| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.4% | 8.7% | 8.7% |
Devon's portfolios faced headwinds in March as geopolitical tensions from the US-Iran conflict drove energy shocks and market volatility. Despite short-term pressure on key holdings like James Hardie (-23.7%) and Summerset (-16.7%), the firm increased positions in quality businesses following positive management meetings. Energy positions including Santos (+17.8%) and defensive plays like Superloop (+10.2%) provided positive contributions. The firm actively managed risk by reducing exposure to cyclical and travel-exposed companies while maintaining conviction in core holdings. Infratil performed strongly following a positive investor day, with upgraded guidance and data center growth prospects. Devon reduced Australian bank exposure due to emerging credit cycle concerns. The energy shock from Middle East conflict pushed oil above $100 per barrel, creating inflation pressures and challenging central bank policy. With relatively low cash levels, Devon expects market conditions to improve in the June quarter while maintaining focus on medium-term value realization in quality businesses.
Devon maintains confidence in select quality businesses despite short-term geopolitical volatility, actively managing exposure to cyclical sectors while positioning for medium-term value realization in core holdings.
We currently have a relatively low level of cash in this strategy and expect market conditions to improve during the June quarter.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 13 2026 | 2026 Q1 | AIA.NZ, COL.AX, CSTCF, FRE.NZ, GMG.AX, IFT NZ, JHX.AX, MQG.AX, NAB.AX, ORI.AX, SLC.AX, STO.AX, SUM.NZ, TRA.NZ, VSL.NZ | AI, Australia, Data centers, energy, Geopolitical, New Zealand, technology | - | Devon navigated March volatility from Middle East conflict by increasing conviction positions in quality businesses like James Hardie and Goodman Group while reducing cyclical exposure. Energy shock benefited Santos and defensive Superloop outperformed. Despite short-term headwinds, firm maintains confidence in medium-term prospects with low cash levels positioned for June quarter improvement. |
| Jan 12 2026 | 2025 Q4 | CNI.NZ, CS.TO, FWD.AX, IFT.NZ, MET.NZ, OML.AX, SIQ.AX, SUM.NZ, VGL.NZ, WFD.AX | alpha, Australia, concentrated, Copper, infrastructure, New Zealand | - | Devon Alpha Fund returned 2.6% in 2025 through concentrated stock selection in Australia and New Zealand markets. Copper exposure via Capstone Corporation drove December gains while profit-taking hit Infratil and Summerset. Manager maintains high conviction in current holdings for 2026 with disciplined currency hedging demonstrating focused risk management approach. |
| Oct 7 2025 | 2025 Q3 | ABB.AX, AMC.AX, CAR.AX, CCS.TO, CNU.AX, EBO.AX, FRE.AX, GMG.AX, GPT.AX, IFT.NZ, MQG.AX, NEM, ORI.AX, POT.NZ, RIO.AX, SCL.NZ, VSL.AX, WTC.AX | APAC, Copper, energy, gold, infrastructure, Mining, Utilities | - | Devon targets structural growth in Australasian electricity demand driven by data centres and AI, while maintaining selective commodity exposure. September saw strong performance from Freightways and Newmont as gold hit record highs. The manager emphasizes quality companies with sustainable competitive advantages and expects continued momentum in Australian investments entering October. |
| Jun 30 2025 | 2025 Q2 | BHP.AX, CAR.AX, CSL.AX, CWY.AX, GMG.AX, JHX.AX, MFT.NZ, MQG.AX, MTS.AX, NEM, NPH.NZ, ORI.AX, POT.NZ, SCL.NZ, SKT.NZ, SPK.NZ, VUL.NZ, WES.AX, WOW.AX | Australia, dividends, equities, infrastructure, New Zealand, technology | - | Devon Funds navigated volatile June markets with strong stock selection, particularly benefiting from James Hardie's 17.7% surge on merger completion and NYSE listing. Data center infrastructure through Goodman Group and dividend-yielding strategies remain core themes. Despite Middle East tensions and policy uncertainty, easing oil prices and potential Fed rate cuts support the outlook for quality Australian and New Zealand equities. |
