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Fordhamgroup.com.au
Garnet International Equity Fund SeriesQuarterly Investment Report 31 March 2009Investment approachThe core objective of the Garnet International Equity Fund
Tier 1 applies a quantitative data set which assesses a
Series, comprising the Garnet UK Sterling Equity Fund and the
broad universe of equities for profitability and balance sheet
Garnet US Equity Fund, is to provide meaningful economic
strength. If an individual equity passes this test, then it
The country funds are discrete and separate entities. This
Tier 2 applies our proprietary “Business Success Criteria®”.
allows investors to decide their preferred country and
We systematically evaluate a business in terms of factors we
currency exposure. The funds invest in the particular country
have extensively researched, that – in combination – identify
by reference to the manager’s proprietary two tier equity
whether management and its strategy are effective or not.
We note that the businesses in both the UK and US Funds
The portfolios are invested according to an equal weighting
are well in excess of stated Tier 1 benchmarks for profit and
philosophy and are therefore independent of market
balance sheet strength and are therefore in a robust condition.
capitalisation and sector weighting biases. The result is a diversified portfolio of financially sound and well managed
businesses. Over the long run we believe this produces
The table below shows the performance for both the UK and
long term out performance over the relevant country index.
US Funds. Being equity based, they are subject to the full effect of movements in the respective share markets. The UK
We are not short term traders of investment positions.
Fund strongly outperformed its benchmark over the quarter whilst the US Fund modestly underperformed its benchmark
To achieve a long term “edge” in performance, a unique two
tier equity selection program is employed by the manager. Garnet US Equity Fund Mar quarter % Since inception %2 Garnet UK Sterling Equity Fund Jan 09 % Mar quarter % Since inception %3
1 In $AUD 2 Inception date 3 December 2007 3 Inception date 1 October 2007 4 We note this figure does not include 30 June 2008 distribution of $0.01223 per unit
Comment from Garnet Investment Management Financial Markets and the Funds The FTSE All Shares index in
higher interest rate environment. We note the UK Fund strongly
for credit. By early March, the above monetary policy measures,
economies by approximately 30% during March and April from
the UK and the S&P 500 index in the US both registered steep
outperformed its benchmark whilst the US Fund modestly
combined with targeted fiscal stimulus by many governments
their decade lows in February, while welcome, has not been our
declines in local currency terms over the quarter to March
underperformed its benchmark over the quarter.
had some investors believing there were tentative signs of
core focus. With the Funds long term investment philosophy we
2009 falling 9.08% and 11.01% respectively. The declines
Economic snapshot As touched on above the first two months
improvement in underlying economic conditions. It must be noted
have continued to look for lowly geared companies with a tight
for the quarter can be attributed to the months of January and
of this calendar year continued to be beset by the fear and
that these improvements are at this stage sparse and generally
business focus and sound strategy for navigating this current
February with equity markets in March staging a strong recovery
uncertainty created by the Lehman Brothers collapse in September
more limited to a decrease in the rate of deterioration rather than
crisis and beyond. We seek to purchase the cash flows of these
as investors focused on possible “green shoots” identified in
2008. February provided data that much of the developed world
businesses at reasonable prices with a view to holding for a
financial and economic data (see below). The cross rates for
was now officially in recession, satisfying the technical definition
Looking forward Last quarter we mentioned the proper
minimum five year timeframe to benefit from a growing income
the Australian Dollar (AUD) versus the British Pound (GBP) and
of two consecutive quarters of negative GDP growth. While this
functioning of credit markets as a precursor to any sustained
stream. Though it is too early to fully judge the performance of
US Dollar (USD) saw little net change over the quarter with the
was widely expected it was the severity in which growth had
economic recovery. News on this front, while by no means
the Funds through this “once in a generation” financial crisis,
USD rate depreciating 1% and the GBP rate remaining virtually
slowed that surprised many. With inflation in developed countries
conclusive, has been modestly positive. The health of the
we take confidence from their more recent performance over the
unchanged. This however masks the significant depreciation of
showing signs of abating and unemployment beginning to pick
world banking system remains at the core of a credit market
last twelve months which has shown strong returns versus the
the AUD versus these two currencies over January and February
up speed, central banks, if they had not already, began to follow
recovery. Bank “stress tests” in the US have provided some
market as a whole. We have confidence the Funds, with their
with an almost complete reversal in March. This trend in currency
the lead of the US and reduce interest rates to historic lows of, at,
reassurance that the probability of another Lehman’s is low,
inherent lower risk characteristics, will provide meaningful long
highly correlated with equity markets over the period reflecting
or close to zero. Another historic move by the US and UK central
though cannot be ruled out. We watch with interest whether this
term returns to investors as we move into a more risk-averse
Australia’s commodity currency status (and ties to our trading
banks was to engage in “quantitative easing” (read printing of
renewed optimism in the US banking system can be sustained
environment in the foreseeable future.
