Prime SMA Performance Summary – January 2019

 Prime SMA Performance Summary – January 2019

Portfolio Objective

To achieve capital growth with moderate tax-effective income via franked dividends through investment in listed Australian securities.

The Model Portfolio is managed by selecting primarily those securities with moderate growth potential but robust cash-generating capacity. These securities are expected to deliver an above-market average income yield, together with a relatively moderate level of capital growth. The portfolio benchmark is the S&P/ASX200 Accumulation Index.

Portfolio Commentary & Positioning

Global equity markets recovered much of the previous month’s selloff with the MSCI World Index rallying 7.8% in January.

Fears over slowing growth and trade wars abated somewhat in January with global risk sentiment rebounding from a poor final quarter in 2018.

The US equity market added 7.9% on the back of strong earnings and a more dovish Federal Reserve. Better than expected earnings numbers from Facebook and General Electric led to the stocks rising +27% and +34% respectively.

The USD was weaker against a basket of currencies with the AUD buying 72.7c at the end of January.

US bond yields continued their fall in line with the Federal Reserve’s more cautious tone. US 10 year Treasury yields currently yield 2.62%

Asian equity markets followed global equity markets higher in January. Negotiations between China and the US indicated a possible resolution to the ongoing trade dispute.

The Australian equity market was stronger with the ASX200 Accumulation Index rising 3.9%.

Large caps added 2.5% while mid-caps and small caps fared better climbing 4.5% and 5.5% respectively.

Commodities were strong – Iron ore rose 18% to trade $84/tonne, a near 2-year high. Oil reversed a 3-month fall as OPEC cut production by nearly 800,000 barrels per day to stem the oversupply in the oil market. Brent rose to $61/barrel (+13%) and WTI to $54/barrel (+18%.)

Contributors to performance in January were Afterpay (APT) +28% and Magellan (MFG) +21%. APT announced underlying sales in 1H FY19 of $2.2b, up from $918m in the previous corresponding period. We await official 1H earnings numbers in February with confidence. MFG was likewise strong announcing 1H performance fees of $42m, up from $9.6m in the previous period. Meanwhile OSH and WPL both rode the oil price tailwind adding 9%.

The worst performer was Challenger (CGF) which fell 24%. CGF downgraded earnings citing market volatility, softer performance in the Life absolute return portfolio and falling performance fees. Whilst the downgrade indicates growth of 0-3%, well below the previous guidance range of 8-12%, we remain bullish on CGF. The Retirement Income Framework (RIF) is to be introduced in July 2019 and we view CGF as a major beneficiary of this.

Across the SMAs we increased our exposure to CGF in the growth SMA and added CGF to the Diversified Income SMA. The Defensive SMA reduced some of its existing holding in MXT and the International SMA reduced a portion of MGG. On a risk profile performance basis our 5-year numbers continue to perform well against their respective benchmarks.

RISK PROFILE PERFORMANCE FIGURES
AS AT 31 JANUARY 2019
PRE-FRANKING CREDITS
  1 Month 3 Months 6 Months 1 Year 2 Year (PA)* 3 Year (PA)* 5 Year (PA)*
High Growth 2.98% -0.30% -3.71% 0.88% 7.92% 7.73% 8.65%
Growth 2.29% 0.21% -2.17% 1.63% 7.14% 7.07% 7.80%
Balanced 1.87% 0.53% -1.22% 1.99% 6.55% 6.62% 7.16%
Moderate 1.08% 1.06% 0.43% 2.59% 5.50% 5.76% 6.02%
Conservative 0.46% 1.71% 2.10% 3.38% 4.04% 4.66% 4.42%
*Annualised return. Portfolio inception date 03/07/2012

 

SMA—MODEL PORTFOLIO PERFORMANCE FIGURES
AS AT 31 JANUARY 2019
PRE-FRANKING CREDITS
  1 Month 3 Months 6 Months 1 Year 2 Year (PA)* 3 Year (PA)* 5 Year (PA)*
Prime Australian Equity Growth SMA 4.54% -0.83% -7.97% -0.79% 5.86% 6.85% 7.74%
Prime Australian Defensive Income SMA
* Annualised return. Portfolio inception date 03/07/2012
0.48% 1.78% 2.18% 3.49% 4.17% 4.82% 4.55%
Prime Diversified Income SMA 3.08% 0.77% -3.18% -2.61%
Prime International Growth SMA 3.32% -0.66% -3.00% 0.46% 10.42%
*Annualised return. Portfolio inception date 18/02/2016

 

What is a Separately Managed Account (SMA)?

 

What’s the benefit of a Separately Managed Account (SMA) to a Managed Fund?

 

 

 

 

 

 

 

Disclaimer: This information has been prepared by Primestock Securities Limited ABN 67 089 676 068, AFSL 239180 (“Prime”). Prime accepts no obligation to correct or update the information or opinions in it. This information does not take into account your objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate to your situation. It is recommended that you obtain financial, legal and taxation advice before making any financial investment decision. Prime is bound by the Australian Privacy Principles for the handling of personal information.

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Prime SMA Performance Summary – December 2018

 Prime SMA Performance Summary – December 2018

Portfolio Objective

To achieve capital growth with moderate tax-effective income via franked dividends through investment in listed Australian securities.

The Model Portfolio is managed by selecting primarily those securities with moderate growth potential but robust cash-generating capacity. These securities are expected to deliver an above-market average income yield, together with a relatively moderate level of capital growth. The portfolio benchmark is the S&P/ASX200 Accumulation Index.

Portfolio Commentary & Positioning

Global equity markets recorded heavy losses in December with the MSCI World Index falling -7.6%.

Trade tensions between the world’s two largest economies, the withdrawal of liquidity from financial markets, geopolitical issues such as Brexit and rising interest rates led to stock markets suffering their worst calendar year of performance since the GFC.

The US equity market underperformed falling 9% and the Federal Reserve increased interest rates 0.25% as forecast. However, a change in the Federal Reserve’s stance on monetary policy suggests fewer rate rises in 2019.

Volatility was the overriding theme in December with the VIX (Volatility Index) climbing back to its February highs. US bonds pointed further towards investor caution as bond yields fell to near 12-month lows below 2.70%.

The plunge in crude oil prices continued in December with WTI and Brent oil falling a further 10% and 8.5% as OPEC agreed to reduce supply by 1.2m barrels per day. Oil fell more than -20% for the calendar year on account of oversupply fears.

The AUD/USD fell 3.5% in December and nearly 10% for the year as concerns over the impact a US-China trade war may have on Australia saw the currency fall to 70c.

Locally, the Australian equity market outperformed with the ASX200 Accumulation Index essentially flat in December.

Miners were the best performing sector rising 5% as iron ore likewise bounced 10% to trade $71/tonne. Sector weakness was felt across telcos -5%, IT stocks -4% and financials -3%.

Downer (DOW) was the shining light in December rising 7% to reverse some prior month’s weakness. DOW now trades on a 12.5x FY20 PE with a dividend yield in excess of 5% and remains a core holding. We view DOWs road services, transport infrastructure and rail services divisions as likely beneficiaries of a boost to infrastructure spending and a potential sale of its mining services division may pave the way for a capital return to investors.

Detractors from performance were IOOF (IFL) and BWX (BWX) which fell 25% and 50% respectively. IFLs share price has lagged on account of the Royal Commission throughout 2018 but a show cause notice alleging breaches of the Superannuation Industry Act and the disqualification of five senior executives saw investors sell down holdings. We anticipate a new CEO to be duly appointed in time and maintain the acquisition of the ANZ wealth business will continue. IFL remains a hold.

Weakness in BWXs domestic export sales to China and softer sales in its flagship Sukin branded products saw BWX release its second downgrade to earnings numbers in six weeks. In our view the selloff has been overdone with shares now trading on <9x FY20 earnings numbers. It is disappointing but we believe momentum will turn in Sukin products and that the downgrade is seasonal and not systemic.

Activity across the SMAs was relatively subdued in December. The Growth and Diversified Income SMAs went unchanged. The Defensive Income SMA reduced MXT and added the Artesian Corporate Bond Fund which invests in liquid, investment grade fixed and floating rate corporate bonds. The International Growth SMA reduced MGG and added to existing weights in the Platinum Asia and Orbis Global Equity funds. On a risk profile performance basis our 5-year numbers continue to perform well against their respective benchmarks.

RISK PROFILE PERFORMANCE FIGURES
AS AT 31 DECEMBER 2018
PRE-FRANKING CREDITS
  1 Month 3 Months 6 Months 1 Year 2 Year (PA)* 3 Year (PA)* 5 Year (PA)*
High Growth -3.36% -8.40% -4.39% -1.51% 5.63% 5.43% 7.56%
Growth -2.33% -5.90% -2.68% -0.15% 5.41% 5.34% 7.03%
Balanced -1.67% -4.31% -1.62% 0.59% 5.19% 5.23% 6.56%
Moderate -0.52% -1.43% 0.27% 1.93% 4.78% 4.99% 5.76%
Conservative 0.62% 1.31% 2.09% 3.23% 3.97% 4.53% 4.52%
*Annualised return. Portfolio inception date 03/07/2012

 

SMA—MODEL PORTFOLIO PERFORMANCE FIGURES
AS AT 31 DECEMBER 2018
PRE-FRANKING CREDITS
  1 Month 3 Months 6 Months 1 Year 2 Year (PA)* 3 Year (PA)* 5 Year (PA)*
Prime Australian Equity Growth SMA -6.78% -13.76% -8.31% -5.50% 2.70% 3.59% 6.13%
Prime Australian Defensive Income SMA
* Annualised return. Portfolio inception date 03/07/2012
0.65% 1.37% 2.17% 3.32% 4.09% 4.68% 4.66%
Prime Diversified Income SMA -3.19% -6.58% -4.32% -5.21%
Prime International Growth SMA -2.23% -8.85% -4.55% -1.34% 7.83%
*Annualised return. Portfolio inception date 18/02/2016

 

What is a Separately Managed Account (SMA)?

 

What’s the benefit of a Separately Managed Account (SMA) to a Managed Fund?

 

 

 

 

 

 

 

Disclaimer: This information has been prepared by Primestock Securities Limited ABN 67 089 676 068, AFSL 239180 (“Prime”). Prime accepts no obligation to correct or update the information or opinions in it. This information does not take into account your objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate to your situation. It is recommended that you obtain financial, legal and taxation advice before making any financial investment decision. Prime is bound by the Australian Privacy Principles for the handling of personal information.

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Prime SMA Performance Summary – October 2018

 Prime SMA Performance Summary – October 2018

Portfolio Objective

To achieve capital growth with moderate tax-effective income via franked dividends through investment in listed Australian securities.

The Model Portfolio is managed by selecting primarily those securities with moderate growth potential but robust cash-generating capacity. These securities are expected to deliver an above-market average income yield, together with a relatively moderate level of capital growth. The portfolio benchmark is the S&P/ASX200 Accumulation Index.

Portfolio Commentary & Positioning

Global equity markets sold off heavily in October as fears of slowing growth, trade wars and higher interest rates caused panic amongst investors.

The US equity market fell 7%, with technology stocks the worst losing 9%. Market darlings Netflix (NFLX) and Amazon (AMZN) both fell 20% while Google’s parent company Alphabet was down 10%.

The pain was widespread with Hong Kong’s Hang Seng falling 10% and China’s Shanghai Composite down 8%. Asian stock markets struggled under the weight of a slowdown in China and the ongoing fears US tariffs may have on Chinese exports.

Locally, the Australian equity market was weak too with the ASX Accumulation Index falling 6%.

Large caps fell 5% while mid-caps and small caps fared worse falling 7.5% and 9.5% respectively.

Commodities were mixed – Iron ore rose 8% to trade $76/tonne, its highest level since March. However, oil fell 10% following increased output from the Saudi’s and Russia and weaker forecasts for global demand.

Unsurprisingly, IT stocks were the weakest sector on the ASX falling 11%, while the rout in the oil price saw energy stocks fall 10.5%.

The major positive contributor in October was Healthscope (HSO) which rose +0.5%. HSO has been a takeover play for much of this year and we were thrilled to see another bid emerge at $2.36 per share. We have and continue to maintain that the fair value of HSOs shares remains closer to $2.50 and continue to hold the stock hopeful of a higher competing offer (which eventuated after month end.)

The worst performers were Afterpay (APT) and BWX (BWX) both falling 30%. In the case of APT, the announcement of an inquiry into payday lenders and the nature of its correlation with the Nasdaq index was the reason behind the fall. We have become used to APTs volatility and remain comfortable shareholders as the business continues to grow strongly.

BWX cut guidance on the back of business disruption and weak momentum following Bain’s failed takeover bid. We believe there is significant upside in the share price now with the market undervaluing the strength in its key Sukin product brand.

