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2017 Financial Year ETF and LIC Performance Report

In a period which included shocks like Brexit and the Trump election win, equity markets performed surprisingly well in the 2017 Financial Year. We take a look at the performance of all the ETFs & LICs we cover over the last 12 months.

By ETF Watch - Jul 06, 2017

In a period which included shocks like Brexit and the Trump election win, equity markets performed surprisingly well in the 2017 Financial Year, with the Australian market up around 14% including dividends and global markets up around 20%. Most investors would be ecstatic with this type of performance every year and after the disappointment of the 2016 Financial Year, where most markets went nowhere, was a nice return to positivity for investors.

Below we have listed the performance of all of the ETFs and LICs that we follow at ETF Watch. Only funds which were available on 1 July 2016 have been included, which means the 36 ETFs and LICs launched in the last 12 months are not included below.

The clear winner for the year was hedge fund Henry Morgan Limited (HML). We took a look at HML when their second LIC, BHD, was preparing for launch. Interestingly, HML has been on trading halt for the last few weeks as ASIC investigates some of their activities, so time will tell if their extroadinary performance can be repeated. Second behind HML was relatively unknown LIC Global Masters Fund (GFL), which is invested primarily in Warren Buffett’s Berkshire Hathaway. GFL has mysteriously moved from around a 20% discount to its underlying NAV to around a 20% premium which along with Berkshire Hathway’s strong performance of late has contributed to its returns. Third on the leaderboard is ETFs Plysical Palladium (ETPMPD). Palladium is a metal used primarily for car exhaust systems, which has seen strong price raises of late due to global shortages.

Beyond a somewhat unusual top 3, things start getting a little more normal. As expected in strong equity markets, geared funds (which use internal borrowing to increase potential returns but also increase risk) performed well, so too did Asian focused funds, with Asian sharemarkets being the top global performers in the last year.

At the other end of the table, inverse ETFs which take a bet agaisnt the market of course performed poorly, with the bear bet not being one that paid off in FY 2017, additionally one of the top performers of FY 2016, Vaneck Vectors Gold Miners ETF (GDX) was one of this year’s worst performers, helping to prove that backing last year’s winners doesn’t always pay off. A number of LICs with an Absolute Return focus also performed poorly due to their lack of exposure to general market rises.

Of the 207 funds in the below table, 76% gave a positive return for the last financial year, up from around 40% in FY 2016, proof that for most investors the last financial year will be a year to remember.

