![]() ^^ The performance figures for the Intelligent Investor Income and Growth Model Portfolios are since inception on 1 August 2001 using theoretical buys and sells without brokerage and management fees until 1 July 2015. For the effect of fees on your cumulative returns, please see our report How Fees Can Destroy Your Wealth. Fee data may not include all costs being charged such as platform and adviser fees. Whilst every care has been taken in producing these numbers, InvestSMART does not guarantee the accuracy of the figures produced in the table. Fees are calculated by Morningstar as the average over 10 years. Only funds with > three year returns were included in any fee comparison, and were compared to Morningstar’s nominated benchmark. This may not include all funds available for retail investment in Australia. ^ Only funds and investment products included in the Morningstar Australia database are available for fee and performance comparison. Historical performance is not a reliable indicator of future performance. InvestSMART cannot determine whether or not franking has been included, nor if dividends have been reinvested. The peer calculation is inclusive of admin and management fees excludes brokerage and no withdrawals have been made. The peer comparison figures have been sourced from Morningstar data and is therefore limited to the funds and investment products included in their database. Performance figures for periods greater than one year are annualised and presented as "per annum" values. brokerage and assuming dividends re-invested and no withdrawals. # Performance figures are after management and admin fees excl. For more information about fees and costs, please see the Product Disclosure Statement and Investment Menu. Indirect Costs are estimated to be between 0.09% - 0.30% p.a. do not include indirect cost ratio charged by ETF providers nor brokerage. * InvestSMART’s capped management fees (capped at $550 p.a. You should consider the PDS, FSG and TMD before making a decision about a product. The PDS for financial products offered through InvestSMART can be downloaded from this website or obtained by contacting 1300 880 160. IMPORTANT: This information is general financial product advice only and you should consider the relevant Product Disclosure Statement (PDS), Financial Services Guide (FSG), Target Market Determination (TMD) or seek professional advice before making any investment decision. You can find out about investing directly in Intelligent Investor and InvestSMART portfolios by clicking here.ĭisclosure: The author owns shares in Fleetwood. Note: The Intelligent Investor Growth Portfolio owns shares in Fleetwood. We're lowering our Sell price from $3.50 to $3.00 as retaining the asset removes some upside from the investment case. ![]() We will wait for the result of the strategic review and admit to scratching our heads at management's curious attachment to RVs. With ownership of two of the strongest brands in a fragmented market as well as manufacturing and distribution, this could make an attractive purchase for an RV specialist and allow Fleetwood to reduce working capital and redeploy resources into the better performing manufactured accommodation business.Īlas, that appears not to be on the cards. We've shown saintly patience on the turnaround of the RV business and, while there have been improvements, it is clear to us that a turnaround will be harder to realise that first anticipated. A strategic review of the recreational vehicle (RV) business is already underway.Īnd here is the bad news management has already ruled out selling the asset. That's below the $11m book value of the business and Fleetwood will recognise a $4m impairment on the sale.ĭespite this and the modest cash receipts, the strategic implications are potentially huge.įleetwood is finally changing its asset mix and may now look closely at its bloated accessories business (among others). The good news is that Fleetwood has announced the sale of its Flexiglass business for $7m.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |