annual investment report - tidswell financial€¦ · commodity prices and the australian dollar...

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Tidswell Investment PlanARSN 093 115 685

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Phone: +61 8 8223 1676 Email: [email protected] Fax: +61 8 8232 1675 Web: www.tidswell.com.au

2015Tidswell Investment Plan

Annual Investment

Report

2015A N N U A L I N V E S T M E N T R E P O R T





Welcome

Dear Investor

We are pleased to present the Tidswell Investment Plan Annual Investment Report for the financial year ended 30 June 2015.

This report contains our overview of investment markets for the year as well as an interesting feature article titled “Megatrends for investors”, which we would like to share with you.

Also included is specific information relating to the investment options available through your Tidswell Investment Plan, including the Pooled Mortgage Managed Investment Scheme and Commonwealth House Unit Trust.

We remain committed to offering you investment choice and flexibility through your Tidswell Investment Plan so that you can tailor an investment strategy specific to your needs.

Thank you again for entrusting your investments with us and please do not hesitate to contact our office for further information.

Yours sincerely

Jeffrey TidswellManaging Director

2015

Strategic AdviceFinancial Prosperity

Quality of Life

T I D S W E L L I N V E S T M E N T P L A N2 A N N U A L I N V E S T M E N T R E P O R T

2015

Investment OverviewThis year has again been very challenging for investors and particularly Australia where the Reserve Bank of Australia (RBA) did all it could to improve growth by reducing the cash rate to a new record low of 2%, as well as talking the Australian dollar down. It would appear there could be more interest rate cuts on the horizon because of the poor business investment outlook, weakness in commodity prices and the Australian dollar remaining too high for the RBA’s liking. The Chinese slowdown has been a major contributor to the fall in commodity prices and the Australian dollar.

Whilst lower interest rates are good for borrowers they have certainly had a negative impact on savers and particularly self-funded retirees. There is an important trade-off between the risk investors take and the returns they achieve. The more risk the higher the potential return.

Investment returns for the different asset classes as at 30 June 2015 are detailed in the table to the right:

Investment Report

Asset Class 1 year%

3 years% pa

5 years% pa

10 years% pa

Balanced FundMorningstar Aus Multisector Balanced TR AUD 10.31 12.39 9.42 6.28

Australian SharesS&P/ASX200 TR 5.68 15.06 9.69 7.08

Australian Industrial SharesS&P/ASX200 Industrial TR 11.20 20.17 14.46 8.00

Australian Resources SharesS&P/ASX200 Resources TR AUD -16.55 -2.90 -5.00 3.91

International Shares MSCI World Ex Australia NR AUD 25.18 26.12 15.43 6.27

Emerging MarketsMSCI EM NR AUD 16.51 14.16 5.66 8.02

Australian Property S&P/ASX200 A-REIT TR 20.26 18.39 14.29 2.52

International PropertyUBS Global Investors Ex Aus NR Hdg AUD 9.05 14.39 15.08 6.78

Australian Fixed InterestUBS Composite 0 + Yr TR AUD 5.63 4.82 6.44 6.25

International Fixed InterestBarclays Global Aggregate TR Hdg AUD 5.62 5.98 7.27 7.34

First Mortgages (Tidswell)Pooled Mortgage Managed Investment Scheme 6.72 7.10 7.87 8.65

CashRBA Bank accepted Bills 90 Days 2.31 2.76 3.52 4.57

Consumer Price Index (CPI) 1.51 2.30 2.33 2.67

The Morningstar Aus Multisector Balanced Index returned approximately 10.31% for the financial year. This was mainly due to another strong performance by international shares and Australian Real Estate Investment Trusts (A-REITs), which returned 25.18% and 20.26% respectively. Much of the increase in share and A-REIT prices has been driven by the low interest rate environment. The high returns from international shares were also enhanced by the falling Australian dollar.

As has been the case for several years now the world’s central banks have been increasing global liquidity, yet the economic recovery remains very weak relative to historical data.

The cash return was 2.31% which was above the CPI rate of 1.51%, while Australian fixed interest and international fixed interest returns were 5.63% and 5.62% respectively.

Our Pooled Mortgage Managed Investment Scheme again held very high cash levels of up to 20% during the year as there were not sufficient quality first mortgage loans available to be fully invested. Nonetheless it still provided a healthy income return (compared with cash and term deposits) of 6.72%.

A N N U A L I N V E S T M E N T R E P O R T

”

This share market correction is on point and good because it will

distract everyone from the real crisis – debt.

“

Martin Armstrong


2015

Feature Article

Key pointsThis note focuses on key trends relevant to investors.•

These include: aging and slowing populations; •slower growth in household debt; secular downturn in commodity price; rapid technological innovation & automation; ongoing globalisation; the Asian ascendancy; rising environmental awareness; the energy revolution; a backlash against free markets; & geopolitical tensions.

Most of these will constrain growth and inflation and •hence investor returns. However,

IntroductionIt’s part of human nature to give more weight to the short term rather than the long term. The desire for instant gratification is being accentuated by the immediacy provided by modern technology. This in turn is making it even harder to turn down the noise surrounding investment markets. But doing so is essential for successful investing. With this in mind, this note looks at longer term themes that will likely impact investment markets over the medium term, say the next 5-10 years.

Aging and slowing populationsAging and slowing populations have been long talked about and they are now starting to have a big impact. Thanks to medical advances people are living longer healthier lives (eg average life expectancy in Australia has risen from 77 years in 1990 to 83 years now and is projected to rise to 89 years by 2050). And reduced fertility rates are leading to lower population growth. The impact is more significant in some countries, which are seeing their populations slow and age faster (eg Japan and Italy) than others (eg Australia, where immigration and higher fertility is providing an offset) and others still where population growth remains rapid (eg India, Africa and the Middle East).

Megatrends for investors

Oliver’s Insights | AMP Capital9 June 2015 | Edition 20

Source: Intergernational Report, AMP Capital

Implications – at the macro level this means: slowing labour force growth which in turn weighs on potential economic growth; increasing pressure on government budgets from health and pension spending and a declining proportion of workers relative to retirees; a “war for certain types of talent”; and pressure to work longer. At the industry level it will support growth in several industries including healthcare and leisure. At the investment level it will likely see a focus on strategies aimed at generating income (yield) while at the same time providing for “more stable” growth to cover longevity.

Slower growth in household debtSome have named the surge in household debt relative to incomes seen in the decades prior to the GFC as the “debt super cycle”. This was fuelled by low starting point debt levels, financial de-regulation and the shift from high to low interest rates but it now appears to have run its course as the GFC and constrained economic growth have left consumers wary of adding to already high debt levels and bank lending standards have toughened. This has seen growth in debt slow and households running higher savings rates than prior to the GFC.

Implications – slower growth in household debt likely means slower growth in consumer spending, lower interest rates and central banks having to ease more to achieve a desired stimulus. Slower credit growth may also be a drag for banks.


Feature ArticleThe commodity super cycle has turned downThe surge in the supply of commodities in lagged response to last decade’s commodity price boom is now combining with somewhat slower growth in China and emerging countries to result in a downtrend in commodity prices. Notwithstanding, cyclical bounces, this could have further to go consistent with the long term pattern seen since 1900. This will act as a constraint on inflation and on growth in commodity producing countries (eg, South America, Russia, Australia) but benefit commodity user regions (the US, Asia, Europe and Japan).

Implications – favours traditional global shares (dominated by commodity users) over emerging market and Australian shares and suggests that the downtrend in the $A has more to go and helps keep interest rates low.

Technological innovation & automationTechnological innovation is having an ever increasing impact. It seems everything is getting connected to the internet. 75% of the world’s population has access to a mobile phone and by 2030 50% will access the internet. The work environment is being revolutionised enabling companies to increasingly locate parts of their operation to wherever costs are lowest and increasingly to automate and cut costs via robotics, nanotechnology, 3D printing, using GPS systems to manage logistics, etc. The intensified focus on labour saving is likely good for productivity and profit margins but ambiguous for consumer spending to the extent it may constrain wages and worsen inequality. There is also the complication that with so many “free” apps (eg my phone has a navigator that would have cost several thousand dollars in my car a few years ago), growth in activity (ie GDP and hence productivity) is being under measured/inflation overestimated and consumers are doing a lot better than weak wages growth implies.

Implications – another reason for inflation to stay low and profit margins to remain high. But also a potential positive for growth.

Globalisation and offshoringThere is nothing new in globalisation, but it is set to continue as companies under ongoing pressure to cut costs look to emerging countries with lower wages and high education levels to feed into their production chains. While this was once limited to manufacturing, it has now shifted into services and going up the value chain (from call centres to areas like medicine, research and finance). Technology is the key enabler.

Implications – positive for companies that can shift functions across boundaries. Will help keep inflation down.

Asian ascendancy (but messy emerging countries)Given relatively lower levels of urbanisation, income and industrialisation the emerging world offers far more growth potential than the developed world. However, while favouring emerging over advanced countries was easy 15 years ago it’s now more complicated as big parts of the emerging world have dropped the ball on reforms (with Brazil and much of South America returning to the populist policies of their past) and Russia wanting to go back to its Soviet glory days. They all need another reform stimulating crisis. However, the reform and growth story remains alive in Asia – from China to India.

Implications – favour non-Japan Asian shares (allowing of course for risk).

