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15 July 2019

Portfolio Performance – June 2019

 

Quarterly Review

 

The Ethical Investment Mid-Cap Portfolio returned 6.17% for the quarter. This brings the total return for the portfolio over the past year to 12.12%, and 7.33% per annum over the past three years.

The Australian share market saw another very strong quarter of returns, with the All Ordinaries Accumulation Index rising 7.83%, backing up the return of 11.06% in the first three months of 2019. The market is now trading very close to its all-time highs back in 2007.

The top performing investments for the quarter included the waste management and recycling company, Bingo Industries (+47%) and the tyre recycling company, Pyrolyx AG (+41%), as well as Hansen Technologies (+33%) and NIB Holdings (+42%).

The lowest returns were mainly from some of the smaller holdings in the fund, including Redflow (-33%), Windlab (-21%), Australian Ethical Investment (-22%) and Duxton Water (-16%).

Australian Pharmaceutical Industries was added to the portfolio during the quarter. Australian Pharmaceutical Industries (API) is an Australian health and beauty services company. API provides wholesale product delivery services, retail services, marketing programs and business advisory services to customers. API also has as a number of brands and banners in the retail health and beauty industry, including Priceline, Soul Pattinson and Pharmacist Advice.

We also added to our holdings in Sims Metal Management, Next DC and Cochlear. Arowana International was removed from the portfolio in June after disappointing with its continued underperformance.

Redflow, a company focussing on the development and manufacturing of zinc-bromide flow batteries, raised $8.4 million via an entitlement offer which we participated in. The company was raising capital to support the rollout of their batteries. Redflow manufactures batteries for both residential and commercial use.

During the quarter we also reduced our positions in several companies including Technology One, Chorus, Challenger, Medibank Private and Meridian Energy.

 

 
Disclaimer 
The contents of this newsletter are intended as general advice only.  No specific person’s circumstances, financial situation or objectives have been taken into consideration.  You should not act on the information provided without seeking personal advice from an appropriately qualified financial planner.   Past performance is no indication of future performance. While the data source has been verified as reliable, the actual content has not been checked for accuracy. Consequently, Ethical Investment Advisers does not warrant the accuracy of the information nor accept liability for any errors in the data. Portfolio inception date for performance calculation purposes is 25/05/2015. The returns shown are estimates only. The returns are for the Ethical Investment Mid-Cap Portfolio on the Hub24 platform and are AFTER investment management fees, but BEFORE administration fees, performance based fees and taxes. The performance returns have been calculated on a daily basis taking into account brokerage costs, and are accumulated for the period shown. Returns are shown as annualised if the period is over 1 year, or as total returns otherwise. and may not match your actual return as this can be affected by the timing of additions and withdrawals, as well as fees and customisations.
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