Annual Review - Growth 29 August 2016 Prepared for: Mr John Smith Prepared by: Genevieve Santos (Morningstar) ABN: 0123456789 AFSL: 9876543210
Hypothetical Illustration 31-07-2011 to 31-07-2016 Page 1 of 9 Summary Morningstar Aus Msec Balanced TR AUD (AUD) $300k 270 240 Planning Assumptions Currency Rebalance AUD None Rebalance Threshold% +/- 0.00% Allocation Update Frequency None 210 180 150 120 Performance Final Market Value $259,220 Average Annualised Return 11.55% Cumulative Return 72.81% Cumulative Ret - Benchmark 59.71% 90 60 30 07-11 01-12 07-12 01-13 07-13 01-14 07-14 01-15 07-15 01-16 0 -Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. Investment Detail Period Beginning New Distribution/ Total Charges Market Total Balance Investment Withdrawal Reinvest & Fees Value Return % Totals 0 150,000 0 54,594 0 259,220 11.55 July-December 2011 0 150,000 0 2,104 0 148,637-0.91 January-December 2012 148,637 0 0 6,381 0 173,996 17.06 January-December 2013 173,996 0 0 5,843 0 207,924 19.50 January-December 2014 207,924 0 0 10,777 0 230,447 10.83 January-December 2015 230,447 0 0 15,252 0 246,785 7.09 January-July 2016 246,785 0 0 14,237 0 259,220 5.04
Hypothetical Illustration Continued 31-07-2011 to 31-07-2016 Page 2 of 9 Security Summary $300k % of Total Market Value 270 Start 31-07-2011 240 210 180 End 31-07-2016 150 120 90 60 30 07-11 01-12 07-12 01-13 07-13 01-14 07-14 01-15 07-15 01-16 0 Investment Assumptions Investment Name Holding Period Initial Investment Subsequent Invest/Withdwl Reinvest Distributions Liquidate Rebalance Adviser Fee Charges and Fees Entry/Exit Fee Market Value Start End Amount Amount Freq Income Cap Gains (%) Amount Freq Amount Type End ($) Fidelity Australian 07-11 07-16 13,500 0 Y Y N 0.00% Mon. 23,766 Equities(AUD,12292,FID0008AU) Perpetual W Share Plus 07-11 07-16 7,500 0 Y Y N 0.00% Mon. 14,153 L/S(AUD,9836,PER0072AU) Goldman Sachs Australian Equities 07-11 07-16 13,500 0 Y Y N 0.00% Mon. 21,477 WS(AUD,4544,JBW0009AU) BT Smaller Companies 07-11 07-16 0 0 Y Y N 0.00% Mon. 0 W(AUD,2725,RFA0819AU) Walter Scott Global Equity 07-11 07-16 15,000 0 Y Y N 0.00% Mon. 25,704 Hedged(AUD,16190,MAQ0557AU) Platinum International 07-11 07-16 12,000 0 Y Y N 0.00% Mon. 21,663 Fund(AUD,4505,PLA0002AU) Magellan 07-11 07-16 15,000 0 Y Y N 0.00% Mon. 37,488 Global(AUD,15699,MGE0001AU) Aberdeen Emerging 07-11 07-16 9,000 0 Y Y N 0.00% Mon. 12,841 Opportunities(AUD,11594,ETL0032AU ) Vanguard Australian Property Secs 07-11 07-16 9,000 0 Y Y N 0.00% Mon. 23,004 Idx(AUD,4744,VAN0004AU) UBS Clarion Global Property 07-11 07-16 4,500 0 Y Y N 0.00% Mon. 8,259 Securities I(AUD,14291,HML0016AU) Magellan 07-11 07-16 6,000 0 Y Y N 0.00% Mon. 12,601 Infrastructure(AUD,15700,MGE0002A U) Nikko AM Australian 07-11 07-16 10,500 0 Y Y N 0.00% Mon. 14,274 Bond(AUD,10858,TYN0104AU) PIMCO Australian Bond 07-11 07-16 7,500 0 Y Y N 0.00% Mon. 10,293 W(AUD,10881,ETL0015AU) PIMCO Global Bond 07-11 07-16 9,000 0 Y Y N 0.00% Mon. 13,024 W(AUD,10883,ETL0018AU) Franklin Templeton Multisector Bond 07-11 07-16 0 0 Y Y N 0.00% Mon. 0 W(AUD,17390,FRT0011AU) Vanguard Cash Reserve(AUD,15896,VAN0020AU) 07-11 07-16 18,000 0 Y Y N 0.00% Mon. 20,674
