Page 2 - Specialist Growth Assertive_March 2023

Performance history

$100,000 invested since 24/03/2022
$110000

$100000

$90000
Mar 22 Sep 22 Mar 23
24/03/2022 - 31/03/2023 Powered by data from FE fundinfo
Portfolio
Benchmark
Managed portfolio holdings³

Holding Asset class Allocation (%)
Activex Ardea Real Outcome Bond Fund (Managed Fund) Active X Ardea RL International Fixed Interest 3.0
Ampol Limited Ordinary Fully Paid Australian Equities 1.6
Aristocrat Leisure Limited Ordinary Fully Paid Australian Equities 1.6
Betashares Australian Major Bank Hybrids Index Etf Betashares Australi Australian Fixed Interest 3.0
Betashares Westn Asset Aus Bond Fund (Managed Fund) Betashares West As Australian Fixed Interest 7.0
Carsales.Com Limited. Ordinary Fully Paid Australian Equities 1.6
Cash Account Cash 2.0
Corporate Travel Management Limited Ordinary Fully Paid Australian Equities 1.6
CSL Limited Ordinary Fully Paid Australian Equities 1.6
Domino's Pizza Enterprises Limited Ordinary Fully Paid Australian Equities 1.6
Downer Edi Limited Ordinary Fully Paid Australian Equities 1.6
GQG Partners Inc. Cdi 1:1 US Person Prohibited Excluding Qib Australian Equities 1.6
Ishares Global 100 Etf Ishares Global 100 Etf International Equities 11.0
Ishares S&P 500 Etf International Equities 9.0
James Hardie Industries PLC Chess Depositary Interests 1:1 Australian Equities 1.6
Lendlease Group Fully Paid Ordinary/Units Stapled Securities Australian Equities 1.6
Macquarie Group Limited Ordinary Fully Paid Australian Equities 1.6
Magellan Asset Management Ltd (Core Series) Mfg Core Infrastructure Fu Australian Equities 13.0
Mineral Resources Limited Ordinary Fully Paid Australian Equities 1.6
Resmed Inc Cdi 10:1 Foreign Exempt NYSE Australian Equities 1.6
Seven Group Holdings Limited Ordinary Fully Paid Australian Equities 1.6
South32 Limited Ordinary Fully Paid Australian Equities 1.6
TPG Telecom Limited. Ordinary Fully Paid Australian Equities 1.6
Treasury Wine Estates Limited Ordinary Fully Paid Australian Equities 1.6
Vanguard All-World Ex-Us Shares Index Etf Vanguard All-World Ex-Us Sha International Equities 16.0
Vanguard Msci Australian Small Companies Index Etf Vanguard Msci Austr Australian Equities 9.0

Quarterly manager commentary

Market Update
The March quarter was largely a positive one for investment markets, but it felt like we went through ten rounds in the ring to get there.

It was a tale of three completely different months with wild swings in investor sentiment and expectations the driving force of investment markets.

January started off with a bang, in stark contrast to December returns, with investors feeding on any positive news they could get their hands on. This
included but wasn’t limited to: European energy crisis averted (a milder winter and the US provider support via their strategic petroleum reserves); US
company quarterly reporting season came through better than expected (though weaker than the same time last year); China reopening, which began
in November, continued supporting outlook for global supply chains and Chinese demand; and the changing interest rate dynamic (flipped to dovish)
as the US central bank shifted to smaller rate hike increments (ie. 0.75% to 0.50% in December 2022 and 0.5% to 0.25% in February). That resulted in
equities and property powering ahead (ie. monthly gains more akin to annual returns) and bonds producing one of their best months in over a year. It
all seemed too much too soon, but no one was complaining after a year like 2022.