Prime Value Opportunities (PVA0005AU) Report & Performance

What is the Prime Value Opportunities fund?

Prime Value Opportunities aims to achieve superior absolute total returns by providing medium to long term capital growth without the constraints of a share market benchmark. The Fund will be comprised of securities, primarily companies listed on an Australian stock exchange or due to be listed in the next 12 months.

  • The Fund is designed for an investor seeking absolute returns via a highly concentrated portfolio of securities, who is prepared to accept some fluctuations in short-term returns.
  • This type of investment may be appropriate as a significant part of a properly diversified investment portfolio for individuals, companies, trusts, superannuation funds and non-profit organizations.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Prime Value Opportunities

Prime Value Opportunities Fund Commentary September 30, 2023

The Fund fell 2.8% in September, compared to the ASX300 Accumulation index’s 2.9% decline. The Fund ended the September quarter up 0.1% compared to the ASX300 Accumulation’s 0.9% decline. The Fund’s robust September quarter performance was underpinned by a strong August reporting season for many of our key portfolio holdings; and was despite short term headwinds due to investors’ concerns of higher bond yields late in the quarter. The best contributors to fund performance in September were conglomerate Seven Group (+11.4%), oil and gas company Santos (+3.0%) and insurer QBE (4.9%). The largest detractors in September were CSL (-8.3%), leading industrial property owner Goodman Group (-8.2%) and health insurer NIB Holdings (-10.7%).

Seven Group has largely remained under the radar for a long period of time, partly due to the relatively low liquidity of the stock. Despite Seven’s large market capitalisation, the company was seen as a small cap company until more recently. It’s the quirk of indices that companies such as Seven are deemed as a small cap company mainly because of its low free float despite its large market capitalisation. For us, being benchmark agnostic, it meant an opportunity to invest in an undervalued company that has been significantly re-rated up since our initial investment. Seven consists of Caterpillar supplier WesTrac and equipment hire business Coates. Recent results point to both businesses doing well – margins are improving which indicates a strong ability to price well into markets where demand is high. The conglomerate also owns stakes in listed companies Boral (70%), Beach Energy (30%) and Seven West Media (40%), as well as unlisted energy, media and property holdings. Of these investments, it is the recently acquired 70% stake in Boral that is the most material in terms of value creation for Seven. We estimate Seven is trading on a PE multiple of 13.5x FY24 earnings, which is at a substantial discount to the ASX300 Index— suggesting that Seven remains undervalued.

Goodman and NIB Holdings fell -8.2% and -10.7% (ex-dividends) respectively in the absence of stock specific news, despite pleasing results during their August reporting seasons.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Prime Value OpportunitiesPVA0005AUManaged FundsDomestic EquityAustralia OtherDomestic Equity - Other IndexASX Index 200 Index0.00 M0.95%00.76%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Prime Value Opportunities6.74%8.21%11.57%6.2%9.44%12.38%13.29%12.51%-7.29%-16.45%-21.71%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Prime Value OpportunitiesDomestic Equity - Other Index2.93%1.81%0.04%0.06%0.06%1.525.43%3.77%0.970.97

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Prime Value OpportunitiesYes-https://primevalue.com.au/-

Product Due Diligence

What is Prime Value Opportunities

Prime Value Opportunities is an Managed Funds investment product that is benchmarked against ASX Index 200 Index and sits inside the Domestic Equity - Other Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Prime Value Opportunities has Assets Under Management of 0.00 M with a management fee of 0.95%, a performance fee of 0 and a buy/sell spread fee of 0.76%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Prime Value Opportunities has returned 6.74% in the last month. The previous three years have returned 6.2% annualised and 12.51% each year since inception, which is when the Prime Value Opportunities first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Prime Value Opportunities first started, the Sharpe ratio is 0.65 with an annualised volatility of 12.51%. The maximum drawdown of the investment product in the last 12 months is -7.29% and -21.71% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Prime Value Opportunities has a 12-month excess return when compared to the Domestic Equity - Other Index of 2.93% and 1.81% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Prime Value Opportunities has produced Alpha over the Domestic Equity - Other Index of 0.04% in the last 12 months and 0.06% since inception.

What are similar investment products?

For a full list of investment products in the Domestic Equity - Other Index category, you can click here for the Peer Investment Report.

What level of diversification will Prime Value Opportunities provide?