We were active in October increasing weights in the Growth SMA in APT, DOW, SEK and BWX. We booked profits in Vocus (VOC) having made ~50% gains on our investment and bought a new position in Nufarm (NUF) which we think has great upside. The Diversified Income SMA added DOW which yields 5% and is well positioned to benefit from an uptick in infrastructure spend. We sold the Jamieson Coote Bond fund in the Defensive Income SMA to fund the upcoming listing of Qualitas and added to Platinum Asia in the International SMA. On a risk profile performance basis our 5-year numbers continue to perform well against their respective benchmarks.

RISK PROFILE PERFORMANCE FIGURES
AS AT 31 OCTOBER 2018
PRE-FRANKING CREDITS
1 Mth 3 Mths 6 Mths 1 Yr 2 Year (PA)* 3 Year (PA)*
High Growth -5.38% -3.42% 0.38% 4.26% 9.97% 6.70%
Growth -3.94% -2.37% 0.74% 4.00% 8.56% 6.15%
Balanced -3.03% -1.74% 0.91% 3.68% 7.59% 5.77%
Moderate -1.41% -0.62% 1.20% 3.16% 5.87% 5.06%
Conservative 0.07% 0.39% 1.48% 2.41% 3.60% 4.12%
*Annualised return. Portfolio inception date 03/07/2012

 

SMA—MODEL PORTFOLIO PERFORMANCE FIGURES
AS AT 31 OCTOBER 2018
PRE-FRANKING CREDITS
1 Mth 3 Mths 6 Mths 1 Yr 2 Year (PA)* 3 Year (PA)* 5 Year (PA)*
Prime Australian Equity Growth SMA -9.09% -7.20% -1.04% 2.50% 8.38% 6.22% 7.34%
Prime Australian Defensive Income SMA
* Annualised return. Portfolio inception date 03/07/2012
0.07% 0.39% 1.53% 2.45% 3.70% 4.24% 4.47%
Prime Diversified Income SMA -4.44% -3.92% -0.71% -2.01%
Prime International Growth SMA -5.20% -2.35% 0.64% 5.07% 12.98%
*Annualised return. Portfolio inception date 18/02/2016

 

What is a Separately Managed Account (SMA)?

 

What’s the benefit of a Separately Managed Account (SMA) to a Managed Fund?

 

 

 

 

 

 

 

Disclaimer: This information has been prepared by Primestock Securities Limited ABN 67 089 676 068, AFSL 239180 (“Prime”). Prime accepts no obligation to correct or update the information or opinions in it. This information does not take into account your objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate to your situation. It is recommended that you obtain financial, legal and taxation advice before making any financial investment decision. Prime is bound by the Australian Privacy Principles for the handling of personal information.

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Prime SMA Performance Summary – September 2018

 Prime SMA Performance Summary – September 2018

Portfolio Objective

To achieve capital growth with moderate tax-effective income via franked dividends through investment in listed Australian securities.

The Model Portfolio is managed by selecting primarily those securities with moderate growth potential but robust cash-generating capacity. These securities are expected to deliver an above-market average income yield, together with a relatively moderate level of capital growth. The portfolio benchmark is the S&P/ASX200 Accumulation Index.

Portfolio Commentary & Positioning

Global equity markets climbed higher in September with the MSCI World Index rallying 0.5%.

US equity markets were modestly higher but in keeping with the global index rising 0.4%. Strength in the US economy and robust job growth were reflected in September’s US consumer confidence numbers which surged to an 18-year high.

The Federal Reserve hiked rates 0.25% as anticipated and forecast another rate rise for December. Economic momentum was further reflected in US 10 year treasury notes which increased to 3.05%

China responded to the US announcing tariffs on $60bn worth of US goods and continued its recent run of equity market volatility rising 3.5% for the month, however remains 20% weaker for the calendar year.

The Australian share market was weaker with the ASX200 Accumulation Index falling 1.26%

Oil continued to climb higher rising 6% as US sanctions on Iran and disruptions to global crude supplies provided a strong level of support.

Stocks in the energy space performed best rising +4% on account of the strength in oil. Meanwhile health care stocks fell 8% following the announcement of a Royal Commission into aged care.

