PORTFOLIO UPDATE AND FINANCIAL PLANNING NEWS

Transcription

1 PORTFOLIO UPDATE AND FINANCIAL PLANNING NEWS December Quarter 2017 Portfolio Update Global equities have started the year strongly buoyed by strengthening economic data and positive sentiment around the impact of freshly legislated tax cuts on US corporate earnings. After a strong rebound in December Quarter 2017, Australian equites have drifted back off their early January highs to post a flat performance in January. In contrast the A$/$US exchange rate has pushed 3-4% higher to 81c. Global equities are in the midst of a persistent earnings upgrade cycle driven by improving economic momentum and more recently the gradual factoring of the US tax benefit. Nevertheless, while fundamentals (strong economic/earnings growth and low inflation) are still supportive for the continuation of the bull market, the lack of any US correction of note for well over a year is unusual, while the recent bond yield rise may be close to reaching a pinch point for equities. Page 1 of 20

2 The US market has now gone for 417 trading days without a 5% correction, which betters the record in the mid-90s. Australia experienced a 5% correction between May and October last year but could still be vulnerable to a US pullback. Based on the most recent upswing from early December the US 10 year Treasury yield has moved up 39 basis points to be 2.72%. Australian yields have made a similar move over this period. Equities have so far thrived against this rise in bond yields albeit there have been a few signs of jitters emerging in the last couple of sessions. Rotation Rather Than Correction While equities have coped with the move in yields so far, there have been clear rotational trends. Resources have performed best while Real Estate Investment Trusts (REITS) and infrastructure are down. Broad-based strength in the high Price per Earnings (P/E) portion of the market has also faded though valuations remain elevated. Australia's Earnings Lift Lagging, Valuation Not Compelling Market valuations do not look cheap in absolute terms, but (with the exception of the US) are still within the range of recent years and still look undemanding against bond yields. In global terms, Australia looks cheap versus the US (albeit the US earnings base is cum upgrade based on the tax cut benefit) but Australia doesn t look particularly cheap against other global regions. While global earnings trends have been very strong the Australian earnings revision cycle, albeit positive, has been concentrated in the resources sector. Following the strong commodity rally of recent months there is still considerable upside to resource sector estimates based on spot commodity prices. The ex-resources revision cycle remains in a moderate downgrade trend. We expect this trend to continue in reporting season. Market Earnings per Share (EPS) growth for the 2018 Financial Year is currently expected to be around 7% (approximately 6% excluding resources). Page 2 of 20

3 We expect the reporting season will confirm a mostly benign but constrained earnings backdrop with top-line growth running at approximately 4% and with margins set to edge higher, helped by low wage costs. Australia s largest sector banks is expected (on a consensus basis) to deliver only approximately 2% growth in the 2018 financial year. A more muted earnings cycle is the key reason for our view that Australia will continue to lag global equity returns over the next 6 to 12 months. Our year end price target for the ASX200 target of 6,275 (current 6,038) represents a 4% capital gain. When Could Bonds be a Problem for Stocks? With global growth seemingly gathering a self-sustaining head of steam, it would appear the risk for all equity markets (including Australia) is that the benign inflation and interest rate backdrop that existed alongside improving growth in 2017 is challenged in While we are very relaxed around domestic inflation pressures, the US cycle may be more problematic. Our view is for US inflation to accelerate only mildly and the US bond yield to move to 2.9% (recently revised from 2.7%) by year-end. The current spot level of 2.7% on the US 10 year Treasury yield is still not a demanding competing rate for equities. However, the bond/equity relationship is as much about speed of change as it is about level. A further upshift in yields in the near term could pose a challenge for equities, particularly if it is driven by signs of accelerating inflation. The last time a rise in interest rates triggered a correction in equities was the 2013 'taper tantrum'. While this was more a function of fears of liquidity withdrawal than inflation, it was a significant correction in bonds and drove a significant (albeit short-lived) correction in equities (7% in global and 11% in Australia). Page 3 of 20