Source: Global Financial Data, Bloomberg, AMP Capital

Source: Source: Angus Madison (2001, 2005), AMP Capital


2015

Feature ArticleThe environment and social valuesWhile the GFC slowed momentum on global carbon pricing, consciousness of the impact on the environment is continuing to grow. At the same time higher social standards are being demanded of governments and corporates. This reflects a range of developments including increasing scientific evidence of the impact on the environment from human activity and the long term welfare consequences, younger generations demanding higher social and environmental standards and social media that can destroy reputations in a flash.

Implications – this will favour companies that adhere to high environmental, social and governance standards.

The energy revolutionThis is real. Renewables account for more than 30% of power produced in Europe. This will only grow as alternatives like solar continue to collapse in cost and solar energy storage becomes mainstream.

Likewise advances in battery technology are seeing a massive expansion in the use of electric cars which will feed on itself as this drives more charging stations.

Implications – this has huge negative implications for oil and coal and will accentuate the commodity price downtrend.

Backlash against free marketsFrancis Fukuyama’s declaration of the “End of History” with a global consensus in favour of liberal democracy seems a distant pipedream now. Since the GFC in particular we have seen a backlash against unfettered free markets with left of centre parties vacating the middle ground and moving to the left and a general focus on more regulation and more taxes. Witness the calls to end or curtail tax concessions in Australia. Rising inequality may add to the pressure on governments to impose more onerous personal tax rates.

Implications – backsliding on reform could slow growth rates.

Geopolitical tensionsA multi-polar world – the end of the cold war and the stabilising influence of the US as the dominant global power helped drive globalisation and the peace dividend

post 1990. Now the relative decline of the US, the relative rise of China, Russia’s attempt to hang on to its Soviet past and efforts by other countries to fill in the gap left by the US are all creating tensions and a more difficult environment geo-politically – what some have called a multi-polar world. This is evident in: increasing tension in the Middle East between (Sunni) Saudi Arabia and (Shia) Iran; Russia’s intervention in Ukraine; and tensions between China & Japan and in the South China Sea.

Implications – while it is dangerous to read too much into this it has the potential to disrupt investment markets at times.

ImplicationsOf course there are more megatrends than this – education and obesity to name a few – but I have focussed on the main macro themes. (For those interest in thematic investing see “Thematic investing – principles for long-term investing”, by Andy Gardner, AMP Capital Insights Papers, November 2014). At a general level there are several implications for investors.

First – several of these trends will help keep inflation •low, eg the commodity price downtrend, automation & globalisation.

Second – several are also consistent with constrained •economic growth, notably aging and slowing populations, slower growth in debt, the backlash against free markets and geopolitical tensions. This is not universal though as increasing automation is positive for profits and the commodity price downtrend is positive for commodity users.

Taken together this is all consistent with ongoing •relatively low interest rates (albeit there will still be a cycle in rates) and relatively constrained medium term investment returns.

Finally, several sectors stand out as winners including •health care, leisure and multinationals. Producers of energy from fossil fuels are potential losers.

Important note: While every care has been taken in the preparation of this article, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) and AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This article is solely for the use of the party to whom it is provided.

Dr Shane Oliver

Head of Investment Strategy and Chief Economist

AMP Capital


The risks of the world being at or near the end

of its long term debt cycle are significant.

“

”Ray Dalio


2015

Investment Information

An extensive range of carefully selected investment options are available through the Tidswell Investment Plan. Our research considers a broad range of products when constructing the list of investments being offered and we select only those that we believe are worthy of recommending to our clients. We also monitor the performance of the available investment options to ensure they remain competitive.

IndexAberdeen Emerging Opportunities FundBaker Steel Gold FundBankSA Business Cheque Account PlusBlackRock Global Allocation Fund (Aust) (Class D Units)BlackRock International Gold Fund (Class D Units)BT Wholesale Balanced Returns FundBT Wholesale Conservative Outlook FundBT Wholesale Smaller Companies FundColonial First State Wholesale Global Resources FundCommonwealth House Unit Trust B ClassCommonwealth House Unit Trust C ClassCommonwealth House Unit Trust D ClassCommonwealth House Unit Trust E ClassFidelity Australian Equities FundFranklin Global Growth FundFranklin Templeton Multisector Bond FundIronbark GTP Global Equity Agribusiness FundMagellan Global FundNikko AM Australian Bond FundNikko AM-Tyndall Australian Share Wholesale PortfolioPerpetual Wholesale Australian Share FundPerpetual Wholesale Balanced Growth FundPerpetual Wholesale Conservative Growth FundPIMCO EQT Wholesale Australian Bond FundPIMCO EQT Wholesale Diversified Fixed Interest FundPIMCO EQT Wholesale Global Bond FundPlatinum Asia FundPlatinum European FundPlatinum International FundPlatinum International Technology FundPlatinum Japan FundPooled Mortgage Managed Investment SchemeSchroder Balanced Fund Wholesale ClassUBS Clarion Global Property Securities FundVanguard® Australian Government Bond Index FundVanguard® Australian Property Securities Index Fund


Aberdeen Emerging Opportunities FundObjective

To provide investors with high capital growth over the medium to long term (3-5 years) by seeking exposure to emerging stock markets worldwide or companies with significant activities in emerging markets.

Strategy

Our emerging markets equities managers, located in Sao Paulo, London, Singapore, Bangkok, Hong Kong and Kuala Lumpur, seek to identify and invest in good quality emerging markets equities.

Quality is chiefly an evaluation of a company’s management, balance sheet and business model.

Only those companies which pass our rigorous quality screen are assessed for value. We see risk in terms of investing in a poor quality company, or overpaying for a good one, and do not view risk in benchmark relative terms.

We therefore downplay benchmarks in portfolio construction since these provide little indication of future performance. We are comfortable not holding companies if they do not satisfy our disciplined quality and valuation criteria, regardless of their benchmark weight. We never invest in a company without first meeting the management.

The normal characteristics of the Fund include:

Low turnover due to our ‘buy and hold’ approach - •average holding period of around four years.

Significant divergence from the benchmark.•

Low cash allocation (as the aim is to be fully •invested in securities).

Asset Allocation

Cash 2.70%International Shares 97.30%

Source: Morningstar

Performance as at 30 June 2015

Annual Returns30 June 2015 13.03%30 June 2014 6.17%30 June 2013 17.33%30 June 2012 0.10%30 June 2011 2.16%

Compound Annual Returns1 year 13.03% 3 years pa 12.08% 5 years pa 7.56% 10 years pa 10.83%

T I D S W E L L I N V E S T M E N T P L A N10 T I D S W E L L I N V E S T M E N T P L A N1010 A N N U A L I N V E S T M E N T R E P O R T

2015

Baker Steel Gold FundObjective

The Baker Steel Gold Fund’s objectives are:

to provide capital growth over the long-term by •investing in a portfolio consisting principally of globally listed gold and precious metal equities, and

to outperform the FTSE Gold Mines Index (expressed •50% in USD and 50% in AUD and after fees and expenses) over 5 year rolling periods.

Strategy

Actively managed by Baker Steel, the Fund is a portfolio of globally listed gold and precious metals equities, with a small to mid-cap focus. The investment strategy involves utilising bottom up valuation driven analysis to identify the best investment opportunities. The Fund consists principally of the equities of gold and precious metal companies globally, but with an ability to have up to 50% of its net asset value invested in gold and precious metal exchange traded funds, futures and commodities, and up to 25% of its net asset value invested in cash.

Asset Allocation

Cash 1.19%Australian Shares 0.35%International Shares 98.47%

Source: Morningstar


1 FTSE™ is a trademark of London Stock Exchange and The Financial Times Limited and is used by FTSE International Limited.

BankSA Business Cheque Account PlusObjective

The BankSA Business Cheque Account Plus is a cash management account with the objective of achieving the security of a cash investment with an appropriate return.

Strategy

To be fully invested in a bank guaranteed cash account.

Asset Allocation

Cash 100%

Source: Morningstar


Annual Returns30 June 2015 -0.84%30 June 2014 13.60%30 June 2013 -55.34%30 June 2012 -19.32%30 June 2011 -18.89%

Compound Annual Returns1 year -0.84%3 years pa -19.78%5 years pa -16.46%10 years pa -0.69%


Compound Annual Returns1 year 2.31%3 years pa 2.66%5 years pa 3.40%10 years pa 4.42%


BlackRock International Gold Fund (Class D Units)Objective

The Fund seeks to maximise capital growth over the medium to long-term by investing primarily in gold mining shares throughout the world, including Australia.

Strategy

The Fund seeks investments primarily in gold companies that the Manager considers to offer the best long-term exposure to gold prices within an acceptable risk level. The Fund aims to invest in companies with strong management track records and with growth potential, both through existing operations and via the construction of new mines. Pure exploration companies would typically comprise only a small part of the portfolio.

Investment will be primarily in gold mining companies in countries including South Africa, Australia, Canada, USA and other mining companies.

Asset Allocation


Source: Morningstar


BlackRock Global Allocation Fund (Aust) (Class D Units)Objective

The Fund aims to provide high total investment returns through a fully managed investment policy utilising international equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends.

Currency is actively managed in the Fund around a fully hedged Australian Dollar benchmark.

Strategy

The Fund seeks to achieve its objective by investing in both equity and debt securities, including money market securities and other short-term securities or instruments, of issuers located around the world. There is no limit on the percentage of assets the Fund can invest in a particular type of security. Generally, the Fund seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. This flexibility allows the Fund to look for investments in markets around the world that the investment manager believes will provide the best relative asset allocation to meet the Fund’s investment objective.