| Mar 31 2025 | 2025 Q1 | AIA.NZ, BHP.AX, CAR.AX, CEN.AX, CNU.AX, CWY.AX, HSO.AX, MET.NZ, MFT.NZ, NPH.NZ, NST.AX, OML.AX, ORI.AX, RHC.AX, RIO.AX, SEK.AX, SFI.AX, TLS.AX, VGL.AX, WFD.AX | Australia, China, commodities, equities, gold, New Zealand, tariffs, Trade Policy | - | Devon Funds turned defensive in March, raising Alpha Fund cash to 25% as Trump's tariff escalation hammered markets. Despite S&P 500 falling 5.6% and trade uncertainty spiking gold above $3,100, Chinese stimulus should support Australian commodities. Sharp corrections in quality ANZ stocks create attractive opportunities for patient capital deployment. |
| Dec 31 2024 | 2024 Q4 | AIA.NZ, ALL.AX, ANZ.AX, BXB.AX, CAR.AX, CEN.AX, CWY.AX, GMG.AX, HSO.AX, MCY.NZ, MET.NZ, MFT.NZ, MWE.NZ, NPH.NZ, OML.AX, POT.NZ, RMD, SEK.AX, SPI.AX, VGL.NZ, WOW.AX | Australia, dividends, gaming, infrastructure, Logistics, New Zealand | - | Devon Funds maintains concentrated Australian and New Zealand equity exposure across infrastructure, gaming, and logistics themes. December saw mixed performance with selective additions to cyclical names like Seek anticipating recovery. Key positions include Contact Energy benefiting from geothermal capacity and Aristocrat Leisure delivering strong US gaming growth. Managers expect positive progression for quality businesses into 2025. |
| Sep 30 2024 | 2024 Q3 | AIA.NZ, BHP, CEN.NZ, CSL.AX, FBU.NZ, GMG.AX, GNE.NZ, IFT.AX, MCY.NZ, MEL.NZ, MQG.AX, ORA.AX, POT.NZ, RIO, SEK.AX, SFR.AX, SKC.NZ, SPK.NZ | Australia, China, Data centers, dividends, Mining, New Zealand, rates | - | Devon Funds posted strong September returns led by mining stocks benefiting from Chinese stimulus and rate cut expectations. Rio Tinto, BHP, and Sandfire Resources drove performance alongside infrastructure plays Goodman Group and Infratil. Concentrated portfolios maintain quality focus with selective cash deployment as RBNZ expected to cut rates following Fed's 0.50% reduction. |
| Jun 30 2024 | 2024 Q2 | AUB.AX, CEN.NZ, CHI.NZ, HSO.AX, IFT.NZ, JHX.AX, LNW, MCY.NZ, MET.NZ, MEZ.NZ, MQG.AX, NAB.AX, OML.AX, RIO.AX, RMD, SKC.NZ, SKI.AX, SUN.AX, TLS.AX, VGH.NZ, WEB.AX, WOW.AX | AI, Australia, Banking, dividends, infrastructure, insurance, New Zealand, technology | - | Devon Funds navigated mixed June performance with selective positioning across Australian and New Zealand markets. AI themes drove technology outperformance while insurance benefited from Suncorp's bank divestiture. Central bank divergence created volatility as Fed maintained patience versus European cuts. Managers added dividend-focused Channel Infrastructure while maintaining focus on quality names with strong fundamentals and growth prospects. |
| Mar 31 2024 | 2024 Q1 | CEN.AX, CNU.NZ, CSL.AX, FRE.NZ, GMG.AX, NEM, NZX.NZ, QBE.AX, RMD, SEK.AX, SFR.AX, SKC.NZ, SPK.NZ, STO.AX, VGL.NZ, WEB.AX, WOW.AX | Australia, energy, New Zealand, Resources, technology, Travel | - | Devon Funds posted strong March performance led by resources and travel stocks. Contact Energy's geothermal project progress exemplifies energy transition focus while Webjet's 26.9% gain reflects travel recovery. Active portfolio management included trimming Goodman Group after 80% gains and adding CSL exposure. Expected central bank easing supports constructive outlook for concentrated Trans-Tasman equity strategies. |
| Dec 31 2023 | 2023 Q4 | AIA.NZ, AUB.AX, CEN.NZ, CSL.AX, GMG.AX, GPT.AX, JHX.AX, LNW, MIN.AX, PCT.NZ, RHC.AX, SEK.AX, SFR.AX, SGP.AX, SUN.AX, THL.NZ, VGL.NZ | Australia, dividends, Mining, New Zealand, real estate, technology, Tourism | - | Devon Funds delivered strong December performance across strategies, rewarded for owning quality businesses with strong balance sheets and pricing power. Real estate holdings rallied on falling bond yields, mining benefited from M&A activity, and technology companies progressed cloud migrations. Australia bias outperformed New Zealand by 10% in 2023. Excited about prospects ahead. |
| Sep 30 2023 | 2023 Q3 | AIA.NZ, ATM.NZ, BHP.AX, CEN.NZ, CSL.AX, EBO.AX, FBU.NZ, GMG.AX, IFT.NZ, JHX.AX, RIO.AX, SUN.AX, THL.NZ, TLS.AX | Australia, Energy Transition, Mining, Multi-Asset, New Zealand, real estate, Tourism | - | Devon Funds navigated a challenging September by maintaining elevated cash levels and selectively adding positions like Tourism Holdings and CSL. Despite market headwinds from central bank hawkishness and rising oil prices, the firm sees opportunities emerging from falling inflation and potential New Zealand election tailwinds for construction sectors. |