4 Global equities saw a brief 7% correction in the 2013 "taper tantrum" (Australia fell 10%). So far equities have not really been phased by the lift in bond yields as was the case in late In the last couple of months equities have focussed on the strengthening growth and earnings backdrop more so than higher yields (which are of course coming from a low level). There have however been rotational implications from the shift in yields with global cyclicals (in Australia's case resources) doing best while the bond yield sensitive areas (Real Estate Investment Trusts, utilities, infrastructure trusts) have sold off. Interestingly, Australian banks have not done as well as historically, despite decent performance from global financials. Sector-specific headwinds appear to be overwhelming the usual knee-jerk reaction for Australian banks to trade up with any global/regional banking rally. Overall, given the momentum in the global economy, investors should at least be contemplating the implications of a US ten year yield in the 3.0% to 3.5% range in our view. The implications for equities may not be particularly damaging if this was to occur over months and this would still be a low yield in an historical context. However, it may be more problematic for stocks if the adjustment plays out over 3-6 months. However, either scenario would be a less favourable backdrop for some of the bond-proxy sectors that have enjoyed the bond yield tailwind of the last 5 years. Page 4 of 20

5 Sector Views Resources: Staying Neutral We still see several positives: 1) Accelerating/strong global growth is supportive for commodities and the resource sector. 2) Commodities can provide a hedge against rising inflation and interest rates. While we are not particularly aggressive we still see the trend in inflation and rates as higher, and commodities/commodity producers could provide a hedge against this uptrend. 3) The strong rally in commodities in recent months suggests that consensus estimates are too low at spot prices. They are potentially cum significant upgrades based on spot commodity prices. 4) Valuation and cash-flow credentials of resources still appear attractive. The sector has had a big bounce off its lows of two years ago but is still a poor performer on a 5-year view. Cash generation is much improved in this cycle (less investment which means less supply). 5) China's environmental impetus is ongoing and supports Australia's high quality iron ore, coking coal and relatively "environmentally friendly" commodities such as LNG. Counterbalancing this are some potential risks: 1) Commodities may be overbought after the recent rally. Most are well above consensus estimates for 2018 calendar year and above our long-term estimates. While the lure of upgrades at spot is tantalising, the direction of spot commodities often matters more. 2) China demand in key commodities may well be peaking. While there are mitigating impacts it may be hard to sustain buoyant pricing against a backdrop of softening demand. 3) While not our central case, if equities do correct sharply, due to an upward adjustment in bond yields, resources may not be a great place to be (at least in the short term) given their high market beta. So on balance we think there are enough positives to stay neutral resources. Page 5 of 20

6 Banks: Neutral to slightly Underweight Some Value, Not Much Momentum Australian banks had a lacklustre 12 months delivering 3% against a market 15%. The sector struggled to deliver earnings growth in 2017 even though system credit growth was above 6% and bad and doubtful debts stayed steady. Additionally, in contrast to the broader market, the sector's valuation multiple edged lower on soft earnings and regulatory headwinds the introduction of the Federal government's bank tax and the announcement of a banking royal commission for 2018 being the largest. Sentiment toward the sector is downbeat but, at a price earnings multiple P/E of 12.7 times, a yield of 8% or more (incl. franking) and consensus earnings per share EPS growth of only 2% expected for the 2018 financial year suggests the bar is low. Bank Sector Positives: 1) Relative value versus market and low rates appear attractive 2) Expectations for earnings per share EPS growth are low. 3) Dividend yields are attractive with some potential near term upside given strengthening capital positions. 4) Bad and doubtful debts (BDD) are likely to stay slow in 2018 as the economic backdrop looks benign. Bank Sector Negatives: 1) Sector struggling for earnings growth as housing peaks and regulatory imposts weigh. 2) Multiple government/regulatory enquiries in ) Housing super cycle is peaking loan growth is slowing. 4) Bad and doubtful debt likely at secular lows. Overall valuations relative to the market look undemanding and earnings expectations are modest but the growth outlook appears constrained and the welter of regulatory enquiries this year will likely keep investors cautious. We stick with a neutral position for now. The 'Growth' Trade - Big Gains of 2017 have Ebbed but Elevated Valuations Keep us Selective 2017 was an unusual year from the perspective that the market was led by both resources and 'growth'. Sectors such as healthcare and online media performed very well as did those stocks exposed to the growth trend of the Chinese consumer. Multiples expanded in With the recent rise in bond yields and rotation into resources, the trade has paused though valuations still appear elevated. We hold some higher P/E 'growth' plays but have been quite selective and remain cautious in respect of the multiples being paid for many 'growth' stocks in the Australian market. Page 6 of 20

