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UK Listed Trusts

The UK Listed trusts' manage diversified international share portfolios and rely on the managers ability to navigate the global financial markets. These investments are listed on the London Stock Exchange and are denominated in Sterling. Bankers Investment Trust PLC provides a one-stop shop for global equity exposure. Its legacy was strongly UK-centric exposure, while current managers have opted to invest over 60% of the fund outside of the UK. There is a strong income commitment, which has been fulfilled for more...
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Aussie Opportunity Stock: Ramsay Health Care

Ramsey is a global hospital group operating 223 hospitals and day surgery facilities across Australia, the U.K., France, Indonesia and Malaysia. It is also the largest and most diversified operator of hospitals in the Australian private sector. Scale of Ramsay’s operations in the Australian context underpins, in our opinion, a sustainable competitive advantage which drives both cost advantage and a reasonable level of pricing power in negotiations with private health insurers. Unlike the United States, the Australian healthcare system relies...
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Aussie Core Stock Update: Santos Limited

Santos is looking attractive after a material reduction in balance sheet risk. With shares trading at nearly AUD 3.66, we believe investors are offered 44.8% potential upside. Capital expenditures now run at largely a maintenance level, and we forecast free cash flow to exceed AUD 1.0 billion by the end of 2021—sufficient to expunge net debt in that year all else being equal, including reinstatement of a 40% payout ratio from 2018. Santos is currently paying no dividends. Net debt/EBITDA...
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Fixed Interest Review: Listed Fixed Interest & Term Deposit Rates

With global wholesale interest rates on the move again we thought it would be advantageous for our investors to have a comparison between bank term deposits and the fixed interest investments available on the New Zealand debt market. Below is a list of just a few of the listed fixed interest investments available. Fixed Interest Issues Issuer Code Maturity Date Yield Cooperative Bank COO010 28/07/2026 6.50% Infratil IFT230 15/06/2024 5.95% ASB Bank ABB050 15/12/2026 5.30% Kiwi Bank KCF010 15/07/2024 5.19% Infratil...
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Healthcare - Sector Review

Retirement village exposure has long been a mainstay of our clients' investment portfolios. Ryman being Christchurch based means we have many clients who rallied behind the stock early, realising the company’s potential. The NZX now has 4 pure play retirement companies, and Infratil who own 20% of Metlifecare and RetireAustralia (who have 28 villages in NSW, SA and QLD). So investors are awash with options when it comes to retirement village exposure, but what option is right for you. There is...
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Interest Rates - Has The Worm Finally Turned?

There is no doubt, ever since Don Brash as Governor of the Reserve Bank finally managed to get inflation and inflationary expectations under control in the early nineties, New Zealand has been in a long term bull market for bonds. The market value of bonds goes up as interest rates fall. A simple way to understand this is as follows. A bond issued when interest rates are high, still pays that same high interest rate even when interest rates fall. The...
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The Importance of Maintaining Your Asset Allocation

As investors we all know markets can move up and down. The recent pullback on the NZX caused our market to enter into a correction (which is a retreat of 10% or more from its highs). We have since seen stabilisation in global equity markets post the US election. It is times like these that investors should look at their portfolios and make sure their asset allocation still meets their risk profile. If you are unaware of your risk profile call...
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Credit Ratings: Decoded

SO WHAT ARE THEY? In a nutshell, a credit rating is an independent opinion of the financial strength of a company, and more importantly, its ability to repay its debts in full and on time. WHO ISSUES THEM? They are issued by independent credit agencies, the most internationally recognized being Standard & Poor’s, Fitch Ratings, and Moody’s Investors Services. HOW ARE THEY CALCULATED? The rating agency looks at a wide range of financial measures when assessing an entity’s financial strength,...
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Australian Core Stock - Ramsay Health Care

Ramsay Health Care (Ramsay) is Australia's largest private hospital operator, capitalised at more than AUD 14 billion. Ramsay operates 223 hospitals and day surgery facilities, employs more than 60,000 staff, and manages more than 25,000 beds. Ramsay generate strong returns on capital due to its ownership of the best and most recognizable private hospitals within Australia. The population demographics in Australia are expected to support long term growth for private hospital operators. In 2015 there were 10.2 million hospitalisations (nearly...
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New Zealand Core Stocks - December 2016

This quarterly review we briefly profile MERIDIAN ENERGY LIMITED, GOODMAN PROPERTY TRUST, MAINFREIGHT & FISHER & PAYKEL HEALTHCARE. MERIDIAN ENERGY LIMITED - PRICE $2.55 - FORECAST GROSS DIVIDEND YIELD 9.0% Meridian is New Zealand’s largest electricity generator, producing around 30% of the country’s electricity from purely renewable sources (seven Hydro stations and five Wind farms in NZ and two Wind farms in Australia). This vertically integrated generator retails electricity to 357,000 customers in New Zealand and Australia through its two brands...
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