| Jun 30 2023 | 2023 Q2 | AAPL, APM.AX, AUB.AX, BXB.AX, EBO.AX, FBU.NZ, FCG.NZ, FPH.NZ, IFT.NZ, JHX.AX, MSFT, MTS.AX, NVDA, PCT.NZ, PLS.AX, RIO, RYM.AX | Australia, dividends, healthcare, infrastructure, Mining, New Zealand, value | - | Devon Funds delivered strong June performance through concentrated Australian and New Zealand equity portfolios, benefiting from mining strength and selective stock picking. Strategic moves included increasing Brambles exposure as costs ease and participating in Infratil's telecom acquisition. Early EBOS exit proved prescient. Managers maintain research-driven approach focused on absolute returns despite macro headwinds. |
| Mar 31 2023 | 2023 Q1 | ALL.AX, ANZ.AX, BHP.AX, BXB.AX, CEN.NZ, CWY.AX, HSO.AX, JHX.AX, MET.NZ, MPL.AX, MQG.AX, NAB.AX, NCM.AX, OML.AX, RMD, SIQ.AX, SUN.AX, TLS.AX, VGL.NZ, WFD.AX, WOW.AX | Australia, Banking, dividends, Mining, New Zealand, Telecommunications, value | - | Devon Funds demonstrates confidence in concentrated, high-quality portfolios across Australia and New Zealand despite March banking turmoil. Strong contributors include Telstra benefiting from pricing dynamics and mining stocks gaining from Chinese recovery. Added to BHP on attractive valuations while maintaining Australia bias and underweight financials positioning for the maturing rate cycle. |
| Dec 31 2022 | 2022 Q4 | - | - | - | |
| Sep 30 2022 | 2022 Q3 | - | - | - | |
| Jun 30 2022 | 2022 Q2 | - | - | - | |
| Mar 31 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIDevon discusses AI's potential impact on jobs and businesses, noting anxiety in local software company share prices despite no observable business impact yet. They view AI as shifting from tool to collaborator rather than causing permanent workforce displacement. |
Technology Software Disruption Innovation Automation |
EnergyThe US-Iran conflict drove an energy shock with Brent crude oil rising above US$100 per barrel. Energy positions like Santos performed well during the month, benefiting from higher oil prices. |
Oil Geopolitical Commodities Energy Shock Crude | |
Data CentersGoodman Group is positioned as a key beneficiary of demand for data centre capacity, with growth opportunities in power constrained markets including Japan, Germany, Netherlands, and France. |
Infrastructure Technology Real Estate Power Capacity | |
| 2025 Q4 |
CopperCopper prices continue to shift higher with structural advantages including challenges bringing new supply to market and degradation of mining grades at major mines. Global demand strengthening from electric vehicles, renewable energy, digital infrastructure, and electricity grid upgrades. |
Copper Mining Electric Vehicles Infrastructure |
AIAI optimism continued as a dominant market driver in 2025, though investors became more selective, rewarding companies with tangible earnings over speculative potential. AI continued to infiltrate daily life throughout the year. |
AI Technology Earnings | |
InfrastructureInfrastructure investments featured prominently across portfolios with defensive characteristics. Nearly 40% of dividend yield portfolio invested in real estate, infrastructure, and utilities for defensive positioning and reliable returns. |
Infrastructure Utilities Defensive | |
| 2025 Q3 |
Data CentersElectricity demand is rising rapidly driven by surging data centre expansions and AI adoption. Data centres now responsible for up to 4% of US electricity consumption and expected to double to 8% by 2035 due to AI workloads. |
AI Electricity Infrastructure Growth Demand |
Energy TransitionIncreasing electricity demand from industrial electrification, electric vehicles, and AI integration is driving support for new generation capacity and long-run wholesale power prices, particularly benefiting local Gentailer companies. |
Electrification Generation Power Infrastructure Demand | |
GoldGold price lifted 12% to US$3,800/oz reaching new record high. Supportive factors include US dollar weakness, expectations for lower interest rates, central bank buying, geopolitical tensions and US domestic concerns. |
Precious Metals Central Banks Rates Geopolitical Currency | |
CopperCopper market expected to tighten in second half of decade. Rio Tinto investing significantly into copper business with production growth of around 25% expected this calendar year, which is viewed as highly favourable. |
Industrial Metals Supply Production Mining Demand | |
| 2025 Q2 |
Data CentersGoodman Group continues to execute on their 5GW global data centre pipeline with expectations to commence development of new powered shells and fully fitted projects by June 2026, reflecting approximately 0.5 GW of power with an estimated end value exceeding $10 billion. |
Data Centers Infrastructure Development Power Technology |
MergersJames Hardie experienced significant gains following AZEK shareholders' approval of the merger with JHX, which was first announced in March. The completion of this deal also resulted in JHX shifting their primary listing to the NYSE, marking a major transformation for the company. |
M&A Mergers Corporate Actions Listing Changes | |
DividendsThe Dividend Yield strategy offers investors a forecasted annual gross yield of 5.5% and is expected to grow well ahead of inflation over the next three years. Napier Port Holdings announced a one-off special dividend to reward shareholders following strong earnings growth. |
Dividend Yield Income Special Dividends Shareholder Returns | |
| 2025 Q1 |
Trade PolicyTrump's escalating tariff regime dominated March markets, with 25% tariffs on Canada/Mexico briefly implemented, 20% tariffs on China maintained, and reciprocal tariffs on 180+ countries announced. The administration views tariffs as deficit reduction and debt payoff tools, though demand destruction and broader economic impacts remain uncertain. |
Tariffs Trade War Protectionism Economic Policy Global Trade |
GoldGold surged to record levels above US$3,100 per ounce amid increasing trade uncertainties. Northern Star continues progressing toward 2 million ounce production by FY26 and the De Grey Mining acquisition, with current gold prices generating sufficient cash for development and shareholder returns through dividends and buybacks. |
Gold Price Mining Safe Haven Commodity Production | |
ChinaChinese authorities announced significant fiscal spending initiatives totaling RMB 3.6 trillion additional spend in 2025 versus 2024, alongside expected monetary policy support. This stimulus should improve demand for Australian commodities like iron ore and copper, becoming even more critical given Trump's tariff announcements. |
Stimulus Fiscal Policy Commodities Demand Economic Support Infrastructure | |
| 2024 Q4 |
InfrastructureMultiple infrastructure assets featured prominently including Contact Energy benefiting from new geothermal capacity commissioning, Port of Tauranga positioned for recovery in export shipments, and Auckland International Airport removing overhang through council stake sale. |
Geothermal Ports Airports Energy Transport |
GamingAristocrat Leisure delivered strong performance with 69.4% annual gains, demonstrating successful platform establishment in US gaming operations with 5% revenue growth and 20% earnings-per-share growth through favorable product mix and cost management. |
Gaming US Revenue Earnings Operations | |
LogisticsMainfreight highlighted as prominent success story with global logistics footprint spanning over one million square meters of warehousing space, maintaining premium pricing through service quality and decentralized management culture. |
Warehousing Global Service Premium Management | |
| 2024 Q3 |
MiningMining sector recovered strongly during September with Chinese authorities announcing fiscal and monetary policy measures to support the economy. BHP rallied 15.5%, Rio Tinto gained 15.8%, and Sandfire Resources jumped 25.6% on strong free-cashflow generation expectations and copper price rally. |
Copper Iron Ore China Stimulus Free Cashflow |
Data CentersGoodman Group and Infratil performed strongly on positive newsflow surrounding the global datacentre landscape. Goodman has visibility over its 5-gigawatt data centre development pipeline with expectations for growing work-in-progress and expanding development margins. |
Development Pipeline Infrastructure Work In Progress Development Margins | |
RatesUS Federal Reserve cut rates by 0.50% for the first time since March 2020, lowering Federal Funds Rate to 4.75%-5% range. RBNZ expected to follow Fed's lead with potential 1.5% cuts by Christmas as real-time inflation returns to target midpoint. |
Federal Reserve RBNZ Rate Cuts Inflation Target | |