Prime Value Opportunities has a correlation coefficient of 0.97 and a beta of 1.52 when compared to the Domestic Equity - Other Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on Prime Value Opportunities and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Prime Value Opportunities with the ASX Index 200 Index?

For a full quantitative report on Prime Value Opportunities compared to the ASX Index 200 Index, you can click here.

Can I sort and compare the Prime Value Opportunities to do my own analysis?

To sort and compare the Prime Value Opportunities financial metrics, please refer to the table above.

Has the Prime Value Opportunities been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Prime Value Opportunities?

If you or your self managed super fund would like to invest in the Prime Value Opportunities please contact via phone or via email .

How do I get in contact with the Prime Value Opportunities?

If you would like to get in contact with the Prime Value Opportunities manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Prime Value Opportunities. All data and commentary for this fund is provided free of charge for our readers general information.

Historical Performance Commentary

Performance Commentary - August 31, 2023

The Fund gained a solid 0.4% in August, building on gains posted in the previous 3 months. The Fund is up by 2.9% and 5.8% for this financial year and calendar year respectively. The performance of the Fund holdings in August was pleasing against the backdrop of a very mixed corporate profit season that saw ASX300 Accumulation Index decline by 0.8% during the month. The focus of the reporting season was very much on the difficulties of growing top line revenue growth as demand is being capped by higher interest rates. Costs, and hence, margin pressures, was another key thematic in August. The Fund’s ownership of companies with the ability to price better despite a softer economic environment has yielded positive outcomes over the past year—these include real estate classifieds portal REA Group, AUB Group which has toll booth type features and industrial conglomerate Seven Group. The standout performers during August reporting included G.U.D. Holdings(+24.0%) which rallied following a result that exceeded expectations. GUD reported stronger cash flows, lower than expected debt alongside improvements its acquired towbar business.

Overall, 9% of portfolio missed profit expectations, 42% in line with expectations and 27% of portfolio had better than expected profits (balance of portfolio did not report earnings in August).

The best contributors to fund performance in August were industrial property owner Goodman Group (+13.7%), News Corporation (+14.9%) and insurance broker AUB Group (+7.5%). Global healthcare company Resmed (-24.2%), litigation funder Omni Bridgeway (-25.5%) and BHP Limited (-2.5%), having gone ex-dividend in the month, were the largest detractors to performance during the month.

Performance Commentary - July 31, 2023

The Fund gained 2.5% in July, building on gains posted in the previous month. For this calender year, the Fund is up by 6.8%. The best contributors to fund performance in July were banks, Commonwealth Bank (+5.4%) and National Australia Bank (+7.8%) and real estate listing portal REA Group (+10.1%). Global healthcare company CSL (-3.2%) and transport related company Austal (-7.2%) and transport and logistics group Kelsian Group (- 4.6%) were the largest detractors to performance during the month.

Moderating inflation numbers and robust economic growth in July saw markets give weight to a low inflation and soft economic landing outcome.

Consequently, Australian bank stocks benefitted from investor flows. This was quite the turnaround from expectations just two months earlier when the prevalent view was the best days of banks are in the rear view. We raise this point as investors are currently very short term focussed and are flipping between negative and positive views with extraordinary frequency.

We have invested in real estate listing portal REA Group for more than 10 years. Segments of the market view REA Group as a proxy to the Australian real estate listing environment. Listing volumes have no doubt been weak over the past 18 months as the RBA raised interest rates aggressively. With an impending surge in Australian immigration and possibly a peak in interest rates, property listings have started to improve in recent months.

REA Group should benefit from the cyclical improvements in listings – but that view detracts from the reasons why REA Group has been a successful investment for the Fund over the long term: REA Group has proven to be an innovator and essential services provider to both property buyers and sellers. That ability to translate services to consistent earnings growth has reduced the cyclical aspects of REA’s earnings profile leading the company to become a long-term winner for the Fund.

Performance Commentary - June 30, 2023

The Fund gained 1.9% in June, regaining most of the decline posted in the previous month. For the 2023 financial year, the Fund gained 10.0%. We continued to position the Fund in quality companies helmed by strong management teams for FY23. With inflation and interest rates moving higher through the year, the Fund benefitted from strong performances of essential services providers operating in good industry structures, including insurance broker AUB Group and bus operator Kelsian Group. Minimizing mistakes, a fundamental part of our approach to investing, also led us to exit most of the Fund’s exposure to discretionary spending in the retail and advertising sectors as we foresaw the impact of higher interest rates on the consumer.

The best contributors to fund performance in June were BHP (+7.1%), AUB Group (+16.3%) and Commonwealth Bank (+3.6%). Global healthcare company CSL (-9.5%), regional aviation company Alliance Aviation (-8.6%) and transport and logistics group Qube (-4.0%) were the largest detractors to performance.

CSL announced a rare profit downgrade relative to analysts’ expectations as the company prepared its financial budget for FY24. CSL’s share price did fall following the FY24 guidance which, while strong at +8-13% profit growth, was below the expectations of the more bullish analysts in the market. Notably the impact of COVID-19 has continued to make an impact CSL’s profit margins as donor fees have remained high compared to history. Overtime, we expect CSL to recoup margins through efficiency improvements. Regardless, in our view, the company is well placed to deliver strong earnings growth and is attractive over the medium-term.

Alliance Aviation’s share price has been weak due to the prolonged engagement with the ACCC with regards to Qantas’ proposed takeover of the company. In February, Alliance Aviation announced that it had entered into a sale and purchase agreement for an additional 30 E190 aircraft from AerCap Ireland Limited. Should all the aircraft be added to the Alliance Aviation’s operating fleet, its total fleet size will eventually reach 100 aircraft with 37 Fokker 100/70s and 63 E190s. In the short-term, carrying additional capital expenditure requirements will place pressure on the balance sheet at a time when interest rates are high and rising. However, successfully deploying these aircraft into a strong demand outlook market should result in profitable earnings growth over the next three years.

Performance Commentary - May 31, 2023

The Fund fell 2.0% in May, driven by stock-specific factors, compared to the SX300 Accumulation index’s 2.5% decline. The Fund continues to demonstrate strong downside protection in weaker markets, which we believe is a key pillar for fund outperformance over the medium to long term. Fund performance is driven by bottom-up stock selection that results in portfolio that is distinctly different to the share market index and has yielded strong downside protection.

The best contributors to fund performance in May were health insurer NIB Holdings (+9.5%), media conglomerate Newscorp (+11.3%) and transport company Kelsian (+11.5%). Larger cap companies such as BHP (-5.4%), National Australia Bank (-9.9%); and IDP Education (-22.5%) were the largest detractors to performance.

As we approach mid-year, we observe that share markets, including the ASX, have performed much better than anticipated. So far this year, economic indicators have been mixed. China’s reopening has been the source of much excitement at the start of the year. However, the pace of China’s economic recovery has been disappointing. Against this backdrop markets, have therefore shown reasonable strength, particularly in Australia. Whilst we expect economic activity to slow over the next 12 months as the lagged effect of higher interest rates comes through, this slowdown has been widely anticipated. We are of the view that Australia is well positioned: Demand for resources should remain robust with structural factors driving medium-term demand for some commodities, such as copper and nickel; and when combined with elevated population growth, Australia looks more resilient than many other markets.

Newscorp, which falls into the Valuation category of our investment thesis, reported a better-than-expected 3Q23 results during the month. Newscorp has sizable advertising-linked businesses, through Dow Jones and the Australia/UK/US News Media businesses. However, Dow Jones and News Media revenues are becoming more digital and subscription driven. We estimate subscription revenues has increased from 33% of revenues in FY11 to 60% in FY22, protecting the business from softer advertising revenues.

IDP Education fell sharply following Canadian regulators expanded the set of approved English proficiency test providers for students applying for a study permit through the Student Direct Stream (SDS). The Canadian market is a key market for IDP and one where the company had a monopoly over English language testing. We expect IDP to lose Canadian market share to new competitors, but IDP should sustain its market leading position. We believe IDP’s brand and reputation are key differentiators that sits well with the student referral infrastructure that has been built over time. IDP’s valuations have declined to a material discount to its long-term averages but the company’s prospects driven by structurally growing demand for higher education is undiminished.

Performance Commentary - April 30, 2023

The Fund rose 1.3% in April, driven by stock-specific factors, compared to the SX300 Accumulation index’s 1.9% gain. The Fund is higher by 10.2% for the financial year to date. The best contributors to fund performance in April were CSL (+4.3%), insurance broker AUB Group (+7.7%) and National Australia Bank (+4.0%). Larger cap resources companies such as BHP (- 6.0%); and Omni Bridgeway (-13.9%) were the largest detractors to performance no doubt affected by weaker sentiment towards financial institutions.

