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1CGBP0518 | Investor Review | Q3 FY18 canaccordwealth.com.au

Balanced Portfolio Investor Review Q3 FY18As at 31 March 2018

Portfolio commentaryAfter strong markets in 2017, characterised by historically low volatility, volatility has returned to markets in 2018. After a sluggish start in January, markets fell in early February and began to recover for the remainder of February and early March only to give it all back again in late March. Markets have mostly tracked sideways to slightly down so far this year (to the end of March). A reminder that markets don’t always go up as they have done for the last couple of years. The recent volatility has largely been as a consequence of concerns around further interest rate increases in the US as well as geopolitical risks in the form of trade wars (with President Trump mostly focussed on China). Regulatory risks for high profile tech companies also spooked that segment of the market, while domestically the Royal Commission on banks has weighed on bank stocks.

Performance to 31 March 2018

1 Month 3 Months 6 Months 1 Year SI^(P.A.)

Canaccord Genuity Balanced Portfolio -0.5%

CPI+3% 0.3%

Excess above objective -0.8%

Given the movements in markets, it is unsurprising that for the March quarter some of the best performing asset classes were the defensive ones. Cash returned 0.4% for the three months while Australian bonds returned 0.9%. Global bonds were slightly down returning -0.1% for the quarter, with returns being dampened by rising interest rates in the US and a shift in interest rate expectations. Australian equities returned -3.7% for the quarter to March, while despite the volatility, international equities still managed to post a 0.8% return with emerging market equities posting an even more solid 3.4% for the quarter. The asset classes that experienced the largest falls and haven’t fully recovered were the more interest rate sensitive sectors such as Australian listed property and global listed infrastructure. They fell by around 5 – 6% at the start of February and by the end of the quarter still hadn’t recovered their losses. Thankfully, we happen to be underweight these asset classes and only maintain a relatively minor exposure

Given the weak performance across most of the major asset classes for the quarter the Canaccord Genuity portfolios were slightly down for the quarter but performed broadly in line with expectations given the asset mix. From an asset allocation perspective, the underweight to property and infrastructure and overweight to alternatives assets contributed positively to the portfolio’s performance. To a lesser degree, the slight overweight to Australian equities and underweight to fixed interest detracted slightly from performance.

Asset allocation

Australian Equities 22.8%

International Equities 16.0%

Property and Infrastructure 5.0%

Fixed Interest 28.0%

Alternatives 12.1%

Cash 16.1%

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Australian Equity Component as at 31 March

Asset Allocation .

Investor Review Q4 FY17 CGWM Balanced Portfolio

Performace Summary Page 2.

Growth of 10,000 Reinvested Page 2.

Active Asset Allocation Page 3.

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International Equity Component as at 31 March

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Property Component as at 31 March

Property Component

Retail REITs 44%Diversified REITs 27%Industrial REITs 13%Office REITs 12%Residential REITs 0%?Health Care REITs 0%?Specialized REITs 3%

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Infrastructure Component as at 31 March


Highways & Rail 22%Electric Utility & Production 19%Water, Gas & Multi-Utilities 18%Oil & Gas Storage & Transportation 13%Airports & Marine Ports 11%Construction & Engineering 7%Cable & Satellite 5%Specialized REITs 4%

Australia 33%North America 27%Europe Ex UK 5%UK 1%Asia inc Japan exc EM 13%Emerging Markets 10%Others 2%

Fixed Interest

Alternatives

Global Sovereign 16%Aust Sovereign 30%Corp (IG) 22%Corp (Sub IG)/High 2%EM Debt 14%MBS/ABS 8%Cash/Other 8%

Australia 47%North America 16%Europe Ex UK 9%UK 1%Asia inc Japan exc EM 1%Emerging Markets 14%Other 12%

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Canaccord Genuity Balanced Portfolio CPI +3%

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1 Month 6 Months3 Months 1 Year Si^ (P.A.)

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Mar 18 Apr 18 May 18 June 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19

Canaccord Genuity Conservative Portfolio CPI +2%

Overweight Underweight

InternationalEquities

Property & Infrastructure

FixedInterest

Alternatives CashAustralianEquities

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Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17

Australian Equities 14%International Equities 7%Property and Infrastructure 4%Fixed Interest 36%Alternatives 12%Cash 27%

The portfolio seeks to achieve a return of CPI + 2% per annum over the long-term by investing in a diverse mix of asset classes covering Australian equities, international equities, property, infrastructure, alternatives, fixed interest and cash.

The return of volatility in 2018 is a reminder that markets don’t always go up as they have done for the last couple of years.