Asset Allocation

Cash 19.56%Australian Fixed Interest 0.15%International Fixed Interest 19.81%Australian Shares 0.53%International Shares 59.95%

Source: Morningstar



Compound Annual Returns1 year 9.22%3 years pa 12.66%5 years pa 11.15%Since inception 4 Jul 2005 pa 8.73%

Annual Returns30 June 2015 -15.61%30 June 2014 13.10%30 June 2013 -33.64%30 June 2012 -22.53%30 June 2011 -8.38%

Compound Annual Returns1 year -15.61%3 years pa -14.12%5 years pa -14.97%10 years pa -0.68%


2015

BT Wholesale Balanced Returns FundObjective

The Fund aims to provide a return (before fees, costs and taxes) that exceeds the Fund’s benchmark over the medium to long term.

Strategy

The Fund is designed for investors who want the potential for long term capital growth and income, diversification across a broad range of asset classes and are prepared to accept some variability of returns. The Fund invests in Australian and international shares, Australian and international property securities, Australian and international fixed interest, cash and alternative investments. The Fund may also use derivatives. The Fund has a higher weighting towards growth assets than defensive assets.

Asset Allocation

Cash 3.83%Australian Fixed Interest 19.46%International Fixed Interest 10.02%Australian Listed Property 6.26%International Listed Property 1.98%Australian Shares 27.87%International Shares 16.19%Other 14.38%

Source: Morningstar


BT Wholesale Conservative Outlook FundObjective

The Fund aims to provide a return (before fees, costs and taxes) that exceeds the Fund’s benchmark over the medium term.

Strategy

The Fund is designed for investors who want the potential for long term capital growth and income, diversification across a broad range of asset classes and are prepared to accept some variability of returns. The Fund invests in Australian and international shares, Australian and international property securities, Australian and international fixed interest, cash and alternative investments. The Fund may also use derivatives. The Fund has a significant weighting towards defensive assets.

Asset Allocation

Cash 10.18%Australian Fixed Interest 33.45%International Fixed Interest 17.23%Australian Listed Property 4.52%International Listed Property 1.97%Australian Shares 12.10%International Shares 7.36%Other 13.20%

Source: Morningstar


Annual Returns30 June 2015 10.60%30 June 2014 11.57%30 June 2013 7.09%30 June 2012 6.16%30 June 2011 -1.33%





BT Wholesale Smaller Companies FundObjective

The Fund aims to provide a return (before fees, costs and taxes) that exceeds the S&P/ASX Small Ordinaries Accumulation Index over the medium to long term.

Strategy

This Fund is designed for investors who want the potential for long term capital growth and tax effective income, diversification across a broad range of smaller companies and industries and are prepared to accept higher variability of returns. The Fund invests primarily in companies outside the top 100 listed on the Securities Exchange. The Fund may also invest in equivalent companies listed on the New Zealand Stock Exchange, hold cash and may use derivatives.

Asset Allocation

Cash 5.55%Australian Shares 94.45%

Source: Morningstar


Colonial First State Wholesale Global Resources FundObjective

To provide long-term capital growth by predominantly investing in resource companies from around the world. The option aims to outperform the Euromoney Global Mining Accumulation Index (75%) and the MSCI All Countries World Energy Index (25%) over rolling five-year periods before fees and taxes.

Strategy

The option’s strategy is to add value over the medium-to-long term by investing in quality global resource companies. Rather than attempting to predict commodity price movements, we choose to focus on quality resource companies around the world. These companies typically have strong balance sheets, quality management, high quality assets and a low cost of production. The option does not hedge currency risk.

Asset Allocation²


Source: Morningstar


2 Asset allocation as at 30 September 2014.

Annual Returns30 June 2015 5.97%30 June 2014 16.60%30 June 2013 6.01%30 June 2012 14.03%30 June 2011 -0.94%


Annual Returns30 June 2015 -15.09%30 June 2014 26.26%30 June 2013 -8.43%30 June 2012 -29.34%30 June 2011 16.74%

Compound Annual Returns1 year -15.09%3 years pa -0.61%5 years pa -4.13%10 years pa 3.45%


2015

Commonwealth House Unit Trust B ClassObjective

The objective of this direct property strategy is to provide moderate to high levels of regular income.

Strategy

The investment strategy was to purchase the leasehold interest on two retail properties at Lots 1 & 23 Dyson Road within the Noarlunga Regional Centre, and to hold these for the long term. There are multiple subleases on the properties, which include a number of major national tenants. To maintain the value of the initial purchase price, the investment strategy was amended in December 2004 by the acquisition of an office property at Unit 3, 60 Hindmarsh Square, Adelaide using the cash flow from the leasehold interest. This office property was leased to a major bank until 31 January 2014 when they moved to their new premises. The property is currently vacant and being advertised for lease.

Asset Allocation

Unlisted Property 100%


Commonwealth House Unit Trust C ClassObjective

The objective of this direct property strategy is to provide moderate to high levels of regular income with the opportunity for capital growth over the long term.

Strategy

The investment strategy was to purchase an industrial property at 15-17 Waldaree Street, Gepps Cross, which was leased to National Can Industries SA Pty Ltd, and to hold the property for the long term. The tenant has vacated the premises after closing down its South Australian operations on 30 June 2013. This property is currently vacant and being advertised for lease.

Asset Allocation



Annual Returns30 June 2015 5.06%30 June 2014 6.98%30 June 2013 -7.83%30 June 2012 9.55%30 June 2011 16.42%


Annual Returns30 June 2015 -10.38%30 June 2014 -5.31%30 June 2013 1.13%30 June 2012 2.76%30 June 2011 7.25%

Compound Annual Returns1 year -10.38%3 years pa -4.85%5 years pa -0.91%10 years pa 9.76%


Commonwealth House Unit Trust D ClassObjective


Strategy

The investment strategy was to purchase an industrial property at 53A-55 Lavinia Street, Athol Park and to hold the property for the long term. The building at 55 Lavinia Street, Athol Park was leased to Pentair Water Solutions Pty Limited. The company has since been taken over by Monadelphous Group Limited and the lease has been renewed until 31 December 2015.

Asset Allocation



Commonwealth House Unit Trust E ClassObjective


Strategy

The investment strategy was to purchase an office building at 176 Grenfell Street, Adelaide, which is leased to the South Australian Police, and to hold the property for the long term. The current lease expires on 28 February 2017 and has a further 5 year right of renewal.renewal.

Asset Allocation



Annual Returns30 June 2015 -6.88%30 June 2014 -1.14%30 June 2013 4.40%30 June 2012 10.64%30 June 2011 19.97%

Compound Annual Returns1 year -6.88%3 years pa -1.21%5 years pa 5.40%10 years pa 13.34%




2015

Fidelity Australian Equities FundObjective

To achieve a return (before fees, costs and taxes) that exceeds the S&P/ASX 200 Accumulation Index over a period of five to seven years.

Strategy

The Fund invests in a diversified selection of around 30 to 50 Australian companies.

Fidelity believes that markets are semi-efficient and share prices don’t always reflect inherent value. Through in-house, bottom-up company research, Fidelity aims to uncover the opportunities that it believes offer the greatest scope for outperformance.

Based on this research approach, Fidelity seeks out stocks that it believes are undervalued and likely to generate growth.

The companies selected for the portfolio must demonstrate good management, strong competitive advantages and enjoy favourable industry dynamics.

Asset Allocation


Source: Morningstar


Franklin Global Growth Fund Objective

The investment objective of the Fund is to outperform the MSCI World ex Australia Index, in Australian dollar terms after fees and expenses (but before taxes), over the medium to long term.

Strategy

The fund invests in a diversified portfolio of equity securities listed on recognised stock markets in both developed and emerging markets around the world (other than Australia).

We employ a disciplined investment process which aims to build a portfolio of approximately 40 stocks that we believe can provide strong returns, while remaining cognizant of the importance of selecting a diversified group of stocks to help manage risk in the portfolio.

This approach seeks to identify high-quality growth companies with sustainable business models, attractive levels of free-cash flow and proven management teams focused on the creation of shareholder value.

Asset Allocation


Source: Morningstar

Performance as at 30 June 2015Annual Returns30 June 2015 6.72%30 June 2014 20.12%30 June 2013 25.65%30 June 2012 -4.05%30 June 2011 11.58%


Annual Returns30 June 2015 27.69%30 June 2014 17.76%30 June 2013 28.61%30 June 2012 -2.24%30 June 2011 5.77%

Compound Annual Returns1 year 27.69%3 years pa 24.59%5 years pa 14.87%Since inception 1 Oct 2008 pa 10.38%


Franklin Templeton Multisector Bond Fund Objective

The investment objective of the Fund is to maximise total investment return consisting of a combination of interest income, capital appreciation and currency gains by investing in fixed income securities and debt obligations.

Strategy

The Fund will seek to achieve its objective by investing primarily in a portfolio of fixed income securities and debt obligations of government, government-related and corporate issuers worldwide. The Fund may also invest in securities linked to the assets or currencies of any nation.

The flexible and opportunistic nature of the Fund’s investment strategy allows the investment team to take advantage of different market environments.

Asset Allocation

Cash 22.27%Australian Fixed Interest 0.09%International Fixed Interest 77.64%

Source: Morningstar


Ironbark GTP Global Equity Agribusiness FundObjective

To provide investors with exposure to an actively managed portfolio of global agribusiness securities in sectors such as agrochemicals, biotechnology and food processing.