United Malt, one of the largest maltsters in North America (- 7.4%) was affected by a weak trading update, which followed a very strong share price performance in the prior month. Given the strategic value of United Malt’s assets we remain confident the takeover offer by peer Malteries Soufflet, that was announced last month, has a reasonably high probability of proceeding.

Outlook: Looking back over the past year, the portfolio has largely protected investors capital through challenging market environments in the first half of 2022 and has recovered positively since the middle of 2022. While market conditions have been volatile, dictated by top-down events including one of the most aggressive phases of interest rate increases in history, this phase is close to drawing an end as global inflationary pressures are easing.

The economic implications of higher interest rates are still unclear as it takes time for higher interest rates to work through the economy. Hence, we conclude that the market environment may still be choppy in the short term. We also believe that as economies slow, corporate earnings would be harder to come by, creating opportunities for active, fundamental investors. This favours our long term, bottom-up approach.

Performance Commentary - March 31, 2023

The Fund fell by 1.9% in March, compared to the SX300 Accumulation index’s 0.2% decline.

The Fund ended the March quarter up 2.0% and is higher by 8.9% for the financial year. The best contributors to fund performance in March were BHP (+7.5%), reversing from an exceptionally weak performance in the prior month, REA Group (+12.3%) and global malt company United Malt (+33.0%). Larger cap companies such as National Australia Bank (-7.6%) and Macquarie Group (-7.1%) were the largest detractors to performance no doubt affected by weaker sentiment towards financial institutions.

Similarly, insurance broking group AUB Group (-7.8%) was affected by the weak sentiment, which follows a very strong share price performance in the prior month. We have owned REA Group for more than 10 years in the Fund and have been investors in REA through other Prime Value funds for approximately 20 years. The on-line property advertising portal is almost like a core holding for the Fund. Over our 10 years of ownership, we have increased our ownership gradually although we reduced our weighting in REA last year as interest rates rose aggressively. Our thinking then was it would be only a matter of time before the property market started to soften. We have maintained our ownership of the company.

REA continues to account for a meaningful part of the portfolio. We believed the reasons for investing in REA remains unchanged: it’s a business with high incremental margins, low capital requirements with great flexibility to scale business. Finally, the threat of substitution is low and allows REA to price well. As for the property market, a recovery will see listing volumes improve and will be a bonus to a quality business franchise.

Performance Commentary - February 28, 2023

The Fund fell by 1.3% in February compared to the SX300 Accumulation index’s 2.6% decline—with the Fund’s consistently lower than index exposure to resources and bank stocks, the Fund’s relative to index performance in February was positive. The best contributors to fund performance in February were insurance broker AUB Group (+17.4%), QBE Limited (+9.8%) and auto parts supplier GUD Holdings (+23.3%). Larger cap companies such as BHP (-8.5%), Commonwealth Bank (-8.5%, ex dividend $2.10) and National Australia Bank (-5.6%) were the largest detractors to performance.

We have followed, but not owned, QBE for a long period of time. Past earnings have been volatile and inconsistent, and the business was difficult to understand. Following several changes in leadership and strategy over the past ten years QBE is finally demonstrating potential of a company in turnaround. QBE’s shares performed well in February following a robust FY22 results, with cash NPAT 15% ahead of consensus estimates. More importantly, the result demonstrated QBE is making considerable progress in delivering stronger and more consistent earnings. In the North American market, which presents large growth opportunities for the group, QBE had failed to execute to its potential. We believe QBE’s management has more recently be able to improve the performances of the North American business.

Auto part supplier GUD rerated strongly following its 1H23 result as the recently acquired tow bar manufacturer APG delivered a result that exceeded the market’s low expectations. APG and similar auto OEMs had been curbed by supply chain delays due to semi-conductor shortages and widespread lock downs curtailing new car production capacity across the industry. Consequently, the reduced demand for APG products and uncertainty in demand for APG products has been a headwind for GUD. We expect these headwinds to ease as new car production recovers with GUD’s core aftermarket auto parts division likely to be resilient in a slowing consumer spending environment.

Outlook: We were pleased with the performances of our portfolio companies through the February reporting period. 27.2% of companies in the portfolio had reported profits ahead of expectations, 30.9% in line with expectations and 27.1% below expectations (the balance being cash and companies that did not report this period). A key takeaway from the February reporting period is the expectation of a more challenging backdrop over 2H23. The Fund remains focussed on companies with resilient earnings, with a relatively high cash position providing good optionality.

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