Major contributors were Vocus (VOC) which rose 15%. VOC stands to benefit from the proposed merger between TPG and Hutchison as the industry becomes less competitive. Woodside (WPL) added 4.6% and rode the rally in the oil price, whilst Telstra (TLS) added 2.9% despite a minor cut to FY19 guidance.

Detractors were Regis (REG) which fell 17% alongside other aged care providers Japara and Estia. The Royal Commission will take some time to play out but we continue to think REG is undervalued at these levels and offers up a 7% dividend yield. BWX Limited (BWX) fell 16% following Bain Capital’s withdrawal of its takeover offer. We added to BWX on this weakness believing the growth opportunities locally and offshore remain favourable.

The Growth SMA and International SMA were both in line with their respective benchmarks, the Defensive SMA outperformed slightly whilst the Diversified Income SMA was weaker. On a risk-profile basis we continue to track ahead of benchmarks on a 5-year view. We made a host of changes in the Growth SMA buying a new position in Challenger (CGF), adding to IFL, BWX and AMC and taking profit in VOC. In the Diversified Income SMA we sold our remaining position in APA and would consider re-entering should FIRB oppose CK Infrastructure’s takeover. We also increased our holdings in IFL and REG.

RISK PROFILE PERFORMANCE FIGURES
AS AT 30 SEPTEMBER 2018
PRE-FRANKING CREDITS
  1 Mth 3 Mths 6 Mths 1 Yr 2 Year (PA)* 3 Year (PA)*
High Growth -0.23% 4.38% 8.50% 15.22% 11.84% 10.28%
Growth -0.11% 3.44% 6.75% 12.34% 9.87% 8.86%
Balanced -0.04% 2.82% 5.60% 10.41% 8.55% 7.94%
Moderate 0.08% 1.74% 3.60% 7.11% 6.24% 6.27%
Conservative 0.20% 0.80% 1.83% 3.45% 3.62% 4.35%
*Annualised return. Portfolio inception date 03/07/2012

 

SMA—MODEL PORTFOLIO PERFORMANCE FIGURES
AS AT 30 SEPTEMBER 2018
PRE-FRANKING CREDITS
  1 Mth 3 Mths 6 Mths 1 Y 2 Year (PA)* 3 Year (PA)* 5 Year (PA)*
Prime Australian Equity Growth SMA -1.26% 6.32% 12.60% 19.30% 12.05% 11.36% 10.10%
Prime Australian Defensive Income SMA
* Annualised return. Portfolio inception date 03/07/2012
0.21% 0.82% 1.89% 3.55% 3.72% 4.49% 4.58%
Prime Diversified Income SMA -1.31% 2.43% 4.18% 6.80%
Prime International Growth SMA 0.44% 4.72% 8.59% 15.85% 15.22%
*Annualised return. Portfolio inception date 18/02/2016

 

What is a Separately Managed Account (SMA)?

 

What’s the benefit of a Separately Managed Account (SMA) to a Managed Fund?

 

 

 

 

 

 

 

Disclaimer: This information has been prepared by Primestock Securities Limited ABN 67 089 676 068, AFSL 239180 (“Prime”). Prime accepts no obligation to correct or update the information or opinions in it. This information does not take into account your objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate to your situation. It is recommended that you obtain financial, legal and taxation advice before making any financial investment decision. Prime is bound by the Australian Privacy Principles for the handling of personal information.

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Prime SMA Performance Summary – July 2018

 Prime SMA Performance Summary – July 2018

Portfolio Objective

To achieve capital growth with moderate tax-effective income via franked dividends through investment in listed Australian securities.

The Model Portfolio is managed by selecting primarily those securities with moderate growth potential but robust cash-generating capacity. These securities are expected to deliver an above-market average income yield, together with a relatively moderate level of capital growth. The portfolio benchmark is the S&P/ASX200 Accumulation Index.

Portfolio Commentary & Positioning

Equity markets were strong in July with the MSCI World Index rising 3.1% as US, European and Asian share markets all posted solid gains.

US equity markets bounced 3-4% following a positive start to US reporting season.

China added 1% having sold off 8% the month prior, as the first round of US tariffs on Chinese exports took effect. Slowing consumption and softer Purchasing Managers Index (PMI) numbers continue to see weakness in the Chinese economy with the Shanghai Composite down 13% year to date.

The Australian share market rose steadily throughout the month with the ASX200 Accumulation Index climbing 1.39%.

