Core Australian Equities
When investing in Australian equities we look for companies that demonstrate real Market Opportunities for Profitable Products or Services with Competitive Advantages and Barriers to Entry. The first elements make a business possible, the last elements make it a good and enduring business; without these, competitors enter to drive costs up and prices down ultimately eroding the company’s competitive advantage.
Other characteristics we seek include:
- Attractive and tax effective dividend yield or capacity to pay such over time
- Free cash flow that exceeds debt servicing obligations (not borrowing to pay dividends) and sound capital expenditure management
- Sound and transparent earnings growth
- Earnings predictability
- High quality management and shareholder friendly Board
- Justifiable Price / Earnings ratio (PE)
S&P ASX 200 Accumulation Index
Companies in the S&P ASX 300 Index.
Number of stocks
The portfolio aims to be fully invested but generally has up to 3% cash at any one time and is otherwise unrestricted.
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