Page 3 of 9 Snapshot Value Benchmark $259,220.27 Morningstar Aus Msec Balanced TR AUD (AUD) Analysis 31-07-2016 Asset Allocation Net % Bmark Net % Domestic Equity 21.69 0.00 International Equity 37.80 0.00 Domestic Listed Property 9.44 0.00 International Listed Property 2.99 0.00 Unlisted Property 0.00 0.00 Mortgages 0.00 0.00 Domestic Fixed Interest 8.29 0.00 International Fixed Interest 5.07 0.00 Cash 14.72 0.00 Other/Not Classified 0.00 100.00 Morningstar Equity Style Box % Morningstar Fixed Income Style Box % 21 26 34 3 7 6 1 1 1 Value Blend Growth 0-10 10-25 25-50 >50 Large Mid Small Total Stock Holdings 632 % Not Classified 0 4 47 0 0 31 18 0 0 0 Ltd Mod Ext 0-10 10-25 25-50 >50 High Med Low Total Bond Holdings 1,094 % Not Classified 0 Stock Analysis 31-07-2016 Stock Sectors Sensitive Benchmark World Regions Greater Asia Americas Greater Europe Performance 31-07-2016 Investment Activity Graph Final Mkt Val: $259,220 Benchmark $280k 250 Defensive 220 190 Cyclical 160 <25 25-50 50-75 >75% 07-11 01-12 07-12 01-13 07-13 01-14 07-14 01-15 07-15 01-16 130 (%) Bmark (%) h Cyclical 53.72 53.65 r Basic Matls 5.37 7.10 t Consumer Cycl 9.88 8.04 y Financial Svs 19.46 23.33 u Real Estate 19.01 15.18 j Sensitive 28.24 25.61 i Commun Svs 2.62 4.71 o Energy 4.49 4.67 p Industrials 6.75 8.96 a Technology 14.38 7.27 k Defensive 18.04 20.74 s Consumer Def 6.56 8.52 d Healthcare 8.50 9.53 f Utilities 2.98 2.69 Not Classified 0.00 0.00 (%) Bmark (%) Americas 31.72 31.83 North America 30.17 31.83 Latin America 1.55 0.00 Greater Europe 13.38 12.37 United Kingdom 3.57 3.84 Europe-Developed 8.63 8.40 Europe-Emerging 0.91 0.00 Africa/Middle East 0.27 0.13 Greater Asia 54.90 55.78 Japan 3.01 4.47 Australasia 42.48 50.00 Asia-Developed 3.32 1.02 Asia-Emerging 6.09 0.29 Not Classified 0.00 0.00 Trailing Returns 3 Mo 1 Yr 3 Yr 5 Yr 10 Yr Return 4.70 3.41 9.86 11.64 Benchmark Return 4.34 3.89 8.56 9.80 +/- Benchmark Return 0.36-0.48 1.30 1.84 Best/Worst Time Best % Worst % Periods 3 Months 8.53 ( Dec 2014-Feb 2015 ) -3.37 ( Jun 2015-Aug 2015 ) 1 Year 21.95 ( Jun 2012-May 2013 ) -2.39 ( Mar 2015-Feb 2016 ) 3 Years 16.59 ( Jun 2012-May 2015 ) 9.21 ( May 2013-Apr 2016 ) Yield ( 31-07-2016 ) Yield % 12-Month Yield 7.00 -Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. Holdings 31-07-2016 Top 8 holdings out of 16 Symbol Type Holding Value $ % Assets Magellan Global (AUD) 15699 OFF 37,488 14.46 Walter Scott Global Equity Hedged (AUD) 16190 OFF 25,704 9.92 Fidelity Australian Equities (AUD) 12292 OFF 23,766 9.17 Vanguard Australian Property Secs Idx (AUD) 4744 OFF 23,004 8.87 Platinum International Fund (AUD) 4505 OFF 21,663 8.36 Goldman Sachs Australian Equities WS (AUD) 4544 OFF 21,477 8.29 Vanguard Cash Reserve (AUD) 15896 OFF 20,674 7.98 Nikko AM Australian Bond (AUD) 10858 OFF 14,274 5.51