DividendsDividend Yield strategy offers forecasted gross distribution of 5.8% with dividend stream expected to grow 3.2% annually over three years. Orora positioned for multi-year capital returns to shareholders following asset divestiture. |
Dividend Growth Capital Returns Distribution Yield Shareholder Returns | |
| 2024 Q2 |
AIAI has been a dominant theme this year and has arguably driven the Fed to the back seat of investor considerations. US equity markets continued their bull run led by technology sector and AI-related names, with Nvidia surpassing US$3 trillion in market cap. Infratil performed well after raising capital to support investment in data centre operator CDC, with shift to cloud computing and artificial intelligence as key drivers to demand. |
Technology Data Centers Cloud Semiconductors Growth |
InsuranceSuncorp rallied following completion of sale of their bank to ANZ, becoming a pure insurance business. Recent broker feedback around premium growth rates, particularly in New Zealand, is creating upside risks to the margin environment. A competitor deal where IAG secured comprehensive reinsurance agreement with Berkshire Hathaway subsidiary highlighted strong reinsurance interest. |
P&C Insurance Reinsurance Australia New Zealand | |
DividendsThe Dividend Yield strategy offers investors a forecasted distribution for the year ahead of 6.2%, expected to grow by 3.0% annually over the next three years. Channel Infrastructure was added to the portfolio with 8% dividend yield expected to grow by 3.3% over the next three years, supported by 10-year take or pay contracts with PPI escalators. |
Dividends Yield Income Infrastructure | |
| 2024 Q1 |
Energy TransitionContact Energy's Tauhara geothermal development represents decarbonization efforts with 152MW capacity expected online in Q3 2024. The company is working to decarbonise their generation portfolio whilst rewarding shareholders with improved margins and returns. |
Geothermal Decarbonization Renewable Power Generation |
MiningStrong performance from resources sector with Newmont up 17.4% and Sandfire Resources rallying 17.2% as gold and copper prices jumped on improving global economic outlook. Santos also contributed positively with 9.5% gains. |
Gold Copper Resources Commodities | |
TravelWebjet performed strongly with 26.9% gains after indicating earnings tracking ahead of expectations. Management hosted investor day showing confidence in growing WebBeds platform well above market by taking share from smaller players. |
Online Travel Tourism Booking Platform | |
| 2023 Q4 |
Real EstateReal estate holdings provided strong contributions across multiple funds, with Goodman Group, GPT Group, Stockland, and Precinct Properties all posting significant gains. Falling bond yields provided valuation support for the real estate sector rally. |
REITs Property Yields Valuation Infrastructure |
MiningMining sector showed strength with Sandfire Resources and Mineral Resources performing well. M&A activity in the sector, including Azure Minerals receiving a takeover bid at 60% premium, supported the thesis that corporates maintain risk appetite for early-stage projects. |
Lithium M&A Resources Commodities Takeover | |
TechnologyTechnology companies like Vista Group performed strongly, with Vista signing three new contracts to transition clients to cloud offerings. The company remains confident about customer migration to cloud and digital solutions over the next 12 months. |
Cloud Digital Software Migration Recurring Revenue | |
TourismTourism Holdings was highlighted as a strong addition to the dividend yield portfolio. The company builds, rents and sells campervans and motorhomes, and merged with competitor Apollo in 2023, giving more pricing control as they build out their fleet from Covid lows. |
Travel Recovery Pricing Power Fleet Merger | |
| 2023 Q3 |
Mining ServicesResource companies in Western Australia are experiencing stubbornly high cost pressures from tight labor markets, high energy prices, and machinery costs. The Chinese property market continues to weaken, and the steel industry has yet to see material production cuts, prompting profit-taking in the sector. |
Iron Ore Mining Services China Steel Labor |
Data CentersGoodman Group's data centre strategy is expected to drive shareholder value generation going forward, despite recent price weakness. The company remains well-positioned for long-term growth in this sector. |