partners) along with a return to riskier carry trade activity where
money) to supplement low interest rates in an effort to boost
and translated into increased credit growth into economically
foreigner’s seek to take advantage of Australia’s relatively
liquidity, ease the strain on debt holders and encourage demand
viable activities. The rebound in equity markets of developed
Garnet UK Sterling Equity Fund Garnet US Equity Fund Astrazenca Plc (UK) Sysco Corp. (USA) Sector: Healthcare – Major Drugs Sector: Consumer Staples – Food and Staples Retailings The business Astrazenca (LSE:AZN) is a world leading The business A recent entry into the Garnet US Equity Fund
pharmaceutical company. The group focuses on
portfolio, Sysco Corp. distributes and markets a range of
discovery, development, manufacturing and marketing of
food and related products primarily for the foodservice
pharmaceuticals and biological products for important areas
industry. Also supplying various non-food items, such as
of healthcare including: Cardiovascular, Gastrointestinal,
disposable napkins, tableware and cleaning supplies, Sysco
Infection, Neuroscience, Oncology and Respiratory and
Corp. operates 180 distribution facilities throughout the
Inflammation. Their key products include Arimidex, Crestor,
United States and Canada and has a market capitalisation
in excess of USD $12 billion. With a strong focus on top-
The financials Through growth in operating cash flow and
level strategy and attention to detail, containing costs and
Total equities
significant reductions to net debt, Astrazenca’s performance
investing in customers relationships has enabled Sysco
Total equities
was resilient in 2008. Operating profit increased by 4%
Corp. to achieve growth in a difficult economic environment
and earnings per share increased by 12%. This translated
characterised by high fuel costs and customers with
Total number of equities
into a 10% increase in Astrazenca’s full year dividend.
Total number of equities
Shareholders also benefited in 2008 from an improvement
The financials With one of the largest private truck fleets in
in the company share price, increasing by 30% compared to
the industry, Sysco Corp. felt the “pain at the pump” during
FTSE All Shares Index S&P 500 Index
the 31% decline of the FSTE 100 Index.
the 2008 fiscal year. Despite these rising costs challenging
The future The pharmaceutical industry is arguably less
both the business and customers, Sysco Corp reported sales
exposed than other sectors to the current global economic
growth of USD $2.5 billion and a 10% increase in operating
downturn, although some impact may result from increased
income. These positive results flowed through to shareholders
constraints on payers, suppliers and distributors. There is also
in the form of increased income with the return of USD $1
growing pressure on healthcare costs, pricing and increased
billion, in the form of dividends and share repurchases.
generic competition. Astrazenca has set a clear and defined
The future Exploring the use of alternative energy sources as
strategy, with objectives to strengthen the pipeline and grow
a means of addressing long-term energy costs, Sysco Corp
the business through sales growth and new product launches.
has adopted the use of biodiesel fuel where practicable
Their strategy has proven its endurance to overcome barriers
and investment in alternative truck refrigeration systems.