Snapshot Value Benchmark $259,220.27 Morningstar Aus Msec Balanced TR AUD (AUD) Page 4 of 9 Risk Analysis 31-07-2016 Risk/Reward Scatterplot Holdings Bmark 5 Year Mean Performance History Graph Quarterly returns +/- Benchmark in % 41.40 10.0% 36.80 32.20 8.0 27.60 23.00 6.0 18.40 4.0 13.80 9.20 2.0 4.60 0.00 Bmark -1.0 0.1 1.2 2.3 3.4 4.5 5.6 6.7 7.8 8.9 10.0 11.1 12.2 13.3 14.4-4.60 2011 2012 2013 2014 2015 2016-2.0 5 Year Standard Deviation Risk and Return Statistics 3 Yr 5 Yr 10 Yr Bmark Bmark Bmark Standard Deviation 6.66 5.01 6.19 4.86 Mean 9.86 8.56 11.64 9.80 Sharpe Ratio 1.13 1.23 1.41 1.40 MPT Statistics 3 Yr 5 Yr 10 Yr Alpha -0.50 0.19 Beta 1.30 1.23 R-Squared 95.24 94.34 -Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. Fundamental Analysis 31-07-2016 Asset Allocation -100-50 0 50 100 Net % Long % Short % Domestic Equity 21.69 21.69 0.00 International Equ 37.80 37.80 0.00 Domestic Listed P 9.44 9.44 0.00 International Lis 2.99 2.99 0.00 Unlisted Property 0.00 0.00 0.00 Mortgages 0.00 0.00 0.00 Domestic Fixed In 8.29 8.29 0.00 International Fix 5.07 5.39 0.00 Cash 14.72 14.72 0.00 Other/Not Classif 0.00 0.00 0.00 Total 100.00 100.32 0.00 Market Maturity % of Stocks Bmark Developed Markets 91.26 99.71 Emerging Markets 8.74 0.30 Not Available 0.00 0.00 Valuation Multiples Bmark Price/Earnings 16.48 14.05 Price/Book 2.04 1.73 Price/Sales 2.01 1.55 Price/Cash Flow 8.34 7.69 Profitability Bmark % of Stocks 2016-07 2016-07 Net Margin 24.87 21.46 ROE 17.47 16.98 ROA 7.14 6.06 Debt/Capital 37.22 39.08 Fund Statistics Potential Cap Gains Exposure Avg Net Expense Ratio Avg Gross Expense Ratio Geometric Avg Capitalization ($Mil) 31,324.88 Benchmark 31,480.58 Credit Quality Breakdown % of Bonds AAA 55.49 AA 22.27 A 13.48 BBB 6.50 BB 1.30 B 0.52 Below B 0.41 NR 0.05 Interest Rate Risk Bonds % Not Available Avg Eff Maturity 5.59 0.05 Avg Eff Duration 4.80 0.05 Avg Credit Quality A 0.05 Avg Wtd Coupon 4.51 0.00
Snapshot Value Benchmark $259,220.27 Morningstar Aus Msec Balanced TR AUD (AUD) Page 5 of 9 Illustration Returns Total 16 holdings as of 31-07-2016 Symbol Type Holdings Date % of Assets Holding Value $ 1 Yr Ret % 3 Yr Ret % 5 Yr Ret % 10 Yr Ret % Magellan Global (AUD) 15699 OFF 06-2016 14.46 37,488-5.00 12.11 20.20 Walter Scott Global Equity Hedged (AUD) 16190 OFF 07-2016 9.92 25,704 2.01 9.92 11.48 Fidelity Australian Equities (AUD) 12292 OFF 07-2016 9.17 23,766 5.41 10.66 12.07 Vanguard Australian Property Secs Idx (AUD) 4744 OFF 07-2016 8.87 23,004 24.02 20.65 20.63 Platinum International Fund (AUD) 4505 OFF 06-2016 8.36 21,663-5.61 9.36 12.64 Goldman Sachs Australian Equities WS (AUD) 4544 OFF 06-2016 8.29 21,477 1.30 8.06 9.83 Vanguard Cash Reserve (AUD) 15896 OFF 06-2016 7.98 20,674 2.11 2.34 2.89 Nikko AM Australian Bond (AUD) 10858 OFF 07-2016 5.51 14,274 6.00 6.03 6.33 Perpetual W Share Plus L/S (AUD) 9836 OFF 05-2016 5.46 14,153 0.56 9.46 13.62 PIMCO Global Bond W (AUD) 10883 OFF 03-2016 5.02 13,024 8.19 7.90 7.69 Aberdeen Emerging Opportunities (AUD) 11594 OFF 07-2016 4.95 12,841-0.70 6.09 7.60 Magellan Infrastructure (AUD) 15700 OFF 06-2016 4.86 12,601 14.26 16.14 16.10 PIMCO Australian Bond W (AUD) 10881 OFF 03-2016 3.97 10,293 6.20 6.06 6.55 UBS Clarion Global Property Securities I (AUD) 14291 OFF 07-2016 3.19 8,259 13.21 14.56 12.99 BT Smaller Companies W (AUD) 2725 OFF 06-2016 0.00 0 0.00 0.00 0.00 Franklin Templeton Multisector Bond W (AUD) 17390 OFF 06-2016 0.00 0 0.00 0.00 0.00 Performance Disclosure The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please visit http://advisor.morningstar.com/familyinfo.asp.