TickerFund NameFund TypeFY 2017 GrowthFY 2017 Income YieldFY 2017 Total PerformanceFY 2016 total performanceFY 2017 Franked dividends
HMLHenry Morgan LimitedLIC109.47%21.05%130.53%N/A45.00%
GFLGlobal Masters FundLIC48.53%0.00%48.53%-17.58%0.00%
ETPMPDETFS Physical PalladiumETF41.19%0.00%41.19%-21.22%0.00%
GGUSBetashares Geared US Equity Fund – Currency Hedged (Hedge Fund)ETF39.65%1.07%40.72%N/A0.00%
HJPNBetaShares WisdomTree Japan ETF – Currency HedgedETF36.90%1.11%38.01%N/A0.00%
PGFPM Capital Global Opportunities Fund LimitedLIC33.94%3.76%37.70%-19.12%100.00%
NCCNAOS Emerging Opportunities Company LimitedLIC27.88%6.73%34.62%10.80%100.00%
UBPUBS IQ MSCI Asia APREX 50 Ethical ETFETF29.44%0.48%29.92%-8.39%0.00%
HEURBetaShares WisdomTree Europe ETF – Currency HedgedETF27.51%1.36%28.86%N/A0.00%
QVEQV Equities LimitedLIC24.07%3.52%27.59%4.72%100.00%
IKOiShares MSCI South Korea Capped ETFETF26.64%0.93%27.56%-1.50%0.00%
IAAiShares Asia 50 ETFETF25.24%1.80%27.04%-7.84%0.00%
GEARBetaShares Geared Australian Equity Fund (Hedge Fund)ETF19.04%7.27%26.31%-7.93%80.78%
ITWiShares MSCI Taiwan ETFETF24.40%1.87%26.27%-6.54%0.00%
SNCSandon Capital Investments LimitedLIC17.50%8.13%25.63%-5.20%53.85%
NDQBetashares NASDAQ 100ETF24.78%0.75%25.53%2.75%0.00%
LSXLion Selection Group LimitedLIC24.59%0.00%24.59%74.29%0.00%
IHOOiShares Global 100 AUD HedgedETF23.65%0.60%24.25%-2.43%0.07%
WICWestoz Investment Company LimitedLIC16.36%7.27%23.64%-2.70%100.00%
OZRSPDR S&P/ASX 200 Resources FundETF20.39%2.45%22.83%-12.50%89.29%
IBKiShares MSCI BRIC ETFETF22.17%0.50%22.67%-14.95%0.00%
MHGMagellan Global Equities Fund Currency Hedged (Managed Fund)ETF20.43%2.17%22.61%N/A0.00%
OZGOzgrowth LimitedLIC18.52%3.70%22.22%-4.92%100.00%
WXHGSPDR S&P World Ex Australia (Hedged) FundETF18.44%3.71%22.15%-3.12%0.00%
PAFPM Capital Asian Opportunities Fund LimitedLIC17.20%4.84%22.04%-2.11%100.00%
QREBeta Shares S&P/ASX 200 Resources Sector ETFETF20.53%1.47%22.01%-11.26%30.87%
TGGTempleton Global GrowthLIC17.75%3.90%21.65%-8.35%55.56%
IRUiShares Russell 2000 ETFETF20.73%0.85%21.58%-5.54%0.00%
VGADVanguard MSCI Index International Series (Hedged)ETF19.64%1.39%21.03%-3.64%0.00%
MVBVanEck Vectors Australian Banks ETFETF15.23%5.69%20.92%-11.93%95.54%
TOPThorney Opportunities LimitedLIC19.83%1.03%20.86%25.81%100.00%
IHWLiShares Core MSCI World All Cap (AUD Hedged) ETFETF20.63%0.00%20.63%N/A0.00%
MVEVanEck Vectors Australian Emerging Resources ETFETF16.20%4.40%20.59%4.09%50.28%
IJRiShares Core S&P SmallCap 600ETF19.34%1.14%20.48%1.42%0.00%
VAEVanguard FTSE Asia ex Japan Shares Index ETFETF17.76%2.35%20.11%N/A0.00%
MOATVaneck Vectors Morningstar Wide Moat ETFETF19.02%1.08%20.11%9.88%0.00%
MVRVanEck Vectors Australian Resources ETFETF17.90%2.04%19.95%-5.14%65.07%
UBEUBS IQ MSCI Europe Ethical ETFETF16.93%2.97%19.90%-11.34%0.00%
OZFSPDR S&P/ASX 200 Financials ex A-REITS FundETF13.97%5.63%19.60%-8.41%86.74%
RVLRussell Australia Value ETFETF14.50%5.08%19.58%-8.19%91.02%
IHKiShares MSCI Hong Kong ETFETF16.62%2.81%19.42%-9.62%0.00%
QOZBetaShares FTSE RAFI Australia 200 ETFETF13.76%5.64%19.40%-2.87%56.87%
QFNBeta Shares S&P/ASX 200 Financials Sector ETFETF13.66%5.67%19.33%-8.90%92.51%
IHVViShares S&P 500 AUD HedgedETF18.46%0.62%19.08%3.20%0.00%
VEQVanguard FTSE Europe Shares ETFETF15.99%3.08%19.07%N/A0.00%
IEUIShares Europe ETFETF16.33%2.74%19.07%-11.12%0.00%
IEMiShares MSCI Emerging Markets ETFETF17.40%1.41%18.81%-9.82%0.00%
SYISPDR MSCI Australia Select High Dividend Yield FundETF13.37%5.34%18.71%-7.53%81.25%
CYACentury AustraliaLIC13.41%5.24%18.66%-0.41%100.00%
CAMClime Capital LimitedLIC12.26%6.19%18.45%-9.06%100.00%
IOOIShares Global 100 ETFETF15.66%2.66%18.32%-1.04%0.00%
AIBAurora Global Income TrustLIC10.07%8.24%18.31%-6.76%0.00%
WEMGSPDR S&P Emerging Markets FundETF16.38%1.70%18.08%-8.64%0.00%
DUIDiversified United InvestmentLIC13.76%4.28%18.04%-2.85%100.00%
WAXWAM Research LimitedLIC11.48%6.48%17.96%23.49%100.00%
IWLDiShares Core MSCI World All Cap ETFETF16.30%1.60%17.90%N/A0.00%
AUIAustralian United InvestmentLIC13.15%4.76%17.90%-8.66%100.00%
IVEiShares MSCI EAFE ETFETF15.05%2.68%17.73%-8.57%0.00%
VEUVanguard All-World EX US Shares IndexETF15.12%2.34%17.45%-8.28%0.00%
UBWUBS IQ MSCI World ex Australia Ethical ETFETF15.02%2.16%17.18%-3.59%0.00%
EAIEllerston Asian InvestmentsLIC16.88%0.00%16.88%N/A0.00%
PICPerpetual Investment CompanyLIC11.89%4.54%16.43%-1.26%100.00%
VHYVanguard Australian Shares High Yield ETFETF10.08%6.33%16.41%-6.39%70.23%
GVFGlobal Value Fund LimitedLIC10.48%5.86%16.33%5.37%74.39%
KSMK2 Australian Small Cap FundETF5.67%10.53%16.19%N/A0.00%
ZYAUETFS S&P/ASX 300 High Yield Plus ETFETF13.03%3.02%16.06%1.93%80.82%
UBUUBS IQ MSCI USA Ethical ETFETF13.81%2.21%16.01%2.76%0.00%
IJHiShares Core S&P MidCap 400ETF14.60%1.34%15.94%1.93%0.00%
RDVRussell High Dividend Australian Shares ETFETF9.98%5.87%15.85%-5.42%55.72%
WXOZSPDR S&P World Ex Australia FundETF12.92%2.69%15.61%-0.62%0.00%
VTSVanguard US Total Market Shares IndexETF13.72%1.67%15.39%3.77%0.00%
IHDiShares S&P/ASX Dividend Opportunities Fund ETFETF9.54%5.80%15.34%-10.08%82.59%
IZZiShares China Large-Cap ETFETF13.28%2.01%15.29%-22.82%0.00%
IVViShares Core S&P 500ETF13.62%1.63%15.25%6.38%0.00%
VGSVanguard MSCI Index International SeriesETF10.88%4.23%15.11%-1.92%0.00%
MGEMagellan Global Equities FundETF13.06%2.04%15.10%-2.39%0.00%
MVWVanEck Vectors Australian Equal Weight ETFETF12.36%2.63%14.99%10.37%66.90%
VGEVanguard FTSE Emerging Markets SharesETF13.07%1.84%14.91%-10.35%0.00%
UBAUBS IQ MSCI Australia Ethical ETFETF10.35%4.55%14.90%-2.09%75.50%
PAIPlatinum Asia Investments LimitedLIC14.69%0.00%14.69%N/A0.00%
ZOZIETFS S&P/ASX 100 ETFETF11.93%2.74%14.67%-1.40%82.87%
IJPiShares MSCI Japan ETFETF12.87%1.68%14.55%-5.73%0.00%
CETFVanEck Vectors ChinaAMC A-Share ETF (Synthetic)ETF13.46%1.06%14.52%-31.74%0.00%
QUALVanEck Vectors MSCI World Ex-Australia ETFETF12.21%2.30%14.51%3.98%0.00%
ALRAberdeen LeadersLIC11.43%2.86%14.29%-1.79%66.67%
STWSPDR S&P/ASX 200 FundETF9.62%4.49%14.11%-0.09%68.92%
WHFWhitefieldLIC9.93%4.12%14.04%-4.02%50.00%
AQFAustralian Governance Masters Index Funds LimitedLIC10.47%3.49%13.95%-9.90%100.00%
ILCiShares S&P/ASX 20 ETFETF7.15%6.68%13.83%-7.57%67.01%
WAMWAM CapitalLIC7.17%6.61%13.79%23.57%100.00%
DIVUBS IQ Morningstar Australia Dividend Yield ETFETF9.40%4.26%13.67%-1.19%59.99%
AYFAustralian Enhanced Income FundLIC7.52%6.12%13.64%4.99%41.18%
VASVanguard Australian Shares IndexETF9.55%3.99%13.54%1.44%63.39%
SFYSPDR S&P/ASX 50 FundETF8.47%5.05%13.52%-2.84%60.21%
IOZiShares S&P/ASX 200 ETFETF7.25%6.26%13.51%-0.38%48.14%
RARIRussell Australian Responsible Investment ETFETF7.86%5.65%13.51%-2.94%44.06%
IFRAVanEck Vectors FTSE Global Infrastructure (Hedged) ETFETF10.94%2.43%13.38%N/A1.50%
SPYSPDR S&P 500 ETF TrustETF12.93%0.41%13.34%5.46%0.00%
QUSBetashares FTSE RAFI US 1000 ETFETF10.49%2.76%13.25%4.04%0.00%
WDEWealth Defender EquitiesLIC10.42%2.78%13.19%-25.51%100.00%
IBCIronbark Capital LimitedLIC8.70%4.24%12.93%-10.10%100.00%
VLCVanguard MSCI Australian Large Companies IndexETF8.26%4.63%12.88%-4.91%69.44%
UBJUBS IQ MSCI Japan Ethical ETFETF11.13%1.70%12.83%-5.53%0.00%
KIIK2 Global Equities Fund (Hedge Fund)ETF12.73%0.00%12.73%N/A0.00%
EGIEllerston Global Investments LimitedLIC10.38%2.19%12.57%-19.57%100.00%
QMIXSPDR MSCI World Quality Mix FundETF9.61%2.64%12.25%N/A1.83%
WRLDBetashares Managed Risk Global Share FundETF10.78%1.36%12.14%N/A0.00%
EMFEmerging Markets Masters FundLIC8.62%3.45%12.07%-8.96%0.00%
CIEContango Income Generator LimitedLIC4.89%7.07%11.96%N/A50.00%
WAAWAM ActiveLIC6.80%5.10%11.89%9.64%100.00%
VSOVanguard MSCI Australian Small Companies IndexETF7.88%3.14%11.02%12.60%57.13%
YMAXBetaShares Australian Top 20 Equity Yield Maximiser FundETF1.68%9.10%10.78%-5.55%47.88%
ISGiShares MSCI Singapore ETFETF6.86%3.45%10.31%-9.01%0.00%
IHHYiShares Global High Yield Bond (Hedged) ETFETF6.85%3.38%10.23%N/A0.00%
FSIFlagship Investments LimitedLIC5.10%4.93%10.03%12.59%100.00%
WDIVSPDR S&P Global Dividend FundETF5.68%4.21%9.89%1.08%0.75%
MVSVanEck Vectors Small Cap Dividend Payers ETFETF6.47%3.29%9.76%12.55%67.86%
MLTMilton CorporationLIC5.37%4.35%9.72%-0.67%100.00%
UMAXBetashares S&P500 Yield Maximiser Fund (Managed Fund)ETF4.35%5.29%9.64%5.39%0.00%
PMCPlatinum Capital LimitedLIC4.01%4.94%8.95%-3.39%100.00%
NACNAOS Absolute Opportunities Company LimitedLIC3.50%5.00%8.50%14.56%100.00%
IXJiShares Global Healthcare ETFETF6.76%1.49%8.25%-2.60%0.00%
CDMCadence CapitalLIC1.65%6.58%8.23%-3.99%100.00%
ARGArgo InvestmentsLIC4.07%4.14%8.21%-3.70%100.00%
AFIAustralian Foundation Investment Company (AFIC)LIC3.57%4.28%7.84%-4.41%100.00%
SSOSPDR S&P/ASX Small Ordinaries FundETF4.95%2.84%7.78%14.00%55.47%