7 Maintain Underweight in Bond Yield Sensitives With the momentum in the global economy building but bond yields still relatively low, we have maintained an underweight position in yield-sensitive stocks. We continue to hold Sydney Airport and Transurban Group as high quality investments in this space. Other Financials We continue to favour 'other financials' for positive earnings leverage to rising rates and good capital market conditions. In Summary Global equity markets look more favourable than our domestic market in terms of economic backdrop and corporate earnings growth. Within our Politis Diversified Portfolios we continue to hold almost 70% of the portfolio in overseas share markets. However, in having said that, US equity valuations look overdone and we have skewed our exposure slightly more towards European equities. We remain cautious rising bond yields coupled with the fact that equity markets have gone for more than a year without more than a 5% correction. We feel that a pullback in equity markets is imminent and that price earnings multiples will contract in response to lifting interest rates. Overall, allowing for this, we remain comfortable with earnings outlook for global equities in In terms of the Politis Australian portfolios we sold down exposure to some of our higher price earnings growth plays during the December quarter (Invocare, CarSales, ASX) and increased our cash position to above 24% in the Growth portfolio. We remain neutral to slightly underweight resources (materials and energy), neutral to slightly underweight banks, and slightly overweight other financials. We have an overweight exposure to industrial shares with overseas exposures and remain overweight cash. Our intention being, that when markets sell down, to invest those monies into growth shares that are more reasonably valued than what they are at present. Page 7 of 20

8 Portfolio Additions and Removals Additions Australian Share Portfolios There were no purchases conducted in December Quarter Additions Australian Diversified Portfolios There were no purchases conducted in December Quarter Removals Australian Share Portfolios The following shares were sold during the December Quarter Investment Full or Part Sale Date of Sale Sale Price Average Unit Cost Australian Stock Exchange Ltd (ASX) Full Sale 12 December 2017 $55.92 $44.61 Invocare Ltd (IVC) Full Sale 12 December 2017 $ $16.94 $11.80 Carsales.Com Ltd (CAR) Full Sale 19 December 2017 $14.63 $12.53 Removals Diversified Share Portfolios The following shares were sold during the December Quarter Investment Full or Part Sale Date of Sale Sale Price Average Unit Cost Australian Stock Exchange Ltd (ASX) Full Sale 12 December 2017 $55.92 $44.61 Carsales.Com Ltd (CAR) Full Sale 19 December 2017 $14.63 $12.53 Commentary from Investment Manager Each of the above have been sold to realise substantial profits at price points where we see the investments to be overvalued. The proceeds have been allocated to the cash account where they will remain until buying opportunities arise. At this point, we see the broader market as being fully valued. Page 8 of 20

9 Cash Positions Politis Australian Growth Portfolio Target Weighting 30 Sep Dec 2017 Cash 5.00% 14.42% 24.11% Shares 95.00% 85.58% 75.89% Total % % % Politis Australian Balanced Growth Portfolio Target Weighting 30 Sep Dec 2017 Cash 5.00% 14.15% 21.84% Shares 75.00% 66.70% 59.89% Hybrid Securities 20.00% 19.15% 18.27% Total % % % Politis Australian Balanced Portfolio Target Weighting 30 Sep Dec 2017 Cash 5.00% 12.51% 17.85% Shares 50.00% 44.43% 40.48% Hybrid Securities 45.00% 43.06% 41.67% Total % % % Politis Australian Conservative Portfolio Target Weighting 30 Sep Dec 2017 Cash 5.00% 11.29% 14.20% Shares 25.00% 22.17% 20.48% Hybrid Securities 70.00% 66.54% 65.32% Total % % % Politis Australian Capital Stable Portfolio Target Weighting 30 Sep Dec 2017 Cash 10.00% 14.11% 14.42% Hybrid Securities 90.00% 85.89% 85.58% Total % % % Page 9 of 20

10 Politis Diversified Growth Portfolio Target Weighting 30 Sep Dec 2017 Cash 5.00% 6.84% 8.33% Australian Shares 18.71% 17.64% International Currency 95.00% 5.08% 4.86% International Shares 69.37% 69.17% Total % % % Politis Diversified Balanced Growth Portfolio Target Weighting 30 Sep Dec 2017 Cash 5.00% 6.87% 8.17% Hybrid Securities 20.00% 19.06% 18.37% Australian Shares 14.87% 14.12% International Currency 75.00% 4.76% 4.59% International Shares 54.44% 54.75% Total % % % Politis Diversified Balanced Portfolio Target Weighting 30 Sep Dec 2017 Cash 5.00% 6.35% 7.39% Hybrid Securities 45.00% 42.84% 41.70% Australian Shares 10.26% 9.85% International Currency 50.00% 3.47% 3.38% International Shares 37.08% 37.68% Total % % % Page 10 of 20

11 Portfolio Update Politis Australian Growth Portfolio Politis Australian Balanced Growth Portfolio Politis Australian Balanced Portfolio Politis Australian Conservative Portfolio Portfolio Performance 1 Month 1.31% 3 Month 7.79% 1 Year 13.05% 2 Year 15.51% 3 Year 23.78% 5 Year 51.41% Inception (1 Oct 09) 89.54% Portfolio Performance 1 Month 1.16% 3 Month 6.38% 1 Year 11.26% 2 Year 15.38% 3 Year 22.31% 5 Year 46.43% Inception (1 Oct 09) 82.72% Portfolio Performance 1 Month 1.02% 3 Month 4.79% 1 Year 9.25% 2 Year 15.44% 3 Year 20.71% 5 Year 40.56% Inception (1 Oct 09) 74.72% Portfolio Performance 1 Month 0.88% 3 Month 3.20% 1 Year 7.27% 2 Year 15.49% 3 Year 19.02% 5 Year 34.78% Inception (1 Oct 09) 66.94% Australian Indices December 2017 Quarter Performance ASX 200 Market Accumulation Index +7.64% ASX 200 Property Trust Index +6.28% ASX 200 Financials Index +2.02% (Exc Property Trusts) ASX 200 Industrials Index +4.21% ASX200 Healthcare Index +8.15% ASX200 Energy Index % ASX 200 Consumer Discretionary Index % ASX 200 Consumer Staples Index +9.99% ASX 200 Materials Index % ASX 200 Utilities Index +2.29% ASX 200 Telecoms Index +6.29% RBA Cash Rate 1.50% unchanged Politis Australian Capital Stable Portfolio Portfolio Performance 1 Month 0.71% 3 Month 1.55% 1 Year 5.11% 2 Year 14.90% 3 Year 16.63% 5 Year 28.16% Inception (1 Oct 09) 57.04% Page 11 of 20

12 Portfolio Update Politis Diversified Growth Portfolio Politis Diversified Balanced Growth Portfolio Politis Diversified Balanced Portfolio Portfolio Performance 1 Month -0.96% 2 Months 1.43% 3 Months 5.40% 6 Months 6.04% 9 Months 7.96% 12 Months 8.66% Inception (23 May 16) 11.98% Portfolio Performance 1 Month -0.70% 2 Months 1.23% 3 Months 4.61% 6 Months 5.19% 9 Months 7.05% 12 Months 7.71% Inception (23 May 16) 11.50% Portfolio Performance 1 Month -0.36% 2 Months 1.01% 3 Months 3.71% 6 Months 4.24% 9 Months 5.99% 12 Months 6.62% Inception (23 May 16) 11.01% % International Indices December 2017 Quarter Performance DOW JONES Index % S & P 500 Index +6.12% NASDAQ Index +6.27% FTSE Index +4.27% DAX Index +0.69% NIKKEI 225 Index % HANG SENG Index +8.58% SHANGHAI Index -1.25% Gold (Spot $1, /Ounce) US -$43.45 Oil (Spot) $67.62 / barrel US Australian Dollar US cents US cents British Pence British Pence Japanese Yen Japanese Yen Hong Kong Dollars Hong Kong Dollars Chinese Yuan Renminbi Chinese Yuan Renminbi Euros Euros Page 12 of 20

13 Portfolio Performance Politis Australian Growth Portfolio Since inception (October 2009) the Politis Australian Growth Portfolio has seen an increase of 89.54% compared to the Target Return (Consumer Price Index (CPI) +5%) which has seen an increase of 67.26% over the same period, representing an outperformance of 22.28%. $1 million invested in the growth portfolio at inception would now be valued at $1,895,385. Politis Australian Balanced Growth Portfolio Since inception (October 2009) the Politis Australian Balanced Growth Portfolio has seen an increase of 82.72% compared to the Target Return (CPI +4%) which has seen an increase of 56.37% over the same period, representing an outperformance of 26.36%. $1 million invested in the balanced growth portfolio at inception would now be valued at $1,827,232. Page 13 of 20

