Small Companies Fund 2Q13 performance As at 30 June 2013 (post fees) Fund (%) Benchmark (%) Variance (%) 3 months Year % 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Quarterly net returns Macquarie Australian Small Companies Fund S&P/ASX Small Ordinaries Accumulation Accumulation Index 3Q Q Q Q 2013 Source: Iress, Macquarie Investment Management, June 2013 PAGE 5

6 Macquarie Australian Small Companies Fund 2Q13 performance attribution Top five contributors and detractors over the quarter Top contributors Next DC Henderson Group Breville Group JB Hi-fi Navitas Limited Top detractors Oceanagold Buru Energy Transfield Services Macmahon Holdings Tiger Resources PAGE 6

7 02 Economic and market backdrop

8 Key events 2Q13 China reported GDP growth in 1Q13 of 7.7%yoy (vs expectations of 8.0%yoy) US Federal Reserve signalled its asset purchase program could be moderated by late 2013 People s Bank of China let tight liquidity in the interbank market continue for longer than expected RBA eased the cash rate 0.25% in May, Australian U/E rose to 5.7% in June PAGE 8

9 US yield curve steepening Shifts in the US yield curve over the past 12 months Source: Bloomberg, CIMB June 2013 PAGE 9

10 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 USD/oz AUDUSD Prospect of QE tapering had an immediate effect on $A and Gold Gold (USD/oz) $A / US$ Source: Iress, Macquarie June 2013 PAGE 10

11 Chinese Government targeting slower, stable growth China 1-week interbank SHIBOR Rate Source: UBS, Datastream, July 2013 PAGE 11

12 Concerns over a transitioning Australian economy Capital investment by sector Australian unemployment rate Source:ABS, BofA Merill Lynch Global Research June 2013 PAGE 12

13 03 Positioning and performance

14 Macquarie Australian Small Companies Fund Positioning As at 30 June 2013 Segment aware Sector positions 100% Resources Industrials LPTs Utilities Telecommunication Services ASX Small Ordinaries Index 75% Information Technology LPTs Macquarie Australian Small Companies Fund 50% Financials & Property ex LPTs Health Care 25% Consumer Staples Consumer Discretionary 0% Macquarie Australian Small Companies Fund ASX Small Ords Index Industrials Materials Energy 0% 10% 20% 30% 40% Percentage of portfolio Source: Macquarie Investment Management June 2013 PAGE 14

15 Senex Energy Technology One Navitas Mount Gibson Iron Flexigroup Ainsworth Game Technology Carsales.com BC Iron AWE Limited HGG Group Overweight Macquarie Australian Small Companies Fund Largest stock overweights As at 30 June % 3% 2% 1% 0% Source: Macquarie Investment Management, 30 June 2013 PAGE 15 15

16 Macquarie Australian Small Companies Fund Performance Post fee as at 30 June months (%) 1 year (%) 3 years (% pa) 5 years (% pa) Since Fund inception 1 (% pa) Since strategy inception 2 (% pa) Fund performance S&P/ASX Small Ordinaries Accumulation Index Variance Source: Macquarie Investment Management. Past performance is not a reliable indication of future performance. 1. The inception date of the Fund is 7 July The Fund invests wholly into the Macquarie Small Companies Fund (Underlying Fund), which commenced on 18 February The performance figures from 7 July 2006 are the actual returns of the Fund. 4. The performance figures before 7 July 2006 are the returns after fees for the Underlying Fund with the results adjusted to include the effect of the management fee of 0.923% pa and the performance fee of the Fund (which has been removed but applied to the Fund up until February 2012). PAGE 16

17 04 Contact details

18 Business Development Team NSW ACT Cameron Farrar Head of National Sales P (02) M E cameron.farrar@macquarie.com Benjamin Price Head of National Accounts and Researcher Relations P (02) M E benjamin.price@macquarie.com NSW Jimmy Byrne Business Development Manager P (02) M E jimmy.byrne@macquarie.com VIC TAS Haydn Scott Business Development Manager P (03) M E haydn.scott@macquarie.com QLD Raegan Williams Business Development Manager P (07) M E raegan.williams@macquarie.com VIC SA WA Alana Grist Business Development Manager P (03) M E alana.grist@macquarie.com NSW ACT Jessica Chen Business Development Associate P (02) E jessica.chen2@macquarie.com Joel Lewis Business Development Associate P (03) E joel.lewis@macquarie.com VIC SA WA TAS VIC SA WA TAS Rani Singh Business Development Officer P (03) E rani.singh@macquarie.com QLD Sam Bishop Business Development Officer P (07) E sam.bishop@macquarie.com PAGE 18

19 Thank you Thank you for dialling in to the Macquarie Australian Small Companies Fund update We hope to speak to you during our next Teleconference Series in October 2013 Look out for our next monthly update for more information Information on the funds in this month s Teleconference Series can be found at the Macquarie Investment Management website: macquarie.com.au/mim Fund flyers Thought leadership Fund performance reports Product Disclosure Statements PAGE 19