January 2017
Buoyed by the optimism around global growth under the next US President, the S&P/ASX 300 Accumulation Index finished the December quarter up 4.9%. For the calendar year, it added 11.8% comprising a capital return of just over 7% and the balance from dividends and other distributions. For the quarter, Ralton’s flagship Australian Shares portfolio outperformed…
December 2016
The S&P/ASX 300 Accumulation Index rose 2.80% in November, buoyed by the optimism around global growth under the next US President. Financials and Energy were the top-performing sectors, while Healthcare and Telecommunications both declined during the month. For the portfolio, Ralton's investments with leverage to either US infrastructure, US inflation and in turn, rising US…
December 2016
December 2016 Gold miner, Evolution Mining (ASX:EVN), has a strong capital position and across its portfolio of assets, mining costs are heavily biased to the first and second quartile of global production (i.e. low-cost mines). Australian gold miners have benefited in recent times from the falling Australian dollar which increases the value of gold sales,…
November 2016
November 2016 In October, Incitec Pivot (ASX:IPL) announced the completion and handover of its Louisiana ammonia plant (known as “Waggaman”), which is a key milestone for the group. Shares in IPL have underperformed considerably in FY16, driven by a downturn in fertiliser and associated chemical prices. For IPL, the start up of Waggaman marks a turn in cash flows for the…
November 2016
The S&P/ASX 300 Accumulation Index lost ground in October, falling 2.17% for the month. The Financials and Materials sectors both gained ground, with Healthcare and Information Technology the worst performing sectors. Rise in global bond yields supports QBE share rebound A rise in global bond yields was likely the key supporting factor in the rebound…
October 2016
Markets added value in the September quarter with the S&P/ASX 300 Accumulation Index up 5.2%, continuing the gains since the lows of February. Consumer Staples and Materials (largely resources) were the top performers, while 'bond proxies' such as Telecommunications and Utilities recorded a negative return for the period. Global markets preoccupied by US election and…
October 2016
October 2016 Gaming machine manufacturer, Ainsworth Game Technology (ASX:AGI), has recently welcomed European domiciled, Novomatics, to its share register after acquiring founding shareholder, Len Ainsworth’s, 53% equity holding. AGI is aiming to deliver material synergies including cost savings, access to an extensive software library and sales into Europe. Together with a likely bottoming of market…
October 2016
October 2016 Utility assets owner, DUET Group (ASX:DUE), owns a series of long-life infrastructure assets including the Dampier to Bunbury Pipeline (DBP) and gas and electricity networks in south east Australia and last year’s purchase, Energy Developments (ENE), which in turn owns and operates a series of long-life, contracted utility assets. Included in ENE’s portfolio…
September 2016
September 2016 Package manufacturing and distribution business, Orora (ASX:ORA), added to Ralton's flagship Australian Shares portfolio during August with shareholders benefiting from a clean set of profit figures and a well-received strategy plan. Since demerging from Amcor in late 2013, ORA's management has delivered on promised synergies for the pulp mill in Australia and demonstrated…
September 2016
September 2016 Sustainable waste management services company, Cleanaway Waste (ASX:CWY), added 32.2% to Ralton’s flagship Australian Shares portfolio during August after rallying strongly on a clean set of profit results, improved capital position and evidence that CWY’s strategy is correct. Three highlights worth calling out are: 1) very strong cost control as forecast by new…