14 Politis Australian Balanced Portfolio Since inception (October 2009) the Politis Australian Balanced Portfolio has seen an increase of 74.72% compared to the Target Return (CPI +3%) which has seen an increase of 46.19% over the same period, representing an outperformance of 28.53%. $1 million invested in the balanced portfolio at inception would now be valued at $1,747,157. Politis Australian Conservative Portfolio Since inception (October 2009) the Politis Australian Conservative Portfolio has seen an increase of 66.94% compared to the Target Return (CPI +2%) which has seen an increase of 36.68% over the same period, representing an outperformance of 30.27%. $1 million invested in the conservative portfolio at inception would now be valued at $1,669,427. Page 14 of 20

15 Politis Australian Capital Stable Portfolio Since inception (October 2009) the Politis Australian Capital Stable Portfolio has seen an increase of 57.04% compared to the Target Return (CPI +1%) which has seen an increase of 27.53% over the same period, representing an outperformance of 29.52%. $1 million invested in the hybrid income portfolio at inception would now be valued at $1,570,449. Politis Diversified Growth Portfolio Since inception (May 2016) the Politis Diversified Growth Portfolio has seen an increase of 11.98% compared to the Target Return (CPI +6%) which has seen an increase of 14.34% over the same period, representing an underperformance of 2.36%. $1 million invested in the Politis Diversified Growth Portfolio at inception would now be valued at $1,119,819. Page 15 of 20

16 Politis Diversified Balanced Growth Portfolio Since inception (May 2016) the Politis Diversified Balanced Growth Portfolio has seen an increase of 11.50% compared to the Target Return (CPI +5%) which has seen an increase of 12.52% over the same period, representing an underperformance of 1.02%. $1 million invested in the Politis Diversified Balanced Growth Portfolio at inception would now be valued at $1,115,003. Politis Diversified Balanced Portfolio Since inception (May 2016) the Politis Diversified Balanced Portfolio has seen an increase of 11.01% compared to the Target Return (CPI +4%) which has seen an increase of 10.71% over the same period, representing an outperformance of 0.30%. $1 million invested in the Politis Diversified Growth Portfolio at inception would now be valued at $1,110,061. Disclaimer - Please note our percentage returns and accumulated valuation figures are calculated using a methodology which accounts for realised and unrealised gains or losses over the specified period (net of share brokerage costs) in addition to investment income including franking credits. Our Returns are calculated on a pre-tax basis and exclude all fees. The performance information reported above is based on historic returns and there is no assurance that these returns are indicative of future returns. Page 16 of 20

17 Financial Planning News Limited Recourse Borrowing Arrangements (LRBA) and Contribution Caps Draft legislation has been released for comment aimed at closing off two avenues in which the Government considers LRBAs could be used to circumvent contribution caps. The first of the Government s proposed changes will include a member s share of the outstanding loan balance of an LRBA in the member s Total Superannuation Balance. It will only apply to Self Managed Superannuation Funds (SMSF) and Small APRA Funds (SAFs). Under the new provisions, a single member fund with a $2m in assets and $500,000 LRBA (net balance of $1.5m) will have a Total Superannuation Balance of $2m rather than $1.5m. Since one of the main uses of Total Superannuation Balance is to limit a member s future contributions, increasing it in this way will have the effect of: stopping a member from making non-concessional contributions to superannuation if his or her share of the gross assets of the fund exceeds $1.6m (the example of the single member fund above); and stopping a member from carrying forward unused concessional contributions from 1 July 2018 if his or her share of the gross assets of the fund exceeds $500,000. This measure is only proposed to apply to LRBAs entered into from 1 July It is something trustees need to be aware of if considering new LRBAs as it will potentially impact their feasibility if future non-concessional contributions were anticipated to repay the borrowing. The second of the Government s proposed changes ensures that expenditure is also taken into account when determining whether the non-arm s length income tax rules apply to a transaction. Whilst not necessarily a SIS breach, remember that if considered to be non-arm s length, income is taxed at 47% not the concessional 15% rate (or 0% for income earned on assets supporting a retirement phase pension). The proposed changes have not been specifically limited to LRBAs and therefore apply to any unreasonably low expenditure incurred in deriving income. Arguably it addresses a gap that has always existed in the non-arm s length income provisions they only required that the income received in relation to a particular asset was arm s length and did not explicitly prevent SMSFs from achieving a similar result by artificially suppressing costs. Clearly, however, the main target is LRBAs involving loans from related parties where the arrangement is not on arm s length terms. For example, where the interest rate charged is less than the rate charged by a third party financial institution or is not in accordance with the safe harbour provisions. The proposed changes would mean that under these circumstances, the income (including capital gains) earned by the asset acquired under the LRBA would be taxed as non-arm s length income (albeit the interest would be a deductible expense under the usual rules). Page 17 of 20