Data Centers Real Estate Technology Infrastructure | |
TourismTourism Holdings was added following their earnings result and management meeting. The company builds, rents and sells motorhomes globally, with rental yields remaining above pre-COVID levels due to constrained supply. The merger with Apollo provides a multi-year earnings tailwind. |
Tourism Travel Motorhomes Rental Yields | |
Energy TransitionTelstra signed a Power Purchase Agreement for half the output of a new 120 MW solar farm, marking their fifth agreement with large scale renewable projects. The company targets 100% renewable energy consumption by 2025 and is currently at 80%. |
Solar Renewable Energy Power Purchase Agreements | |
| 2023 Q2 |
MiningStrong performance from mining companies including Rio Tinto (+7.2%), Pilbara Minerals (+10.9%), and Brambles benefiting from improved cost pressures with significant falls in lumber prices. Mining sector performance was a key driver across multiple funds. |
Iron Ore Lithium Mining Services Commodities Australia |
HealthcareHealthcare investments showed mixed performance with Ryman Healthcare up 3.6% and Fisher and Paykel Healthcare gaining 6.8%. APM Human Services faced challenges from tight labor markets but trades at substantial discount to peers. |
Healthcare Senior Care Medical Devices Australia New Zealand | |
InfrastructureInfratil participated in capital raising to fund additional stake in One NZ, now their largest investment. Management focused on driving margin improvement and attracted to data centers and renewable energy assets. |
Infrastructure Data Centers Renewable Energy Telecom Infrastructure New Zealand | |
| 2023 Q1 |
MiningMining sector showed strength during March as China looks to stimulate their economy more aggressively while putting Covid behind them. BHP was added to portfolios as valuation became more attractive following price weakness. Economic data from China continues to be positive as they exit their Covid impacted period, with growth in steel production expected this year and a supportive iron ore price environment. |
Iron Ore Steel China Commodities BHP |
BankingBanking sector faced headwinds from rising wholesale funding costs and effects of a worsening economic environment. However, bank investments remain exceptionally well capitalized, producing high and sustainable yields whilst trading at significant valuation discounts to the broader market. Global banking turmoil including Silicon Valley Bank collapse and Credit Suisse takeover created market volatility. |
Credit Stress Yields Valuations Regional Banks | |
TelecommunicationsTelstra benefited from positive pricing dynamics thanks to a more rational competitive environment, with added optionality of further value-creating asset sales. The company approaches its previously announced annual CPI-linked mobile pricing review, with consensus estimates suggesting a full pass through of recent CPI numbers would increase profits by A$150m. |
Pricing CPI Mobile Competition |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| JHX.AX | Despite this short-term volatility we remain confident in the medium-term prospects for businesses, such as James Hardie. We caught up with the management teams of all three of these companies in late February, and these meetings confirmed our confidence in their respective operating momentum and fundamental value. As a consequence of these engagements, and the subsequent research that occurred during March, we increased the size of our investments in these stocks. Key detractors included James Hardie (-23.7%). |
| GMG.AX | Despite this short-term volatility we remain confident in the medium-term prospects for businesses, such as Goodman Group. We caught up with the management teams of all three of these companies in late February, and these meetings confirmed our confidence in their respective operating momentum and fundamental value. As a consequence of these engagements, and the subsequent research that occurred during March, we increased the size of our investments in these stocks. We also see Goodman Group, which declined over the month, as a key beneficiary of the demand for data centre capacity with growth in power constrained markets of Japan, Germany, Netherlands, and France. |
