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The Australian Growth Fund gives you access to invest in quality, growing Australian businesses. The Australian market is deeper and broader than in New Zealand, which provides numerous opportunities to invest in great businesses. Being such a broad market with so many investment opportunities means some companies are often poorly researched and not well understood by the market. The outcome of this is that high quality companies can trade below their inherent value. Our team making investment decisions are well informed and spend their time conducting their own research on this market.
Why Australian shares?
There is a lot of diversity in the products and services that companies in the Australian market offer. Because of the population size,the growth path for Australian companies can be smoother than in New Zealand. This is important as it provides these companies a broader growth opportunity domestically, before they need to consider the challenging step of exporting their business model to chase growth.
Growth of $10,000 invested in the fund since inception
** S&P/ASX Small Industrials Index (Inception to 31/1/2012), S&P ASX 300 Industrials ex top 20 70% hedged to NZD (1/2/2012 - 31/3/2015), S&P/ASX 200 70% hedged (1/4/2015 to now)
In the portfolio holdings below you will find a diverse range of companies. Some of these will be brands you know well, and others may be new to you. The companies we invest in range from banks and fast food brands, to companies in the healthcare and tech sectors.
The Australian Growth Fund returned +6.1% in November, behind the +9.7% return for the ASX 200 Index (70% hedged into NZ$).
Our shareholdings in financials such as Credit Corp (+29.8% in A$) and the banks including National Australia Bank (+24.8%), ANZ (+22.6%), CBA (+14.6%) and Westpac (+14.3%) buoyed our portfolio returns in the month. Following Australia’s stimulatory budget in October, enthusiasm about COVID-19 vaccine trial results saw a strong market rotation in November out of high growth companies and COVID-19 beneficiaries into cyclicals and companies that will benefit from continued re-opening of the global economy. This, coupled with a generally improving outlook for the banks (likely lower bad debts than currently provisioned for) drove the sharp increase in their share prices in the month.
In contrast, this rotation contributed to the underperformance of high growth companies like data centre operator Next DC (-11.8%) and insurance claims software company Fineos (-16.6%). Fineos was also affected by a cautious near term trading update at its AGM. The longer term potential for both companies remains sound.
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