On the commodities front, iron ore added 2.5% to trade $68/tonne but it was the oil price that fell materially. OPECs oil production climbed to new highs as Saudi Arabia’s decision to boost production saw the oil price fall 7% to trade $74/barrel.

Reporting season kicked off at the end of July with many of Prime’s core stocks due to report in the next four weeks.

The telco sector was the standout performer (+8%) driven by Telstra which rallied 8.4%. TLS released to the market its plans to monetize up to $2bn in assets over the next two years to strengthen its balance sheet whilst also announcing an organisational restructure. Utilities were weaker falling -1.4% following the ACCCs intention to lower barriers to entry for new generation effectively increasing supply.

Major contributors to portfolios in July were Afterpay (APT) which bounced an astonishing 51%. APTs Q4 business update showed underlying sales growth for the FY up a massive 289% and a very promising start to its expansion into the US market with over 400 retailer contracts signed. APT remains a core stock in the portfolio and we are extremely excited at its rate of growth. Telstra (TLS) recouped some of its recent poor performance adding 8.4% as it announced its intention to create a new wholly owned infrastructure business unit to drive performance. TLS declared its intention to simplify its product offering and also announced an 8,000 net reduction in employee numbers.

Detractors in July were Pendal Group (PDL) which fell -6.2% and Seek Limited (SEK) which was down -2%. PDL was weaker following an underwhelming update which showed a 4th straight quarter of net outflows. We continue to retain conviction in the fund manager and highlight the turnaround in its JO Hambro unit which showed retail flows improving from a $500m outflow in April to a $100m inflow in May. SEK was weaker on little news, however its strength in the prior 3 months suggests this was nothing more than just some mean reversion.

Prime’s Growth SMA reduced 1.5% of its weight in APT in July. The Diversified Income SMA sold its small weight in CBA and initiated a new position in the AMP Core Infrastructure fund which targets income distributions of 5-6% through investment in unlisted infrastructure assets. The Defensive SMA remained unchanged in July and the International SMA reduced MFS and added to Orbis. All SMAs excluding the International outperformed in July with Prime’s Growth SMA an impressive standout. On a risk profile performance basis our 5-year numbers continue to run ahead of their respective benchmarks.

RISK PROFILE PERFORMANCE FIGURES
AS AT 31 JULY 2018
PRE-FRANKING CREDITS
  1 Mth 3 Mths 6 Mths 1 Yr 2 Year (PA)* 3 Year (PA)*
High Growth 2.25% 3.94% 4.78% 14.72% 10.69% 6.60%
Growth 1.76% 3.19% 3.89% 12.03% 9.06% 6.05%
Balanced 1.45% 2.70% 3.26% 10.22% 7.96% 5.63%
Moderate 0.90% 1.83% 2.14% 7.14% 6.03% 4.87%
Conservative 0.43% 1.07% 1.24% 3.51% 3.80% 4.03%
*Annualised return. Portfolio inception date 03/07/2012

 

SMA—MODEL PORTFOLIO PERFORMANCE FIGURES
AS AT 31 JULY 2018
PRE-FRANKING CREDITS
  1 Mth 3 Mths 6 Mths 1 Y 2 Year (PA)* 3 Year (PA)* 5 Year (PA)*
Prime Australian Equity Growth SMA 4.16% 6.64% 7.81% 16.66% 10.68% 6.42% 10.65%
Prime Australian Defensive Income SMA
* Annualised return. Portfolio inception date 03/07/2012
0.45% 1.11% 1.26% 3.61% 3.92% 4.14% 4.67%
Prime Diversified Income SMA 1.87% 3.34% 0.59% 7.48%
Prime International Growth SMA 1.67% 3.07% 3.57% 16.67% 13.89%
*Annualised return. Portfolio inception date 18/02/2016

 

What is a Separately Managed Account (SMA)?

 

What’s the benefit of a Separately Managed Account (SMA) to a Managed Fund?

 

 

 

 

 

 

 

Disclaimer: This information has been prepared by Primestock Securities Limited ABN 67 089 676 068, AFSL 239180 (“Prime”). Prime accepts no obligation to correct or update the information or opinions in it. This information does not take into account your objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate to your situation. It is recommended that you obtain financial, legal and taxation advice before making any financial investment decision. Prime is bound by the Australian Privacy Principles for the handling of personal information.

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