| MQG.AX | Despite this short-term volatility we remain confident in the medium-term prospects for businesses, such as Macquarie Bank. We caught up with the management teams of all three of these companies in late February, and these meetings confirmed our confidence in their respective operating momentum and fundamental value. As a consequence of these engagements, and the subsequent research that occurred during March, we increased the size of our investments in these stocks. |
| COL.AX | we enjoyed positive contributions from our investments in Coles (+6.8%) |
| IFT.NZ | we enjoyed positive contributions from our investments in Infratil (+3.8%). Infratil performed strongly following a positive Investor Day in Australia. Their CDC portfolio remains at 2.7GW with around 600MW operational. This will increase to 1GW when Eastern Creek 4/5 opens, and CDC continues to assess land acquisitions to extend their pipeline further. Encouragingly the Group upgraded FY27 guidance to A$680-720m (from around $660m) and there looks to be further upside for FY28 pending a new contract announcement. Stocks that performed well over the month included Infratil (+3.8%). |
| SUM.NZ | Key detractors included Summerset (-16.7%). key detractors included Summerset Group Holdings (-16.7%) |
| FRE.NZ | Key detractors included Freightways (-16.4%). key detractors included Freightways Group (-16.4%). Given the situation developing in the Middle East, we reduced our exposure to several cyclical and travel-exposed companies, including Freightways Group. |
| STO.AX | Our energy and defensive positions performed well over the month, with Santos (+17.8%) |
| SLC.AX | Our energy and defensive positions performed well over the month, with Superloop (+10.2%). Superloop continues to perform strongly in the portfolio, supported by its defensive characteristics as a challenger telecommunications company and management's consistent execution. In February, when the company announced its half-year result, management also outlined a further expansion into its Smart Communities division. This division builds fibre infrastructure in new housing developments and generates annuity-style revenue by wholesaling that fibre through its own retail brands or other retail service providers. Additionally, the company's retail brands are priced more competitively than incumbent telcos, reflecting their lower cost base and operational flexibility. Stocks that performed well over the month included Superloop (+10.2%) |
| NAB.AX | Detractors from performance included National Australia Bank (-15.5%). We also reduced our exposure to the Australian banks following a period of strong performance and due to emerging concerns around the commercial credit cycle in Australia. |
| ORI.AX | Detractors from performance included Orica (-17.9%) |
| CSTCF | Detractors from performance included Capstone Copper Corporation (-29.8%) |
| TRA.NZ | Turners is a good example of a Kiwi business with cyclical exposure that can nevertheless grow through the economic cycle. As the lowest cost supplier of used cars to the New Zealand market, Turners benefits from an important competitive advantage, supported by a well thought through branch rollout plan. During March, the company held an investor day, where it released five-year profit targets that are nearly double last year's earnings. Stocks that performed well over the month included Turners Automotive Group (+5.0%). Turners Automotive Group performed strongly after hosting its first investor day in approximately five years, where it outlined its strategy for the next five years. The company presented a compelling case for continued consolidation within its markets and the increased role it expects to play. It also demonstrates strong shareholder alignment, with over 60% of employees holding equity in the company - a metric we pay close attention to. Given the situation developing in the Middle East, we reduced our exposure to several cyclical and travel-exposed companies, including Turners Automotive Group. |
| AIA.NZ | Given the situation developing in the Middle East, we reduced our exposure to several cyclical and travel-exposed companies, including Auckland Airport. |
| VSL.NZ | key detractors included Vulcan Steel (-19.2%) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