18 This second change is proposed to apply to income derived from 1 July 2018, regardless of whether the arrangement was entered into before 1 July 2018, and effectively gives legislative backing to what the Government attempted to do with the safe harbour rules. Presumably this would include any capital gain realised after 1 July 2018 regardless of when the growth in the asset actually occurred. These measures are open for consultation until 9 February Please speak to your Financial Adviser to discuss how the proposed legislation may impact your current LRBA and repayment structure or if you are considering entering into a Limited Recourse Borrowing Arrangement. Downsizer Contributions and First Home Saver Superannuation Scheme The Bills necessary to make both of these measures law have now received Royal Assent. Both proposals were May 2017 budget measures and will take effect from 1 July Further changes to the Superannuation Industry (Supervision) Regulations 1994 will be required but these do not require a vote in parliament and are expected to progress smoothly. The downsizer contributions measure is designed to encourage older Australians to downsize their home. The incentive is that they are allowed to make contributions to superannuation after 65 when they sell an eligible dwelling without meeting a work test and regardless of the size of their existing superannuation balance. There are of course limits, rules and deadlines but a few features include: Only dwellings sold (contracts exchanged) after 1 July 2018 can be used to trigger eligibility for one of these contributions. The person does not have to be over 65 when the dwelling is sold (or even when the settlement proceeds are received) but they do have to be over 65 when the contribution is made and there are time limits for making the contribution after sale; The maximum contribution is the sale proceeds of the dwelling, capped at $300,000 per member (or $300,000 each for a couple); There is no requirement that the contribution actually comes from the sale proceeds or that the sale actually occurs as a result of an intention to downsize (the contributor might in fact buy a more expensive home or even none at all); There are rules around the nature of the dwelling but in most cases any Australian unit or house that has been held for more than 10 years and is at least partially exempt from CGT because of the main residence exemption will be eligible The contribution can be made in multiple individual amounts but can only be triggered from the sale of one dwelling. The First Home Saver Superannuation Scheme (FHSSS) is also related to housing. It is designed to help individuals buy their first home by allowing them to extract some of their superannuation contributions to do so. The new rules relate only to contributions made on or after 1 July 2017 and it will only be possible to release them from 1 July Both personal and employer contributions are eligible for this scheme but in the case of employer contributions, only the amount over and above compulsory (superannuation guarantee) contributions are considered. There is a maximum (formula) amount and when the contributions are released to the individual, any part that does not relate to the individual s personal contributions for which they have not claimed a tax deduction (non-concessional contributions) will be taxed albeit at a concessional rate. Page 18 of 20

19 The scheme has been designed so that the tax treatment favours contributing money to superannuation and then asking for it to be released rather than simply saving it in their own name for most individuals. Both the above schemes were promoted as part of the Government s strategy to ease pressure on housing prices. Since there are no upper age or balance limits on the Downsizer Contributions, a great many SMSF members will be in a position to take advantage of the scheme at some point in their retirement. The potential impacts on social security entitlements and aged care fees will need to be carefully considered. For these reasons you should consult your Financial Adviser prior to implementing this strategy. Disclaimer - The information in this newsletter is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information in this newsletter, you should consider the appropriateness of it having regard to your objectives, financial situation and needs. In particular, you should seek financial advice prior to acting on any of the information. Page 19 of 20

20 POLITIS INVESTMENT STRATEGIES Head Office Location 1st Floor, NCYC Commercial Centre 91 Hannell St, Wickham NSW 2293 Head Office Postal PO Box 168, Wickham NSW 2293 Head Office Contact T: (02) F: (02) Politis Investment Strategies Pty Ltd - ABN: AFSL: