Latest News
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Stock Insight – Netwealth
Growth or Value? It doesn’t matter, capturing alpha is the objective.
This article explores the Celeste investment process with the specific example of Netwealth.
Netwealth is a high growth stock with a high valuation. Martin Byers, Senior Investment Analyst, explains how we see value in this investment.
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RE Notice to Investors
The Financial Ombudsman Service will be replaced by the Australia Financial Complaints Authority (AFCA) for complaints involving financial services products.
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Change of Scheme Compliance Plan Auditor
Notice to Members of Celeste Australian Small Companies Fund (“Scheme”)[093 539 416]
Dear Member,
The Trust Company (RE Services) Limited (“Perpetual”), the Responsible Entity of the Scheme, has recently undertaken a review of compliance plan auditors appointed across schemes where Perpetual acts as Responsible Entity and with the consistent growth in the number of managed investment schemes that Perpetual acts as Responsible Entity for, it was considered more effective and efficient to consolidate the number of auditors across the schemes to a single compliance plan auditor.
Following a competitive selection process, we are pleased to advise that all schemes will now transition to PwC for compliance plan audits from the 30 June 2018 year end audit (completed in September 2018).
Deloitte Touche Tohmatsu, the existing compliance plan auditor of Level 9, 550 Bourke Street, Melbourne, Victoria 3000 resigned as the scheme compliance plan auditor on 24 August 2018 and will be replaced by PWC of One International Towers Sydney, Watermans Quay, Barangaroo, GPO Box 2650, Sydney, NSW 2001 following approval by Australian Securities and Investments Commission effective today.
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Stock Insight – Reece Group
A look at Reece Group post the recent Morsco acquisition and how the stock fits into the Celeste investment process.
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AFR: Paul Biddle talks Netwealth and the Banking Royal Commission
Celeste Funds Management portfolio manager Paul Biddle also believes the likes of Netwealth (in which his fund is invested) have further to run, despite the dear price tag on the shares.
He says the market has “just started to realise” that if you get $10 billion peeled out of the $140 billion or so managed by AMP, and if that $10 billion is split up between the small independent platforms, that’s a hefty potential extra $3 billion on top of Netwealth’s $15 billion on its platforms now.
“Nobody has factored in any step-change,” Biddle says.
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Weekend AFR: Paul Biddle talks reporting season
Celeste Funds Management portfolio manager, Paul Biddle, says investors are factoring in too much growth. “The sharemarket appears to be baking in earnings-per-share growth of about 10 per cent for each of the next two financial years. We don’t see that happening.”
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Monthly Update – January 2018
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Change of Company auditor
Deloitte Touche Tohmatsu, has resigned as auditor of Celeste Funds Management (the Company).
At the Company’s AGM on 28 November 2017 shareholders voted in favour of appointing Grant Thornton Audit Pty Ltd as the new Company auditor.
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Weekend AFR: Callum Sinclair on favoured small cap retailers
Callum Sinclair talks to Weekend AFR about opportunities the fund is seeing in Nick Scali at $6.13 and The Reject Shop at $4.13.
http://www.afr.com/personal-finance/shares/5-retail-stocks-that-fund-managers-rate-20171026-gz8l1c
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Martin Byers joins Celeste as Senior Investment Analyst
Celeste Funds Management has appointed Martin Byers as a Senior Investment Analyst. Martin has been an Executive Director & Head of Emerging Companies Research at UBS Australia for the past 10 years.
Martin has a long history in successfully analysing Australian smaller companies as well as substantial experience in international markets. Martin previously spent 5 years with US based fund manager Principal Global Investors, 3 years in New York, working as a Senior Equity Analyst covering industrial and technology stocks.
Concurrent with Martin’s appointment, Celeste today also announced that Senior Investment Analyst, Paul Biddle, will formally move to the position of Portfolio Manager. Paul will continue to work with Frank Villante on the construction and management of the firm’s portfolios, as has been the case for a number of years.