Strategy

The Fund intends to invest in 70 to 140 global listed securities in all of the main global agribusiness sectors as well as exploiting additional opportunities by investing in promising companies along the whole value chain, such as: producers, biotechnology, agrochemicals, agro technology and agricultural commodities. The Fund will from time to time also have some exposure to cash investments.

The Fund may have exposure to derivatives for investment and currency management purposes. In particular, derivatives may be used by the Investment Manager for hedging to protect an asset in the Fund against market value fluctuations; to reduce volatility in the Fund; as a substitute for a physical security; or when adjusting asset exposures within the investment parameters of the Fund.

Asset Allocation


Source: Morningstar


Annual Returns30 June 2015 -0.31%30 June 2014 9.83%30 June 2013 16.23%30 June 2012 3.12%30 June 2011 22.46%

Compound Annual Returns1 year -0.31%3 years pa 8.36%5 years pa 9.95%Since inception 2 Sep 2009 pa 11.19%


Compound Annual Returns1 year 5.23%3 years pa 8.83%5 years pa 10.47%Since inception19 Mar 2007 pa 5.16%


2015

Magellan Global FundObjective

The primary objectives of the Fund are to achieve attractive risk-adjusted returns over the medium to long-term, while reducing the risk of permanent capital loss.

Strategy

The Magellan Global Fund seeks to invest in outstanding companies at attractive prices, while exercising a deep understanding of the macroeconomic environment to manage investment risk.

Magellan perceives outstanding companies to be those that are able to sustainably exploit competitive advantages in order to continually earn returns on capital that are materially in excess of their cost of capital.

While Magellan is extremely focused on fundamental business value, it is not a typical ’value’ investor. The Magellan Global Fund will invest in companies that have relatively high price-to-earnings and price-to-book multiples, provided that their businesses are outstanding and their shares are trading at an appropriate discount to their assessed intrinsic value. Equities that appear undervalued on the basis of a low price-to-earnings or price-to-book multiples will often prove to be poor investments if the underlying business is fundamentally weak and exhibits poor returns on capital.

Magellan focuses on risk-adjusted returns, rather than benchmark-relative returns. As a result, the Magellan Global Fund’s investment process is designed to generate an unconstrained, concentrated portfolio of high-quality companies.

Magellan believes that an appropriately structured portfolio of 20 to 40 investments can provide sufficient diversification to ensure that investors are not overly correlated to any single company, industry-specific or macroeconomic risk.

Asset Allocation


Source: Morningstar



Compound Annual Returns1 year 29.50%3 years pa 26.40%5 years pa 19.60%Since inception1 Jul 2007 pa 12.00%


Nikko AM Australian Bond FundObjective

The Fund aims to outperform the Bloomberg AusBond Composite 0 + YR Index over any three-year rolling period, before fees, expenses and taxes.

Strategy

The fixed income process aims to achieve outperformance with a strong focus on diversifying the portfolio’s sources for value-adding activities to achieve lower portfolio risk. Strong adherence to a moderated risk strategy that delivers consistent excess returns is fundamental to this philosophy.

Our fixed income management style is active, opportunistic and disciplined. It uses a ‘top-down’ value-adding process merged with a ‘bottom-up’ quantitative portfolio construction and credit process.

Top-down (or ‘macro’) strategies include positioning the portfolio to take advantage of interest rate, yield curve and sector risk premiums as well as our overall views of the economic and business environment. Bottom-up strategies include security-specific analysis within each sector as well as security-specific yield curve analysis.

The most important element of the bottom-up analysis is the commitment of companies’ management in maintaining their credit quality and capital structure. In selecting credit securities, the credit team takes a long-term view and has a strong focus on diversification, liquidity and risk.

We believe in a balanced approach to fixed income, rather than one single strategy, allowing us to take advantage of opportunities in all parts of the fixed income markets. We identify current conditions, how they are likely to change and the risks of this outcome not eventuating to determine how to best exploit the market using a variety of strategies prevalent at the time and expectations of changes in the future.

The ability to use duration, curve positioning, sector rotation and other trading strategies ensures that excess returns can be generated from multiple sources in all market conditions.

Asset Allocation

Australian Fixed Interest 100.00%

Source: Morningstar





2015

Nikko AM-Tyndall Australian Share Wholesale PortfolioObjective

The Fund aims to outperform the S&P/ASX 200 Accumulation Index by more than 2.5% p.a. over rolling five-year periods, before fees, expenses and tax.

Strategy

The Fund’s primary performance/risk objective is to provide higher than benchmark returns over rolling five-year periods with reasonably controlled volatility for what is a concentrated product.

The Fund is a high conviction portfolio characterised by holding a relatively low number of stocks (20-35 stocks).

The Fund is managed using an active high conviction style with stock selection based on a ranking of expected return (i.e. Internal Rate of Return) determined by in-depth fundamental company research with a medium-term outlook.

Asset Allocation³

Cash 2.70%Australian Listed Property 1.74%Australian Shares 91.89%International Shares 3.67%

Source: Morningstar


3 Asset allocation as at 30 April 2015.

Perpetual Wholesale Australian Share FundObjective

Aims to:

provide long-term capital growth and regular income •through investment in quality industrial and resource shares

outperform the S&P/ASX 300 Accumulation Index •(before fees and taxes) over rolling three-year periods.

Strategy

Perpetual researches companies of all sizes using consistent share selection criteria. Perpetual’s priority is to select those companies that represent the best investment quality and are appropriately priced. In determining investment quality, investments are carefully selected on the basis of four key investment criteria:

conservative debt levels•

sound management•

quality business and•

in the case of industrial shares, recurring earnings.•

Derivatives may be used in the management of the Fund

Asset Allocation


Source: Morningstar

Performance as at 30 June 2015Annual Returns30 June 2015 7.95%30 June 2014 17.52%30 June 2013 24.53%30 June 2012 -7.84%30 June 2011 12.37%





Perpetual Wholesale Balanced Growth FundObjective

Aims to:

provide long-term capital growth and regular income •through investment in a diversified portfolio with an emphasis on Australian and international share investments

outperform a composite benchmark reflecting its •allocation to the various asset types over rolling three-year periods.

Strategy

The Fund invests in a diverse mix of growth, defensive and other assets, with a focus on Australian and international shares.

Tactical asset allocation strategies may be applied, which involves the Fund adjusting its exposure to asset classes on a regular basis within the investment guidelines.

Currency hedges may be used from time to time.

Derivatives and exchange traded funds may be used in managing each asset class.

Asset Allocation

Cash 17.35%Australian Fixed Interest 12.99%International Fixed Interest 3.54%Australian Listed Property 0.62%International Listed Property 2.14%Unlisted Property 3.60%Australian Shares 27.16%International Shares 26.78%Other 5.82%

Source: Morningstar


Perpetual Wholesale Conservative Growth FundObjective

Aims to:

provide moderate growth over the medium term and •income through investment in a diversified portfolio with an emphasis on cash, enhanced cash and fixed income securities

outperform a composite benchmark reflecting its •allocation to the various asset types over rolling three-year periods.

Strategy

The Fund invests in a diverse mix of assets growth, defensive and other assets, with a focus on cash, enhanced cash and fixed income securities.

Tactical asset allocation strategies may be applied, which involves the Fund adjusting its exposure to asset classes on a regular basis within the investment guidelines.

Currency hedges may be used from time to time.

Derivatives and exchange traded funds may be used in managing each asset class.

Asset Allocation

Cash 31.69%Australian Fixed Interest 35.55%International Fixed Interest 4.95%Australian Listed Property 0.38%International Listed Property 2.10%Unlisted Property 3.24%Australian Shares 14.60%International Shares 6.81%Other 0.68%

Source: Morningstar







2015

PIMCO EQT Wholesale Australian Bond FundObjective

To achieve maximum total return by investing in fixed interest securities predominantly denominated in Australian or New Zealand currencies and to seek to preserve capital through prudent investment management.

Strategy

In pursuing the Fund investment objective, PIMCO applies a wide range of diverse strategies including Duration analysis, Credit Analysis, Relative Value analysis, Sector Allocation and Rotation and individual security selection. PIMCO’s investment strategy emphasises active decision making with a long-term focus and seeks to avoid extreme swings in Duration or maturity with a view to creating a steady stream of returns.

Asset Allocation

Australian Fixed Interest 109.90%International Fixed Interest -9.90%

Source: Morningstar


PIMCO EQT Wholesale Diversified Fixed Interest FundObjective

To achieve maximum total return by investing in Australian and overseas bonds and to seek to preserve capital through prudent investment management.

Strategy


Asset Allocation

Australian Fixed Interest 51.80%International Fixed Interest 48.20%

Source: Morningstar









PIMCO EQT Wholesale Global Bond FundObjective

To achieve maximum total return by investing in global fixed interest securities and to seek to preserve capital through prudent investment management.

Strategy


Asset Allocation

Australian Fixed Interest 4.50%International Fixed Interest 95.50%

Source: Morningstar


Platinum Asia FundObjective

To provide capital growth over the long-term through searching out undervalued listed (and unlisted) investments in the Asian region, excluding Japan.

Strategy

The Fund primarily invests in listed securities of Asian companies. Asian companies may list their securities on securities exchanges other than those in Asia and the Fund may invest in those securities. The Fund may invest in companies not listed in Asia, but where their predominant business is conducted in Asia. The Fund may invest in companies that benefit from exposure to the Asian economic region.