At a more granular level, the Canaccord Genuity Australian Equity Income Portfolio, while still negative (-1.9%), outperformed the market by a wide margin, confirming its defensive attributes. Monash slightly outperformed the Australian equity market but was still down 3.1% for the quarter. Within international equities, the two active managers in the portfolio, Ironbark Royal London (+3.0) and Munro (+3.4%), outperformed the market by significant margins, while the exposure to Emerging Markets (IEM) added value as well. Within fixed interest, T Rowe and JCB outperformed their benchmark for the quarter, while Macquarie underperformed slightly. The other solid performer for the quarter was Dalton Street which returned 5.6% for the quarter.

Relative to its CPI+ objectives, the Portfolio disappointed for the quarter but as has been articulated before, the CPI+ objective is an absolute measure and needs to be taken into account over a longer cycle. Since inception, the portfolios remain broadly in line with their objectives but given the short history of the portfolios it is always a risk that they may experience a period of underperformance relative to the objective given were equity market valuations are in this present day. Part and parcel of investing and seeking returns means taking on risk in order to do so. Therefore, given the portfolios will always have some exposure to equities (particularly the higher risk portfolios) then it should be expected that the portfolios may undergo periods where they may not meet their CPI+ objective over short-to-medium term periods. Nonetheless, we estimate that under a worst-case scenario the portfolio may experience a short-term fall in the portfolio’s market value of around 18%. However, at that point it is likely that markets would be offering more attractive prospective returns to which the portfolio’s expected returns are likely to exceed the CPI+3% objective.

Performance summary

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Asset Allocation Page 1.


Performace Summary .



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The Portfolio is very slightly overweight Australian Equities, primarily because the asset class remains attractive relatively to International Equities, Properties & Infrastructure, and also due its income yielding characteristics. Nevertheless, the asset class is now trading above fair value, so we’ll continue to monitor it and look to progressively trim the overweight in the coming months. The underweight to International Equities is being used to fund an overweight to Growth Alternatives. Within International Equities, the Portfolios is underweight the US but overweight Europe and Emerging Markets. Due to the risks of inflation surprises and higher interest rates, primarily in the US, the portfolio is underweight Fixed Interest and overweight Cash. Within Fixed Interest, the Portfolio maintains an exposure to duration assets in Australia, floating rate credit, and variable exposure to global duration. Finally, the Portfolio is overweight Alternatives, with a view that traditionally defensive assets, like bonds, may not protect the portfolio in market downturns, and that expected returns on traditionally growth assets are low by historical standards.

Active asset allocation

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We are comfortable with the portfolio’s absolute return focus and are confident in its ability to outperform over a longer cycle.

With the rise in US interest rates, we have maintained the portfolio’s resilience by having an underweight position in interest-rate sensitive sectors.

The portfolio performed broadly in line with expectations notwithstanding weak performance across most of the major asset classes for the quarter.


Underlying manager allocation & performance

Performance to 31 March 2018 Weight 3 Months 6 Months 1 Year

Australian Equities 22.8%

Canaccord Genuity Aus Equities Income Portfolio (I) 16.0% -1.5% 0.0% 0.0%

Monash Absolute Investment Fund 6.8% -3.1% 6.4% 10.2%

International Equities 16.0%

Ironbark Royal London Concentrated Global Share Fund 2.9% 3.0% 8.9% 17.0%

Munro Global Growth Fund 2.7% 3.5% 8.9% 24.0%

iShares S&P 500 3.9% -1.0% 7.2% 12.0%

iShares Europe ETF 3.7% -0.5% 2.4% 13.6%

iShares MSCI Japan ETF 1.0% 1.1% 10.5% 16.3%

iShares MSCI Emerging Markets ETF 1.8% 1.9% 10.1% 21.8%

Property & Infrastructure 5.0%

Vanguard Australian Property Securities Index Fund 2.3% -6.2% 1.0% -0.2%

RARE Infrastructure Value Fund - Hedged 2.8% -6.4% -7.4% -2.6%

Fixed Interest 28.0%

CC JCB Active Bond Fund 8.5% 0.8% 2.3% 3.0%

Macquarie Income Opportunities Fund 8.4% 0.2% 1.2% 3.3%

T.Rowe Price Dynamic Global Bond Fund 11.1% 0.9% 0.8% 1.6%

Alternatives 12.1%

Triple3 Volatility Advantage Fund 4.0% -0.3% 0.1% 0.1%

Ellerston Australian Market Neutral Fund 4.0% 0.2% 3.2% 5.0%

Dalton Street Capital Absolute Return Fund 4.1% 5.6% 5.0% 22.6%

Cash 16.1%

BetaShares Australian High Interest Cash ETF (AAA) 13.6% 0.5% 1.0% 2.0%

Cash 2.5% 0.4% 0.9% 1.7%


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Info

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ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



Company Weight

National Australia Bank Ltd 3.7%

Brambles Ltd 3.6%

Woolworths Group Ltd 3.6%

BHP Billiton Limited 3.6%

Boral Ltd 3.2%

Aust and NZ Banking Group 3.0%

Washington H. Soul Pattinson 2.8%

AMP Ltd 2.7%

Adelaide Brighton Ltd 2.6%

Wesfarmers Ltd 2.4%

Australian Equities Component

Top 10 holdings

Sector exposures

Estimated dividend yield Estimated Fwd P/E ratio

Market cap exposures

Canaccord Genuity Balanced Portfolio

Aus Equity ComponentS&P/ASX 300 Index

Aus Equity ComponentS&P/ASX 300 Index


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



Company Weight

Amazon.com Inc 1.8%

Microsoft Corp 1.4%

Berkshire Hathaway Inc-Cl B 1.3%

Apple Inc 0.9%

Facebook Inc-A 0.9%

Raytheon Company 0.9%

Samsung Electronics Co Ltd 0.9%

Bayer AG-Reg 0.8%

Johnson & Johnson 0.8%

Bechtle AG 0.8%

International Equities Component

Top 10 holdings

Sector exposures

Estimated dividend yield Estimated Fwd P/E ratio

Market cap exposures


Intl Equity ComponentMSCI World Index

Intl Equity ComponentMSCI World Index


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



Retail REITs 43.7%

Diversified REITs 27.4%

Industrial REITs 12.7%

Office REITs 12.1%

Residential REITs 0.5%

Health Care REITs 0.5%

Specialized REITs 3.2%

Company Weight

Scentre Group 17.7%

Westfield Corp 14.1%

Goodman Group 11.7%

Stockland 8.5%

Dexus 8.2%

Property Component

Top 10 holdings

Sectors

Estimated dividend yield Estimated Fwd P/B ratio


Property Component Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



Company Weight

Vinci SA 6.2%

Enbridge Inc 5.4%

Spark Infrastructure Group 4.4%

Atlantia Spa 4.1%

Crown Castle Intl Corp 4.0%

Getlink 3.6%

National Grid Plc 3.4%

East Japan Railway Co 3.3%

Williams Cos Inc 3.3%

United Utilities Group Plc 3.3%


Top 10 holdings

Sectors

Estimated dividend yield Estimated Fwd EV/EBITDA

Regions


Infrastructure Component Infrastructure Component

Highways & Rail 21.6%

Electric Utility & Production 18.6%

Water, Gas & Multi-Utilities 17.2%

Oil & Gas Storage & Transportation

13.2%

Airports & Marine Ports 11.3%

Construction & Engineering 7.2%

Cable & Satellite 5.3%

Specialized REITs 4.1%

North America 33.6%

Europe ex UK 27.4%

Japan 4.8%

UK 10.9%

Other Developed 12.5%

Emg Mkts - Other 9.8%

Emg Mkts - Asia 2.0%


Fixed Interest & Cash


Estimated yields Duration – years

Sector

Credit Quality

Regions

Global Sovereign 15.9%

Aust Sovereign 30.0%

Corp (IG) 22.2%

Corp (Sub IG)/High 2.3%

EM Debt 13.7%

MBS/ABS 7.5%

Cash/Other 8.0%

Australia 47.4%

North America 16.0%

Europe Ex UK 9.0%

UK 1.4%

Asia inc Japan exc EM 0.7%

Emerging Markets 13.7%

Other 11.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25




Alternatives


Manager positioning The exposure to alternatives is diversified across three differentiated strategies: the Triple3 Volatility Advantage Fund, Dalton Street Absolute Return Fund and Ellerston Australian Market Neutral Fund.

Triple3 is a volatility-focused strategy that aims to generate returns by trading volatility options. Triple3 is generally expected to perform best when markets are falling (specifically the S&P 500) which tends to be when volatility spikes. The strategy is not likely to perform well when markets are stable or increasing only steadily, as volatility tends to remain low and stable in those environments. Triple3 has been included in the portfolio to provide some defensiveness in the portfolio. Traditionally, bonds have played the role of providing defensive exposure, however with bond rates so low they might not be as defensive as they have been in the past.

Ellerston is an absolute return strategy that tends to have a low correlation to equity markets. The fund invests mainly in“pair trades”, i.e. “long” one stock and “short” the other, thereby avoiding market risk.

The stated objective of the Dalton Street Absolute Return fund is to provide absolute returns in a variety of market conditions with a low correlation to traditional assets. There are 2 principle components to the strategy - a long only Asian equity strategy and a managed futures overlay. The equity strategy is contrarian and value based and seeks to exploit statistically proven behavioural weaknesses in investor behaviour. Hence it should deliver a return equivalent to risk premia in line with or better than Asian equity markets. While the managed futures component should perform well in volatile and/or strongly trending markets.

VIX - YTD

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

5

15

20

30

25

10








S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Rea

l Est

ate

Mat

eria

ls

Fina

ncia

ls

Cons

umer

Sta

ples

Hea

lth C

are

Indu

stria

ls

Cons

umer

Dis

cret

iona

ry

Ener

gy

Tele

com

Ser

vice

s

Util

ities

Info

rmat

ion

Tech

nolo

gy

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Ex-In

dex

Sml C

ap

Mid

Cap

50

Top

50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

5

15

20

25

10



S&P/ASX 300 Index


S&P/ASX 300 Index

Cash

Cons

umer

Dis

cret

iona

ry

Info

rmat

ion

Tech

nolo

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls

Cons

umer

Sta

ples

Ener

gy

Mat

eria

ls

Tele

com

Ser

vice

s

Util

ities

Rea

l Est

ate

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


UK

Oth

er D

evel

oped

Emg

Mkt

s - A

sia

Emg

Mkt

s - O

ther

Cash

Japa

n

Euro

pe e

x U

K

Nor

th A

mer

ica

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

0.5

1.5

1.0

Property Component


Property Component


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

4

14

2

12

8

10

6






Fixed Interest

Alternatives




CashComponent



RBA CashRate

0.0

3.0

2.0

1.0

4.0

5.0

6.0

7.0

8.0





-0.5%

-0.2%

-0.1%

0%

0.1%

0.2%

0.3%

0.4%

0.5%


-0.3%

-0.4%

10,040

10,020

10,000

9,980

9,960

9,940

9,920






FixedInterest


-15.0%

-10.0%

-5.0%

0%

5.0%

10.0%

15.0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA+ to AAA-40%

AA+ to AA-10%

A+ to A-17%

BBB+ to BBB-15%

Sub Inv Grd 11%

Cash10%

AA+ to AA-7%

50

25




Australia

Canada

China

France

Germany

Guernsey

Ireland

Isle of Man

Jersey

Singapore

Switzerland

United Kingdom

United States

Stephen Jones Executive Director [email protected] +613 8688 9115

Phoebe Heung Wealth Management Executive [email protected] +613 8688 9109

Shaun Ler Research Analyst [email protected] +613 8688 9150

Or contact your adviser [email protected] +613 8688 9100

Contact

canaccordwealth.com.au

This report is prepared by InvestSense Pty Ltd ABN31 601 876 528 (“InvestSense”) based on data and information provided by HUB24 Custodial Services Ltd (ABN 94 073 633 664, AFS licence No. 239 122) (“the Operator” of HUB24 Invest (the Service)) and ((“the Promoter” of HUB24 Super (the Fund)), who is the Investor Directed Portfolio Service (“IDPS”) provider to this portfolio. InvestSense provides investment advisory services to Canaccord Genuity Australia Limited ABN 19 075 071 466, AFSL 234666 (“CGAL”) who is the Portfolio Manager of this Portfolio. The information contained in this document is not intended to be a definitive statement on the subject matter nor an endorsement that this Portfolio is appropriate for you and should not be relied upon in making a decision to invest in this Service or Fund. The information in this report is general information only and does not take into account your individual objectives, financial situation, needs or circumstances. The material in this report is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. No representations or warranties express or implied, are made as to the accuracy or completeness of the information, opinions and conclusions contained in this report. In preparing this report, HUB24 has relied upon and assumed, without independent verification, the accuracy and completeness of all information available to HUB24. To the maximum extent permitted by law, neither HUB24 or its directors, employees or agents accept any liability for any loss arising in relation to this report. No representation or warranty, expressed or implied, is made by InvestSense or CGAL, their affiliates or any other person as to its accuracy, completeness or correctness. All estimates, opinions and other information contained in this presentation constitute the authors’ judgment as of the date of this presentation, are subject to change without notice and are provided in good faith but without legal responsibility or liability. The suitability of the Service or Fund to your needs and the suitability of a particular Investment Choice depends on your individual circumstances and objectives and should be discussed with your Adviser. Potential investors must read the FSG and IDPS Guide and/or Super PDS along with any accompanying materials. CGAL is not a registered tax (financial) adviser under the Tax Agent Services Act (2009) and therefore you should consult your registered tax agent for tax related advice. Investment in securities and other financial products involves risk. An investment in a financial product may have the potential for capital growth and income, but may also carry the risk that the total return on the investment may be less than the amount contributed directly by the investor. Past performance of financial products is not a reliable indicator of future performance. HUB24, its Trustee, InvestSense and CGAL do not assure or guarantee the performance of any financial products offered. Information, opinions, historical performance, calculations or assessments of performance of financial products or markets rely on assumptions about tax, reinvestment, market performance, liquidity and other factors that will be important and may fluctuate over time. Canaccord Genuity, InvestSense and HUB24, its associates and their respective directors and other staff each declare that they may, from time to time, hold interests in Securities that are contained in this Service or Fund.

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