Monthly Update – February 2019Download here
Monthly Update – January 2019Download here
Stock Insight – Lifestyle Communities
“Grow old with me. The best is yet to be” ~ Robert Browning
Lifestyle communities is a Melbourne based developer and manager of affordable independent living communities. It capitalises upon the growing demand for affordable quality retirement living. In this quarterly stock insight Paul Biddle, Portfolio Manager, dissects the investment case for Lifestyle.Download here
Monthly Update- December 2018Download here
AFR: Value vs growth investing: proceed with caution
Stewart Oldfield reports in the AFR on the current dynamic between value and growth investing, picking up the recent quarterly stock insight written by Martin Byers.
Celeste Funds Management is often described as a value manager but it argues growth or value labels are less important than seeking share price outperformance regardless of investment style.
The fund manager recently highlighted investment platform business Netwealth as a stock often described as an expensive market darling but which it believes is likely to outperform over time.
Full article: https://www.afr.com/personal-finance/shares/value-vs-growth-investing-proceed-with-caution-20181114-h17wlg
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.Download here
RE Notice to Investors
The Financial Ombudsman Service will be replaced by the Australia Financial Complaints Authority (AFCA) for complaints involving financial services products.Download here
Change of Scheme Compliance Plan Auditor
Notice to Members of Celeste Australian Small Companies Fund (“Scheme”)[093 539 416]
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.
Stock Insight – Reece Group
A look at Reece Group post the recent Morsco acquisition and how the stock fits into the Celeste investment process.Download here
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.