Stock Intersection Page 6 of 9 This table shows how the top 10 long stock holdings are distributed across the portfolio, ranked by the percentage of portfolio net assets. The Holding Date is the date that the fund's portfolio was last updated. When making comparisons among funds, it is an important date to keep in mind. It is possible that a fund's portfolio could be up to eight months old at the time of publication. See disclosures for more information. Stock Details Stock Ticker/ISIN Market Value$ % of Investments Holding Date Sector Commonwealth Bank of Australia(AUD) CBA 6,208 2.39 y Financial Services Fidelity Australian Equities (AUD) 12292 2,678 1.03 30-06-16 Goldman Sachs Australian Equities WS (AUD) 4544 2,563 0.99 30-06-16 Perpetual W Share Plus L/S (AUD) 9836 968 0.37 31-05-16 Scentre Group(AUD) SCG 5,302 2.05 u Real Estate Vanguard Australian Property Secs Idx (AUD) 4744 4,920 1.90 31-07-16 Fidelity Australian Equities (AUD) 12292 228 0.09 30-06-16 UBS Clarion Global Property Securities I (AUD) 14291 154 0.06 31-07-16 Westpac Banking Corp(AUD) WBC 4,770 1.84 y Financial Services Goldman Sachs Australian Equities WS (AUD) 4544 2,314 0.89 30-06-16 Fidelity Australian Equities (AUD) 12292 1,638 0.63 30-06-16 Perpetual W Share Plus L/S (AUD) 9836 818 0.32 31-05-16 Westfield Corp(AUD) WFD 4,080 1.57 u Real Estate Vanguard Australian Property Secs Idx (AUD) 4744 3,560 1.37 31-07-16 Fidelity Australian Equities (AUD) 12292 414 0.16 30-06-16 UBS Clarion Global Property Securities I (AUD) 14291 106 0.04 31-07-16 Australia and New Zealand Banking Group Ltd(AUD) ANZ 3,236 1.25 y Financial Services Goldman Sachs Australian Equities WS (AUD) 4544 1,821 0.70 30-06-16 Fidelity Australian Equities (AUD) 12292 1,020 0.39 30-06-16 Perpetual W Share Plus L/S (AUD) 9836 395 0.15 31-05-16 Goodman Group(AUD) GMG 3,133 1.21 u Real Estate Vanguard Australian Property Secs Idx (AUD) 4744 2,071 0.80 31-07-16 Fidelity Australian Equities (AUD) 12292 793 0.31 30-06-16 Goldman Sachs Australian Equities WS (AUD) 4544 269 0.10 30-06-16 Microsoft Corp(USD) MSFT 2,697 1.04 a Technology Magellan Global (AUD) 15699 2,043 0.79 30-06-16 Walter Scott Global Equity Hedged (AUD) 16190 654 0.25 31-07-16 Oracle Corp(USD) ORCL 2,476 0.96 a Technology Magellan Global (AUD) 15699 1,701 0.66 30-06-16 Walter Scott Global Equity Hedged (AUD) 16190 503 0.19 31-07-16 Platinum International Fund (AUD) 4505 273 0.11 30-06-16 Apple Inc(USD) AAPL 2,201 0.85 a Technology Magellan Global (AUD) 15699 2,198 0.85 30-06-16 Platinum International Fund (AUD) 4505 3 0.00 30-06-16
Page 7 of 9 Stock Intersection (Continued) Stock Details Stock Ticker/ISIN Market Value$ % of Investments Holding Date Sector Stockland Corp Ltd(AUD) SGP 2,089 0.81 u Real Estate Vanguard Australian Property Secs Idx (AUD) 4744 2,089 0.81 31-07-16
Distribution and Withdrawal Summary 31-07-2011 to 31-07-2016 Page 8 of 9 Value by Source $300k 270 240 Ending Amount of Value Principal $201,629 Div/Cap Gains $57,592 Total Amount $259,220 210 180 150 120 90 60 30 07-11 01-12 07-12 01-13 07-13 01-14 07-14 01-15 07-15 01-16 0 Distribution and Withdrawal Detail Period Div/Cap Gains Withdrawal $ Div/Cap Gains Paid Out $ Reinvested $ Totals 0 0 54,594.01 July-December 2011 0 0 2,103.55 January-December 2012 0 0 6,381.48 January-December 2013 0 0 5,842.90 January-December 2014 0 0 10,776.98 January-December 2015 0 0 15,251.71 January-July 2016 0 0 14,237.39
Correlation Matrix 31-07-2013 to 31-07-2016 Report Currency AUD Page 9 of 9 Correlation Matrix 3 Year 1 1 2 2 0.91 3 3 0.98 0.92 4 4 0.83 0.75 0.85 5 5 0.67 0.58 0.68 0.63 6 6 0.47 0.46 0.45 0.38 0.56 7 7 0.34 0.34 0.31 0.24 0.42 0.83 8 8 0.57 0.46 0.56 0.42 0.74 0.46 0.31 9 9 0.69 0.63 0.65 0.47 0.36 0.20 0.14 0.54 10 Investment Key 1 Fidelity Australian Equities(AUD,12292,FID0008AU) 2 Perpetual W Share Plus L/S(AUD,9836,PER0072AU) 3 Goldman Sachs Australian Equities WS(AUD,4544,JBW0009AU) 4 BT Smaller Companies W(AUD,2725,RFA0819AU) 5 Walter Scott Global Equity Hedged(AUD,16190,MAQ0557AU) 6 Platinum International Fund(AUD,4505,PLA0002AU) 7 Magellan Global(AUD,15699,MGE0001AU) 8 Aberdeen Emerging Opportunities(AUD,11594,ETL0032AU) 9 Vanguard Australian Property Secs Idx(AUD,4744,VAN0004AU) 10 UBS Clarion Global Property Securities I(AUD,14291,HML0016AU) 11 Magellan Infrastructure(AUD,15700,MGE0002AU) 12 Nikko AM Australian Bond(AUD,10858,TYN0104AU) 13 PIMCO Australian Bond W(AUD,10881,ETL0015AU) 14 PIMCO Global Bond W(AUD,10883,ETL0018AU) 15 Franklin Templeton Multisector Bond W(AUD,17390,FRT0011AU) 16 Vanguard Cash Reserve(AUD,15896,VAN0020AU) 10 0.61 0.55 0.59 0.46 0.54 0.25 0.15 0.63 0.70 11 11 0.44 0.31 0.42 0.28 0.44 0.25 0.18 0.59 0.57 0.84 12 12 0.09 0.02 0.04-0.14-0.08 0.09 0.22 0.25 0.49 0.45 0.45 13 13 0.20 0.13 0.14 0.00 0.02 0.21 0.33 0.31 0.55 0.51 0.47 0.97 14 14 0.30 0.21 0.28 0.11 0.29 0.07 0.00 0.55 0.56 0.75 0.76 0.61 0.62 15 15 0.53 0.48 0.59 0.50 0.83 0.33 0.14 0.66 0.18 0.48 0.43-0.24-0.16 0.32 16 16 0.12 0.28 0.15-0.11-0.03 0.19 0.10 0.14 0.19 0.14 0.10 0.28 0.26 0.12 0.02 Degree of Correlation High 0.70 to 1.00 Moderate 0.11 to 0.69 None 0.10 to -0.10 Moderately Negative -0.11 to -0.69 Highly Negative -0.70 to -1.00 The Correlation Matrix demonstrates the relationship of return patterns among investments. It is based upon the correlation coefficient, a number between -1.0 and 1.0. A perfect negative linear relationship between two investments has a correlation of -1.0, whereas a perfect positive linear relationship exists with a correlation of 1.0. A correlation coefficient of 0.0 indicates no linear relationship between the investments. Correlation information can be valuable in assessing the diversification effect of combining an investment with other investing options.