Platinum defines “Asia” as all countries that occupy the eastern part of the Eurasian landmass and its adjacent islands and is separated from Europe by the Ural Mountains, and includes the Russian Far East.

Investors in the Fund might expect the Portfolio to contain listed companies based in China, Hong Kong, Taiwan, Korea, Malaysia, Singapore, India, Thailand, Indonesia, Philippines, Sri Lanka, Pakistan and Vietnam.

The Portfolio will ideally consist of 75 to 150 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. Platinum may short sell securities that it considers overvalued.

The Portfolio will typically have 50% or more net equity exposure.

The Portfolio is constructed in accordance with Platinum’s ‘Investment Strategy’.

Asset Allocation


Source: Morningstar


Annual Returns30 June 2015 29.87%30 June 2014 17.41%30 June 2013 28.55%30 June 2012 -6.50%30 June 2011 -5.56%



2015

Platinum European FundObjective

To provide capital growth over the long-term through searching out undervalued listed (and unlisted) investments in the European region.

Strategy

The Fund primarily invests in the listed securities of European companies. European companies may list their securities on exchanges other than those in Europe and the Fund may invest in those securities. The Fund may invest in companies not listed in Europe but where their predominant business is conducted in Europe.

Platinum defines “Europe” as all countries from the UK to the Ural Mountains, a line which runs from the Arctic to the Caspian Sea and then to the Black Sea, and including the Russian Federation, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Turkmenistan, Azerbaijan, Armenia and Georgia.

The Portfolio will ideally consist of 30 to 70 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. Platinum may short sell securities that it considers to be overvalued.



Asset Allocation


Source: Morningstar




Platinum International FundObjective

To provide capital growth over the long-term through searching out undervalued listed (and unlisted) investments around the world.

Strategy

The Fund primarily invests in listed securities. The portfolio will ideally consist of 100 to 200 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. Platinum may short sell securities that it considers overvalued.



Asset Allocation


Source: Morningstar





Platinum International Technology FundObjective

To provide capital growth over the long-term by taking advantage of the opportunities created by developments in information technology, telecommunications and electronics.

Strategy

The Fund primarily invests in technology and telecom securities listed on securities markets around the world.

The Fund will also invest in providers of computing, networking and telecommunications equipment, software, semi-conductors and related capital equipment providers, IT services, as well as network operators, content providers and “Internet” based businesses.




Asset Allocation


Source: Morningstar


Platinum Japan FundObjective

To provide capital growth over the long-term through searching out undervalued listed (and unlisted) investments in the Japanese and Korean region.

Strategy

The Fund primarily invests in the listed securities of Japanese and Korean companies. These companies may list their securities on exchanges other than those in Japan and Korea and the Fund may invest in them. The Fund may invest in companies not listed in Japan or Korea, but where their predominant business is conducted in Japan or Korea.



The proportion of Korean securities in the Portfolio will be limited to a maximum of 25% of the value of the Portfolio, at the time of investment.


Asset Allocation


Source: Morningstar

Performance as at 30 June 2015Annual Returns30 June 2015 20.37%30 June 2014 21.71%30 June 2013 26.49%30 June 2012 -1.67%30 June 2011 -4.64%





2015

Pooled Mortgage Managed Investment SchemeObjective

To provide regular income from a diversified range of first mortgage loans.

Strategy

The investment strategy is a pooled arrangement where money is loaned to a number of third parties (the borrowers), usually at a fixed rate of interest over a fixed term, where the loans are secured by first mortgages registered with the relevant State Lands Title Office over a range of properties. Under the terms of the Constitution, no loan may exceed 75% of the value of the property securing the loan, as determined by an approved valuer. The majority of loans are for a 12 month period, but occasionally loans may be made for longer periods.

Where the Pooled Mortgage Managed Investment Scheme holds excessive amounts of cash, this may be invested in other first mortgage or fixed interest managed investment schemes which are registered with the Australian Securities & Investments Commission (ASIC) and approved by Tidswell Financial Services Ltd.

Asset Allocation

Cash 13.71%Mortgages 86.29%

Source: Morningstar




Schroder Balanced Fund Wholesale ClassObjective

To deliver an investment return before fees of 5% p.a. above Australian inflation over the medium to long term. Inflation is defined as the RBA’s Trimmed Mean, as published by the Australian Bureau of Statistics.

Strategy

The Schroder Balanced Fund is an investment strategy which adopts a traditional multi-asset investment approach. The strategic asset allocation is formulated with Schroders’ proprietary medium term asset class return projections and risk expectations. Investment allocations are adjusted for shorter term considerations to derive the most suitable tactical asset allocation to add value and manage risk. This is complemented further by active security selection within asset classes to generate excess return relative to the benchmark indices.

A multi-faceted risk management framework is incorporated in the decision making process to manage volatility and mitigate inherent downside risks within the Fund. The resulting portfolio is diversified across a broad array of assets and securities, with strong emphasis on delivering the objectives with an acceptable level of risk.

Asset Allocation

Cash 12.92%Australian Fixed Interest 13.03%International Fixed Interest 12.96%Australian Shares 30.47%International Shares 30.62%

Source: Morningstar





UBS Clarion Global Property Securities FundObjective

The Fund aims to provide investors with a total return (after management costs) in excess of the Benchmark when measured over rolling three year periods.

Note: there is no guarantee that the objective will be achieved.

Strategy

Eligible investments of the Fund comprise real estate securities listed, or in the process of being listed, on any recognised stock exchange in the developed or emerging markets, cash, derivatives and currency instruments.

The Fund seeks to provide investors with attractive returns over the long term through the construction of a diversified portfolio of publicly traded securities in real estate companies/trusts.

As an active manager, the Portfolio Manager seeks to outperform its benchmark by taking meaningful positions at the company or trust level, having regard to property type and geography, and by seeking to identify the best opportunities to add value.

The strategy places an emphasis on analysing countries and property sectors experiencing the strongest fundamentals. The Portfolio Manager invests in companies run by quality management teams, who it considers are likely to maintain conservative balance sheets and deliver above average cash flow yield and earnings growth.


Compound Annual Returns1 year 9.87%3 years pa 13.88%5 years pa 16.22%Since inception 31 Jul 2006 pa 5.46%

Asset Allocation

Cash 1.90%Australian Listed Property 6.49%International Listed Property 91.61%

Source: Morningstar



2015


Compound Annual Returns1 year 5.90%3 years pa 4.52%5 years pa 6.38%Since inception 28 Dec 2008 5.79%



Vanguard® Australian Government Bond Index FundObjective

The fund seeks to track the return (income and capital appreciation) of the Bloomberg AusBond Govt 0+ Yr Index before fund fees and expenses.

Strategy

The fund offers a true to label fixed interest strategy that preserves the diversification and risk characteristics of the asset class by investing in a broad range of high grade securities. The fund has been developed to provide investors with the reliability which Government and semi-Government bonds offer. The fund aims to hold all of the securities in the index (at most times) allowing for individual security weightings to vary marginally from the index from time to time. The fund may invest in Government or semi-Government bonds that have been or are expected to be included in the index.

Asset Allocation

Australian Fixed Interest 100%

Source: Morningstar


Vanguard® Australian Property Securities Index FundObjective

The fund seeks to track the return (income and capital appreciation) of the S&P/ASX 300 A-REIT Index, before taking into account fund fees and expenses.

Strategy

The fund is managed to closely track the risk characteristics of the index, while minimising transaction costs and effectively managing index changes. The fund will hold all of the property securities in the index (at most times), allowing for individual security weightings to vary marginally from the index from time to time.

Asset Allocation

Australian Listed Property 100%

Source: Morningstar



Loan Portfolio Summary as at 30 June 2015

Mortgage Number Loan Amount $

Date Mortgage

Settled

Interest Rate Range Mortgage Security Type Geographic Region

of Security

Loan-to-Valuation

Ratio RangeInterest Debt

68 $212,000.00 12/02/2003 10 - 11.99% Rural Adelaide Hills 40 - 59.99%163 $135,000.00 23/11/2004 12 - 13.99% Residential Murray & Mallee 40 - 59.99%206 $445,500.00 1/12/2005 10 - 11.99% Commercial Fleurieu and Kangaroo Island 40 - 59.99% $149,128.65220 $350,000.00 17/07/2006 12 - 13.99% Rural Eyre & Western SA 40 - 59.99%232 $3,950,000.00 17/11/2006 12 - 13.99% Residential Eyre & Western SA 60 - 74.99% $704,500.00246 $178,000.00 14/02/2007 12 - 13.99% Commercial Fleurieu and Kangaroo Island 60 - 74.99% $14,831.25253 $245,000.00 10/04/2007 10 - 11.99% Rural Eyre & Western SA 20 - 39.99% $9,595.84255 $1,339,100.00 13/04/2007 10 - 11.99% Residential Murray & Mallee 40 - 59.99%256 $357,500.00 13/04/2007 10 - 11.99% Residential Adelaide Hills 60 - 74.99%263 $881,500.00 30/05/2007 10 - 11.99% Residential Metropolitan Adelaide 75 - 100%292 $175,000.00 15/01/2008 10 - 11.99% Rural Eyre & Western SA 20 - 39.99% $6,854.16297 $150,000.00 2/05/2008 10 - 11.99% Residential Eyre & Western SA 40 - 59.99%355 $590,400.00 10/06/2011 12 - 13.99% Residential Yorke & Mid North SA 60 - 74.99% $123,695.02358 $245,000.00 18/12/2009 10 - 11.99% Residential Barossa 20 - 39.99%359 $805,000.00 23/12/2009 10 - 11.99% Residential Metropolitan Adelaide 75 - 100% $93,909.69362 $364,932.00 5/02/2010 10 - 11.99% Residential Metropolitan Adelaide 40 - 59.99%373 $258,000.00 6/05/2010 10 - 11.99% Commercial Metropolitan Adelaide 40 - 59.99%385 $140,000.00 15/10/2010 8 - 9.99% Residential Adelaide Hills 60 - 74.99%395 $325,000.00 21/04/2011 8 - 9.99% Residential Metropolitan Adelaide 60 - 74.99%397 $1,990,000.00 10/05/2011 10 - 11.99% Residential Adelaide Hills 60 - 74.99%400 $818,400.00 7/10/2011 10 - 11.99% Residential Metropolitan Adelaide 20 - 39.99%417 $33,000.00 20/07/2012 12 - 13.99% Commercial Far North 20 - 39.99%426 $960,000.00 11/12/2012 10 - 11.99% Residential Fleurieu and Kangaroo Island 60 - 74.99%441 $490,000.00 5/09/2013 10 - 11.99% Commercial Metropolitan Adelaide 60 - 74.99%445 $1,500,000.00 21/11/2013 8 - 9.99% Mtge Scheme - Direct Interstate 60 - 74.99%450 $1,462,500.00 28/01/2014 0 - 7.99% Residential Metropolitan Adelaide 60 - 74.99%451 $4,398,750.00 28/01/2014 0 - 7.99% Residential Metropolitan Adelaide 60 - 74.99% $12,460.94454 $1,308,500.00 18/03/2014 10 - 11.99% Residential Metropolitan Adelaide 60 - 74.99% $53,781.38455 $291,400.00 4/04/2014 8 - 9.99% Commercial Metropolitan Adelaide 40 - 59.99%459 $2,811,616.00 14/05/2014 10 - 11.99% Residential Interstate 60 - 74.99%460 $2,113,000.00 16/05/2014 8 - 9.99% Mtge Scheme - Direct Interstate 60 - 74.99%462 $3,115,000.00 12/06/2014 10 - 11.99% Construction & Development Interstate 40 - 59.99%464 $1,700,000.00 12/08/2014 10 - 11.99% Construction & Development Metropolitan Adelaide 60 - 74.99%466 $929,000.00 15/08/2014 8 - 9.99% Residential Metropolitan Adelaide 60 - 74.99%467 $325,000.00 22/08/2014 8 - 9.99% Residential Metropolitan Adelaide 60 - 74.99%469 $715,000.00 23/09/2014 8 - 9.99% Residential Metropolitan Adelaide 60 - 74.99% $21,450.00470 $585,000.00 7/10/2014 8 - 9.99% Residential Metropolitan Adelaide 60 - 74.99%472 $312,500.00 30/10/2014 10 - 11.99% Residential Metropolitan Adelaide 60 - 74.99%474 $172,709.20 21/11/2014 10 - 11.99% Construction & Development Interstate 60 - 74.99%475 $700,000.00 28/11/2014 0 - 7.99% Mtge Scheme - Direct Interstate 60 - 74.99%476 $195,000.00 8/12/2014 8 - 9.99% Residential Metropolitan Adelaide 40 - 59.99%477 $480,000.00 11/12/2014 8 - 9.99% Residential Metropolitan Adelaide 40 - 59.99%478 $577,274.50 16/12/2014 10 - 11.99% Construction & Development Interstate 60 - 74.99%480 $552,643.69 16/12/2014 10 - 11.99% Construction & Development Interstate 60 - 74.99%481 $680,000.00 16/12/2014 8 - 9.99% Residential Metropolitan Adelaide 40 - 59.99%483 $800,000.00 10/02/2015 10 - 11.99% Construction & Development Metropolitan Adelaide 60 - 74.99%484 $1,000,000.00 10/02/2015 8 - 9.99% Land Division Metropolitan Adelaide 20 - 39.99%485 $2,664,584.38 10/02/2015 10 - 11.99% Construction & Development Interstate 60 - 74.99%486 $2,000,000.00 12/02/2015 8 - 9.99% Construction & Development Metropolitan Adelaide 60 - 74.99%487 $360,000.00 8/04/2015 10 - 11.99% Mtge Scheme - Direct Interstate 60 - 74.99%488 $1,330,000.00 21/04/2015 8 - 9.99% Mtge Scheme - Direct Interstate 60 - 74.99%489 $260,000.00 22/05/2015 8 - 9.99% Residential Metropolitan Adelaide 60 - 74.99%

Total Mortgages $48,777,809.77

Cash and cash equivalents $7,749,475.26

Total Portfolio Balance $56,527,285.03 $1,190,206.93


Pooled Mortgage Managed Investment Scheme

2015

Mortgage Security Type Total Number per Mortgage Security Type % According to Number Total $ per Mortgage

Security Type% According to Mortgage Value

Residential 28 53.85% $27,514,698.00 56.41%Commercial 6 11.54% $1,695,900.00 3.48%Industrial 0 0.00% $0.00 0.00%Rural 4 7.69% $982,000.00 2.01%Construction & Development 8 15.38% $11,582,211.77 23.74%Land Division 1 1.92% $1,000,000.00 2.05%Mtge Scheme - Direct 5 9.62% $6,003,000.00 12.31%Mtge Scheme - Pool 0 0.00% $0.00 0.00%Government and Corporate Debt 0 0.00% $0.00 0.00%Total 52 100.00% $48,777,809.77 100.00%

Geographic Region of Security Total Number per Region of Security % According to Number Total $ per Region

of Security% According to Mortgage Value

Adelaide Hills 4 7.69% $2,699,500.00 5.53%Barossa 1 1.92% $245,000.00 0.50%Eyre & Western SA 5 9.62% $4,870,000.00 9.98%Far North 1 1.92% $33,000.00 0.07%Fleurieu and Kangaroo Island 3 5.77% $1,583,500.00 3.25%Limestone Coast 0 0.00% $0.00 0.00%Metropolitan Adelaide 24 46.15% $21,385,482.00 43.84%Murray & Mallee 2 3.85% $1,474,100.00 3.02%Yorke & Mid North SA 1 1.92% $590,400.00 1.21%Interstate 11 21.15% $15,896,827.77 32.59%Total 52 100.00% $48,777,809.77 100.00%

Maturity Profile of Loans Total Number per Maturity Profile % According to Number Total $ per Maturity Profile % According to

Mortgage Value

Maturing In 1 year or less 50 96.15% $47,087,809.77 96.54%Maturing In 1-2 years 2 3.85% $1,690,000.00 3.46%Total 52 100.00% $48,777,809.77 100.00%

Loan-to-Valuation Ratio RangeTotal Number per Loan-to-Valuation

Ratio Range% According to Number Total $ per Loan-to-

Valuation Ratio Range% According to Mortgage Value

0 - 19.99% 0 0.00% $0.00 0.00%20 - 39.99% 6 11.54% $2,516,400.00 5.16%40 - 59.99% 13 25.00% $8,015,932.00 16.43%60 - 75.99% 31 59.62% $36,558,977.77 74.95%76 - 100% 2 3.85% $1,686,500.00 3.46%Total 52 100.00% $48,777,809.77 100.00%

Interest Rate Range Total Number per Interest Rate Range % According to Number Total $ per Interest

Rate Range% According to Mortgage Value

0 - 7.99% 3 5.77% $6,561,250.00 13.45%8 - 9.99% 16 30.77% $12,868,400.00 26.38%10 - 11.99% 27 51.92% $24,111,759.77 49.43%12 - 13.99% 6 11.54% $5,236,400.00 10.74%14 - 15.99% 0 0.00% $0.00 0.00%Total 52 100.00% $48,777,809.77 100.00%




Loan Portfolio Summary as at 30 June 2015

The earning rate of the Pooled Mortgage Managed Investment Scheme for the year ended 30 June 2015 was 6.72%.

At 30 June 2015, loan numbers 206, 232, 246, 253, 292, 355, 359, 451, 454, and 469 were in arrears. At the time of writing the interest on Loan 451 had been received and, in our opinion, the outstanding interest debt (as disclosed) will be fully recovered.


Top 10 Borrowers Loan Amount Loan % compared to Scheme Portfolio

451 $4,398,750.00 9.02%232 $3,950,000.00 8.10%462 $3,115,000.00 6.39%459 $2,811,616.00 5.76%485 $2,664,584.38 5.46%460 $2,113,000.00 4.33%486 $2,000,000.00 4.10%397 $1,990,000.00 4.08%464 $1,700,000.00 3.49%445 $1,500,000.00 3.08%Total $26,242,950.38

Approved Funds yet to be Advanced Mortgage Number Expected

Settlement Date

$285,000.00 462 As required$1,118,000.00 474 $500,000 drawn monthly$1,444,200.00 478 $500,000 drawn monthly$980,500.00 480 $500,000 drawn monthly$75,000.00 483 $75,000 as required$160,000.00 484 $160,000 as required$284,800.00 485 As required

$1,165,000.00 4862 x $500,000, 1 x

$165,000 - as required$5,512,500.00

2015

”

Money is worth what it will help

you to produce or buy and no more.

“Henry Ford




Lots 1 & 23 Dyson Road, Noarlunga Unit 3, 60 Hindmarsh Square, Adelaide

Financial Information Summary as at 30 June 2015

For the 12 months to 30 June 2015, the Commonwealth House Unit Trust B Class returned 5.06%, which was comprised of 2.63% income and 2.43% unrealised capital gain. Lots 1 and 23, Dyson Road, Noarlunga were valued at 30 June 2015 for $2,390,000. This is an increase of $320,000 from last year’s value of $2,070,000. Unit 3, 60 Hindmarsh Square, Adelaide was valued at 30 June 2015 for $2,075,000. This is an decrease of $260,000 from last year’s value of $2,335,000.

The premises at Unit 3, 60 Hindmarsh Square, have remained vacant since the former tenant, Bendigo & Adelaide Bank Ltd, vacated the premises on 31 January 2014. Enquiries have increased in recent months; however, we have not leased the premises at the present time.

We estimate that the income return for the year ending 30 June 2016 will be 6.34% unless Unit 3, 60 Hindmarsh Square is leased.

Commonwealth House Unit Trust B Class

Details of the Trust are as follows:Assets:

Cash at Bank $ 16,702.99 Accounts Receivable $ 8,256.13

Prepaid Expenses $ 11,263.88Leasehold Interest $ 2,390,000.00Land & Buildings (inc Capital Expenditure) $ 2,075,000.00Lease Asset $ 214,009.19Total Assets $ 4,715,232.19

Liabilities:Accounts Payable $ 472,629.65Provision for Capital Expenditure $ 2,715.30Total Liabilities $ 475,344.95

Income:Rent Received $ 1,127,912.86Interest $ 927.41Outgoings Recoveries $ 55,100.65Total Income $ 1,212,797.02

Expenditure:Administration Expenses $ 24,564.84Air Conditioning $ 13,861.00Cleaning Expenses (Public Toilets &

Graffiti Removal)

$ 21,658.82

Electricity $ 12,816.92Fire Services $ 3,237.58General Expenses (Legal/Audit/Custodian/

Security/Valuations)

$ 38,104.81

Insurance $ 16,617.76Land Lease Fees $ 484,168.33Lease Incentives $ 49,919.13Leasing Expense $ 20,090.40Legal Fees $ 6,953.52Mortgage Repayments (Interest & Fees) $ 2,628.35Property Management Fees $ 43,588.80Rates & Taxes $ 146,407.75Repairs & Maintenance $ 19,896.43Strata Levy (inc Sinking Fund Contribution) $ 60,717.96Total Expenditure $ 965,232.40

Total Income - Total Expenditure $ 247,564.62Total Distributed $ 105,800.00


Commonwealth House Unit Trust B Class

15 - 17 Waldaree Street, Gepps Cross


For the 12 months to 30 June 2015, the Commonwealth House Unit Trust C Class returned negative 10.38%, which was comprised of 0.00% income and an unrealised capital loss of 10.38%. The property was valued at 30 June 2015 for $2,340,000. This is a decrease of $210,000 from last year’s value of $2,550,000.

The premises have remained vacant since the former tenant, National Can Industries (SA) Pty Ltd, vacated the premises on 30 June 2013. Enquiries have increased in recent months; however, we have not leased the premises at the present time.

Until a new tenant has leased the premises, there will be no income return for the financial year ended 30 June 2016.

Commonwealth House Unit Trust C Class


Cash at Bank $ 737.46Prepaid Expenses $ 2,538.35Land & Buildings (inc Capital Expenditure) $ 2,340,000.00Total Assets $ 2,343,275.81

Liabilities:Accounts Payable $ 3,706.44Loan from TFSL $ 85,738.69Total Liabilities $ 89,445.13

Income:Rent Received $ 0.00Interest $ 13.72Recovery of Rates & Taxes $ 0.00Total Income $ 13.72

Expenditure:Advertising $ 7,945.00General Expenses (Legal/Audit/Custodian/Valuations)

$ 5,131.26

Insurance $ 4,364.96Rates & Taxes $ 31,146.01Repairs & Maintenance $ 2,405.32Total Expenditure $ 50,992.55

Total Income - Total Expenditure ($ 50,992.55)Total Distributed $ 0.00


55 Lavinia Street, Athol Park


For the 12 months to 30 June 2015, the Commonwealth House Unit Trust D Class returned negative 6.88%, which was comprised of 8.84% income distribution and an unrealised capital loss of 15.72%. The property was valued at 30 June 2015 for $1,230,000. This is a decrease of $230,000 from last year’s value of $1,460,000.

The tenant, Pentair Water Solutions Pty Limited, have advised us that they will be vacating the premises on 31 December 2015. They have renewed the lease to that date.

The return for the first two quarters of the financial year ended 30 June 2016 is forecast to be 5.63% and nil after that unless the premises are leased.

Commonwealth House Unit Trust D Class


Cash at Bank $ 6,142.97Prepaid Expenses $ 2,554.43Land & Buildings (inc Capital Expenditure) $ 1,230,000.00Total Assets $ 1,238,697.40

Liabilities:Accounts Payable $ 7,238.21Total Liabilities $ 7,238.21

Income:Rent Received $ 165,890.52Bank Interest $ 459.50Recovery of Rates & Taxes $ 19,818.33Total Income $ 186,168.35

Expenditure:Administration Expenses $ 8,888.40General Expenses (Audit/Custodian/Valuations) $ 3,958.63Insurance $ 4,423.52Legal Fees $ 10,036.38Property Management Fees $ 5,795.87Rates & Taxes $ 23,624.83Total Expenditure $ 56,727.63



Commonwealth House Unit Trust D Class Commonwealth House Unit Trust E Class

176 Grenfell Street, Adelaide


For the 12 months to 30 June 2015, the Commonwealth House Unit Trust E Class Units returned 12.64%, which was comprised of 8.83% income distribution and an unrealised capital gain of 3.81%. The property was valued at 30 June 2015 for $8,200,000. This is an increase of $250,000 from last year’s value of $7,950,000.

The lease for the tenant, South Australian Police, expires on 28 February 2017, and has a 5-year right of renewal.

We expect the income return for the financial year ending 30 June 2016 to be 9.31%.


Cash at Bank $ 109,903.92Accounts Receivable $ 37,482.67Prepaid Expenses $ 11,258.55Pooled Mortgage Managed Investment Scheme

$ 300,000.00

Land & Buildings (inc Capital Expenditure) $ 8,200,000.00Total Assets $ 8,658,645.14

Liabilities:Accounts Payable $ 54, 579.63Total Liabilities $ 54, 579.63

Income:Rent Received $ 1,029,245.80Bank Interest $ 5,542.25Pooled Mortgage Managed Investment Scheme Interest

$ 20,169.61

Electricity Recovered $ 120,345.32Outgoings Recovery $ 1,148.25Total Income $ 1,176,451.23

Expenditure:Administration Expenses $ 50,420.52Air Conditioning $ 8,162.00Electricity $ 107,763.28Fire Services $ 906.80General Expenses (Audit/Custodian/Valuations/Rent Reviews)

$ 18,102.03

Insurance $ 18,386.25Lift Maintenance $ 5,739.96Property Management Fees $ 13,028.74Rates & Taxes $ 146,411.20Repairs & Maintenance $ 5,955.22Total Expenditure $ 374,876.00


Compound Returns as at 30 June 2015

Company Name ASX Code 1 Year 3 Years 5 Years 10 YearsAberdeen Leaders Ord ALR 6.86% 12.66% 6.16% 4.94%Adelaide Brighton Limited ABC 31.97% 17.49% 16.49% 13.95%AGL Energy Ltd AGL 10.90% 8.67% 7.24% 5.05%ALS Ltd ALQ -31.43% -12.67% 6.11% 18.38%Alumina Ltd AWC 15.48% 25.43% 2.54% -5.15%Amcor Ltd AMC 36.14% 32.68% 21.80% 11.44%AMP Ltd AMP 20.07% 21.92% 8.11% 3.63%Anglogold Ashanti Ltd AGG -32.85% -29.31% -24.87% -11.68%Ansell Ltd ANN 23.97% 24.12% 14.38% 10.22%APA Group APA 30.73% 24.91% 23.18% 12.62%Argo Investments Limited ARG 6.20% 15.43% 9.65% 6.66%Aristocrat Leisure Ltd ALL 48.48% 43.04% 17.39% -1.26%Asciano Ltd AIO 22.37% 18.25% 8.56%ASX Ltd ASX 19.26% 17.29% 12.80% 10.79%Atrum Coal NL ATU -30.41%Aurizon Holdings Ltd AZJ 6.75% 18.25%Australia and New Zealand Banking Group Ltd ANZ 4.34% 21.43% 14.99% 9.14%Australian Foundation Investment Company AFI 3.85% 14.92% 9.96% 7.85%AWE Ltd AWE -32.78% -3.34% -6.31% -3.03%AXMIN Inc AXM -47.61% -66.89% -59.88% -45.92%Bank of Queensland Ltd BOQ 12.96% 33.21% 11.03% 6.47%Beach Energy Ltd BPT -34.95% 8.24% 12.71% 7.59%Bendigo And Adelaide Bank Ltd BEN 8.22% 26.35% 15.29% 7.71%BHP Billiton Ltd BHP -13.10% 3.49% 0.12% 9.13%BlueScope Steel Ltd BSL -43.86% 19.13% -19.75% -9.77%Boral Ltd BLD 15.92% 29.41% 7.13% 3.09%Brambles Ltd BXB 18.72% 27.09% 19.54% 6.64%Caltex Australia Ltd CTX 52.29% 35.86% 30.26% 9.48%Carnegie Wave Energy Ltd CWE -10.00% 18.56% -10.87% 5.64%Carsales.com Ltd CAR -1.43% 24.07% 20.36%Century Australia Investment CYA 5.84% 10.35% 5.44% 4.02%Challenger Ltd CGF -5.02% 31.77% 16.84% 10.25%CIMIC Group Ltd CIM 19.45% 16.48% 0.19% 12.09%Citigold Corp Ltd CTO 44.00% -15.66% -16.74% -11.70%Coca-Cola Amatil Ltd CCL 2.59% -5.43% 1.30% 6.89%Cochlear Ltd COH 33.82% 9.82% 4.57% 10.12%Commonwealth Bank of Australia CBA 12.60% 24.19% 17.87% 12.92%Computershare Ltd CPU -3.56% 19.57% 4.74% 9.32%Crown Resorts Ltd CWN -16.34% 16.86% 13.23%CSL Ltd CSL 32.02% 31.53% 22.84% 23.53%CSR Ltd CSR 10.03% 41.69% -1.12% 0.40%Dexus Property Group DXS 15.77% 14.58% 13.85% 3.13%Domino's Pizza Enterprises Ltd DMP 69.21% 55.97% 49.33% 32.52%Downer EDI Ltd DOW 13.34% 20.96% 10.19% 2.38%DUET Group DUE 3.45% 15.21% 13.86% 5.09%DuluxGroup Ltd DLX 6.49% 29.48%Echo Entertainment Group Ltd EGP 42.95% 2.24%Energy Resources of Australia Ltd ERA -68.03% -37.40% -44.45% -15.81%ETFS Physical Gold GOLD 8.92% -1.17% 0.28% 9.77%ETFS Physical Silver ETPMAG -8.07% -8.67% -2.12%Evolution Mining Ltd EVN 78.57% -4.87% -4.36% 10.68%Fairfax Media Ltd FXJ -3.63% 19.35% -4.68% -6.94%Federation Centres FDC 24.22% 19.36%Flight Centre Travel Group Ltd FLT -18.38% 28.15% 20.50% 12.65%Flinders Mines Ltd FMS -20.00% -49.85% -28.21% -0.86%Focus Minerals Ltd FML -36.00% -44.28% -33.97% -18.74%Fortescue Metals Group Ltd FMG -51.82% -20.75% -8.98% 24.40%Geodynamics Ltd GDY -23.40% -31.09% -35.80% -31.74%Goodman Group GMG 28.55% 23.51% 17.67% -5.49%GPT Group GPT 17.11% 14.23% 12.83% -4.37%Graincorp Ltd Class A GNC 5.07% 4.20% 17.71% 3.00%Harvey Norman Holdings Ltd HVN 57.80% 38.34% 10.71% 9.66%Healthscope Ltd HSOHenderson Group PLC HGG 27.72% 55.02% 22.87% 12.08%Iluka Resources Ltd ILU -2.88% -9.02% 15.37% 4.26%Incitec Pivot Ltd IPL 36.90% 14.32% 10.12% 21.73%Insurance Australia Group Ltd IAG 5.09% 26.28% 16.67% 4.34%Investa Office Fund IOF 17.43% 16.90% 14.47% 2.67%IOOF Holdings Ltd IFL 14.25% 21.22% 14.75% 7.59%Ironclad Mining Ltd IFE -76.47% -67.36% -55.63%iShares Global Healthcare (AU) IXJ 41.84% 35.81% 22.99%iShares MSCI Taiwan (AU) ITW 25.74% 22.77% 11.59%James Hardie Industries PLC JHX 30.42% 34.68% 25.93% 10.39%JB Hi Fi Ltd JBH 11.94% 36.49% 5.39% 22.27%KGL Resources Ltd KGL 31.58% -41.98% -28.16% -27.66%

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Direct Shares

Company Name ASX Code 1 Year 3 Years 5 Years 10 YearsKingsgate Consolidated Ltd KCN -19.19% -44.36% -34.40% -5.73%Kogi Iron Ltd KFE 161.90% -29.59% -35.49% -33.19%Lend Lease Group LLC 20.44% 31.89% 18.53% 5.30%Macquarie Group Ltd. MQG 42.99% 52.52% 20.87% 6.66%Magellan Financial Group Ltd MFG 66.89% 106.12% 75.61% 40.96%Magellan Global Equities MGEMedibank Private Ltd MPLMetals X Ltd MLX 35.94% 34.58% 29.78% -5.36%Metcash Ltd MTS -54.63% -14.61% -8.77% 0.37%Mincor Resources NL MCR -23.98% 4.75% -12.84% 9.03%Mirvac Group MGR 8.91% 18.25% 11.09% 0.34%National Australia Bank Ltd NAB 11.76% 21.33% 15.04% 6.69%Navigator Resources Ltd NAV 0.00% -39.37% -58.04% -29.40%Navitas Ltd NVT -36.49% 5.43% 4.00% 13.73%Newcrest Mining Ltd NCM 23.76% -16.11% -16.88% -1.17%OceanaGold Corp CDR OGC 2.54% 20.63% -1.48% 0.58%Oil Search Limited OSH -24.41% 3.93% 6.12% 9.87%Orica Ltd ORI 14.92% 0.06% 1.50% 6.96%Origin Energy Ltd ORG -14.71% 3.90% 0.78% 8.77%Orora Ltd ORA 51.23%Oz Minerals Ltd OZL -0.24% -17.03% -8.25% -0.67%Paladin Energy Ltd PDN -7.18% -39.72% -40.23% -13.55%Perpetual Ltd PPT 8.40% 33.86% 16.17% 3.62%Platinum Capital Limited PMC 9.89% 21.42% 9.07% 7.68%Primary Health Care Ltd PRY 17.31% 25.20% 11.44% -0.86%Qantas Airways Ltd QAN 150.79% 43.25% 7.51% 3.23%QBE Insurance Group Ltd QBE 30.62% 4.40% -0.79% 4.04%Ramsay Health Care Ltd RHC 37.59% 41.89% 36.28% 22.65%REA Group Ltd REA -6.04% 44.46% 31.60% 40.38%Recall Holdings Ltd REC 49.49%Red 5 Ltd RED 11.63% -59.59% -39.66% -22.32%ResMed Inc CDR RMD 38.93% 36.30% 16.55% 13.74%Resolute Mining Ltd RSG -50.41% -35.24% -19.06% -7.91%Rio Tinto Ltd RIO -3.21% 3.55% -0.13% 10.16%Santos Ltd STO -41.58% -4.81% -4.24% 2.09%Scentre Group SCG 20.76% 14.91%SeaLink Travel Group Ltd CDR SLK 21.54%Seek Ltd SEK -8.14% 33.85% 17.38% 21.31%Sims Metal Management Ltd SGM 11.48% 4.16% -7.18% 1.86%Slater & Gordon Ltd SGH -24.23% 30.35% 22.69%Sonic Healthcare Ltd SHL 28.23% 23.12% 19.14% 8.46%South32 Ltd S32Spark Infrastructure Group SKI 11.89% 13.90% 16.78%SPDR® MSCI Australia Sel Hi Div Yld Fund SYI 5.17% 14.89%SPDR® S&P/ASX 200 Fund STW 5.31% 14.65% 9.29% 6.72%St Barbara Ltd SBM 395.65% -31.46% 10.25% 20.52%Stockland Corp Ltd SGP 11.86% 15.81% 6.28% 2.42%Suncorp Group Ltd SUN 14.80% 30.59% 18.88% 3.08%Sydney Airport SYD 23.82% 24.27% 19.12% 6.19%Tabcorp Holdings Ltd TAH 55.82% 25.41% 18.13% 5.04%Tap Oil Ltd TAP -29.41% -19.50% -15.09% -16.89%Tatts Group Ltd TTS 20.10% 19.17% 17.68%Telstra Corp Ltd TLS 26.08% 25.97% 20.26% 7.54%Top End Minerals Ltd TND 252.94% 5.57% -17.28%TPG Telecom Ltd TPM 65.45% 74.84% 37.57% 20.68%Transpacific Industries Group Ltd TPI -21.04% 3.40% -2.02% -7.66%Transurban Group TCL 31.66% 22.99% 21.22% 5.40%Treasury Wine Estates Ltd TWE 2.20% 7.53%Vanguard Australian Shares High Yld Fund VHY 3.31% 16.39%WAM Research Limited Ord WAX 13.82% 18.53% 14.15% 6.88%WAM Research Ltd WAX 11.93% 26.39% 21.34% 8.26%Wesfarmers Ltd WES -0.49% 15.65% 11.96% 4.65%Westfield Corp WFD 29.77% 20.77% 13.39% 5.74%Westpac Banking Corp WBC 2.69% 23.96% 16.06% 10.38%Whitefield Ord WHF 8.94% 20.71% 13.08% 4.90%Woodside Petroleum Ltd WPL -6.11% 12.54% 2.47% 6.67%Woolworths Ltd WOW -18.63% 6.94% 6.07% 9.83%WorleyParsons Ltd WOR -35.00% -18.80% -6.91% 9.58%

Source: Morningstar

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T I D S W E L L I N V E S T M E N T P L A N40

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2015Tidswell Investment Plan

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