Webinar 17 June 2021 - Devon Funds Management
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Webinar 17 June 2021
Portfolio performance
As at 31 May 2021
Performance to 31/5/21 1 month % 3 Month % 6 Month % 1 Year % 3 Years p.a. %
Devon Alpha Fund 0.69 7.56 7.96 22.40 8.72
OCR 0.02 0.06 0.12 0.25 0.97
Relative Performance 0.67 7.50 7.83 22.15 7.75
Performance to 31/5/21 1 month % 3 Month % 6 Month % 1 Year % 3 Years p.a. %
Devon Trans-Tasman Fund -0.28 6.03 7.99 22.03 9.92
Trans-Tasman Index (NZ$) Gross -1.08 4.55 4.90 20.21 10.95
Relative Performance 0.80 1.49 3.08 1.82 -1.03
For the
2 informed
investor.
US economy
The bond market continues to behave
US Government Bond supply & Fed demand vs TIP’s yield
For the
3 informed
Source: Refinitiv. MacroPolicy Perspectives
investor.
Devon Funds Management
The RBNZ has upgraded their macro forecasts
Source: Goldman Sachs, RBNZ For the
4 informed
investor.
Devon Funds Management
History says the bull market has further to go
Total return and length of previous Aus equity bull markets
Source: IMF, Refinitiv, MST Marquee For the
5 informed
investor.
Contact Energy
Contact Energy – earnings trends are positive and the share price is responding
Contact renewable share of generation by FY24
100%
90%
80%
70%
60%
50%
40%
12
30% 11
20% 10
9
10% 8
7
0% 6
2008 2012 2016 2020 2024E 5
4
For the
6 informed
Source: Contact Energy, Jarden, IRESS
investor.National Australia Bank
Improving franchise under new CEO with numerous opportunities post COVID-19
For the
7 informed
Source: NAB
investor.Westpac
Is actively reviewing their NZ business – Board decision likely during H2 2021
FY20 cash profit – impacted by provisions ($bn)
1.4 Westpac – would place #2 on the NZX
1.2
14.0%
1
0.8 12.0%
0.6
0.4 10.0%
0.2
8.0%
0
ANZ BNZ ASB WBC
6.0%
4.0%
2.0%
0.0%
FPH WBC? AIA SPK MEL FBU CEN MFT IFT RYM
For the
8 informed
Source: JP Morgan
investor.CSL and Fisher & Paykel Healthcare (FPH)
Plasma recovery for CSL versus near-term risks around usage of FPH consumables as
COVID-19 related hospitalisations recede although recent Philips recall a positive
CSL plasma collections North American & European hospital and ICU patient trends
For the
9 informed
Source: MST, UBS
investor.BHP
Commodity prices and potential capital return warrant exposure
Global growth recovery is driving commodity prices = BHP Billiton upgrades
250 5
4.5
200 4
3.5
150 3
2.5
100 2
1.5
50 1
0.5
0 0
Iron ore - US$/t (LHS) Brent Oil - US$/bbl (LHS) Copper - Usc/lb (RHS)
For the
Source: BHP, IRESS 10 informed
investor.INFORMATION AND DISCLAIMER: This document is not a Product Disclosure Statement (PDS) under New Zealand law or
under any other law. It is for information purposes only and contains summarised information. Accordingly, this document
neither purports to be exhaustive nor contains all of the information which a prospective investor or the recipient may
require to make an investment decision. This document does not contain all of the information which would otherwise be
required by New Zealand law or any other law to be disclosed in a PDS or similar disclosure document required under
foreign law. Prospective investors should inform themselves as to any applicable legal requirements and taxation and
exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.
A PDS for the fund/s mentioned in this presentation is available free from Devon Funds Management Limited. Investors
should read and understand the PDS for the relevant fund(s) in which they invest and satisfy themselves they understand all
the terms and conditions of investment in the fund/s. The information in this document is not intended to be advice. In
preparing this document, Devon Funds Management Limited did not take into account the investment objectives, financial
situation and particular needs of any particular person. Devon Funds Management Limited recommends that potential
investors consult their financial adviser and obtain professional financial advice on their individual requirements before
making any investment decisions.
Past performance is not indicative of future results. Investments in any of the Devon Funds are subject to investment risk,
including possible delays in repayment and loss of income and capital invested. Neither Devon nor any related company of
Devon, guarantees any particular rate of return on, or the performance of, the Devon Funds, nor do they guarantee the
repayment of capital from the Devon Funds.
For the
informed
investor.You can also read