in the past, and we continue to monitor its ability to provide
Identifying investment in people, facilities, fleet and
technology as the keys to gain market share and continue
growth, Sysco Corp. expects investment of USD $675 million – $725million in capital spending during the 2009 fiscal year. Fund details NAV unit price at review date Inception date
06 September 2007 (trading 01 October 2007)
15 November 2007 (trading 03 December 2007)
Investment Manager Suggested minimum investment time frame Management costs
Standard Investment Fee: 1.5% p.a. of funds under management
Performance fee
Performance Fee Investment Option: 0.95% p.a. of funds under management plus
as alternative to Standard Fee
15% performance fee over designated benchmark
Buy/Sell Spread Minimum initial investment
Or a lesser amount in the Trustees absolute discretion and if the investor satisfies the
definition of a wholesale client within the meaning of the Corporations Act
Distributions
Annually at 30 June. Paid approximately 70 days after 30 June to either be reinvested
into additional units or credited directly to your nominated bank account
How to contact Garnet Investment Management Phone Prospective investors Institutional investors Mailing address
Garnet Investment Management, GPO Box 4369, Melbourne Victoria 3001
www.fordhamgroup.com.au/services/investment/
Past performance is not a reliable indicator of future performance. The returns on the Fund assume distributions are reinvested.
Investments in the Garnet UK Sterling Equity Fund (ABN 14 886 092 417) and Garnet US Equity Fund (ABN 25 271 908 065) (“Fund”) are offered by Garnet Investment Management Pty Ltd
(ABN 125 614 459) (“Garnet”). This information is general advice only and has been prepared without taking into account the individual objectives, financial situation or needs of any particular
investor. Before making a decision to invest in the Fund on the basis of this information, investors should read the Fund’s Information Memorandum (“IM”) and consider, with or without their
financial advisor, whether it fits their objectives, financial situation and needs. Applications for units in the Fund can only be made on an application form contained in the current IM. Investments
in the Fund are not deposits with or other liabilities of Garnet Investment Management Pty Ltd (ACN 125 614 459) or any Fordham Group company and are subject to investment risk, including
possible delays in repayment and loss of income or principal invested. None of Garnet Investment Management Pty Ltd or any Fordham Group company guarantees the performance of the Fund of
the repayment of capital from the Fund or any particular rate of return.
Investment Manager and Trustee Garnet Investment Management Pty Ltd ACN 125 614 459 AFS Licence Number 314 460
The liability of officers and employee members of the Institute of Chartered Accountants in Australia is limited by a scheme approved under Professional Standards Legislation. Level 35, South Tower, Rialto Towers, 525 Collins Street, Melbourne Victoria 3000, Australia. GPO Box 4369, Melbourne Victoria 3001, Australia T. +61 3 9611 6700 E. [email protected] W. fordhamgroup.com.au/services/investmentCustodian for offshore assets UBS AG, London Branch, 1 Curzon Street, London W1J5UB
Auditors TAG Partners, Level 1, 1911 Malvern Road, Malvern Victoria 3145, Australia
2009 Fordham Nominees Pty Ltd. All rights reserved.
Bringing years of pharmaceutical marketing experience, Maury has designed and developed complex interactive marketing tools for several prominent pharmaceutical organizations, on a variety of platforms. His wide range of skills include interactive design, video production, digital animation, technical architecture and strategic thinking. His balanced approach of pushing the creative envelope whil
Institut für Qualität und Wirtschaftlichkeit Dr. Tina Wessels Wissenschaftliche Referentin -per E-Mail an [email protected] Gesundheitsinformation – Kurzantwort „Depressionen: Können die Antidepressiva Bupropion, Mirtazapin und Reboxetin helfen?“ Sehr geehrte Frau Bastian, in der vorliegenden Kurzantwort werden PatientInnen darüber in-formiert, ob bestimmt