AUFAsian Masters Fund LimitedLIC5.65%1.77%7.42%-11.13%100.00%
AUSTBetashares Managed Risk Australian Share FundETF4.55%2.70%7.25%N/A73.53%
BKIBKI Investment Company LimitedLIC2.53%4.59%7.12%1.41%100.00%
ISOiShares S&P/ASX Small Ordinaries ETFETF4.58%2.40%6.98%13.16%56.61%
GLINAMP Capital Global Infrastructure Securities Fund (unhedged) (managed fund)ETF5.95%1.00%6.95%N/A0.00%
ACQAcorn Capital Investment Fund LimitedLIC2.79%3.69%6.48%27.86%100.00%
IHEBiShares J.P. Morgan USD Emerging Markets Bond (AUD Hedged) ETFETF0.82%5.60%6.41%N/A0.00%
WMKWatermark Market Neutral Fund LimitedLIC-0.49%5.91%5.42%32.72%87.50%
MFFMFF Capital Investments LimitedLIC4.01%1.07%5.08%6.78%100.00%
ETFUBS IQ Morningstar Australia Quality ETFETF2.16%2.78%4.93%0.94%49.17%
AODAurora Dividend Income Trust (Managed Fund)ETF-1.42%5.99%4.57%-10.60%48.34%
FGGFuture Generation Global Investment Company LimitedLIC2.37%0.95%3.32%N/A100.00%
ZYUSETFS S&P 500 High Yield Low Volatility ETFETF0.83%2.44%3.27%25.07%0.00%
MIRMirrabooka InvestmentsLIC-2.17%5.43%3.26%12.69%100.00%
CINCarlton InvestmentsLIC-0.69%3.88%3.18%3.60%100.00%
VACFVanguard Australian Corporate Fixed Interest Index ETFETF-0.49%3.29%2.80%N/A0.00%
FUELBetaShares Global Energy Companies ETF – Currency HedgedETF1.88%0.91%2.79%N/A0.00%
ALIArgo Global Listed Infrastructure LimitedLIC0.82%1.91%2.72%N/A0.00%
RCBRussell Australian Select Corporate Bond ETFETF-1.13%3.73%2.60%2.86%0.00%
IXIiShares Global Consumer Staples ETFETF0.66%1.92%2.58%14.44%0.00%
VCFVanguard International Credit Securities Index (Hedged) ETFETF-5.53%8.06%2.52%N/A0.00%
WLEWAM Leaders LimitedLIC1.36%0.91%2.27%N/A100.00%
IHCBiShares Global Corporate Bond ETF (Hedged)ETF0.64%1.45%2.09%N/A0.00%
AAABetashares Australian High Interest Cash ETFETF0.00%2.06%2.06%2.68%0.00%
BAFBlue Sky Alternatives Access Fund LimitedLIC-2.50%4.17%1.67%20.00%100.00%
FGXFuture Generation Investment Fund LimitedLIC-2.23%3.66%1.43%3.11%100.00%
RSMRussell Australian Semi-Government Bond ETFÂETF-1.64%2.30%0.66%4.93%0.00%
CBCCBG CapitalLIC-2.17%2.72%0.54%0.11%100.00%
ILBiShares UBS Government Inflation ETFETF-1.03%1.32%0.30%3.30%0.00%
VAFVanguard Australian Fixed Interest IndexETF-3.90%4.08%0.18%5.36%0.00%
IAFiShares UBS Composite Bond ETFETF-2.82%2.83%0.01%6.60%0.00%
VGBVanguard Australian Government Bond Index ETFETF-2.68%2.48%-0.19%6.65%0.00%
BONDSPDR S&P/ASX Australian Bond FundETF-3.46%3.22%-0.24%5.87%0.00%
EEUBetaShares Euro ETFETF-0.41%0.00%-0.41%1.61%0.00%
GOVTSPDR S&P/ASX Australian Government Bond FundETF-3.47%2.66%-0.80%7.45%0.00%
AMHAMCILLIC-4.69%3.65%-1.04%11.11%100.00%
FDIVVanEck Vectors S&P/ASX  Franked Dividend ETFETF-4.55%3.46%-1.09%N/A100.00%
IGBIShares UBS Treasury ETFETF-3.50%2.40%-1.10%7.19%0.00%
RGBRussell Australian Government Bond ETFETF-4.60%3.42%-1.17%8.15%0.00%
VIFVanguard International Fixed Interest (Hedged) ETFETF-8.55%7.25%-1.30%N/A0.00%
HVSTBetaShares Australian Dividend Harvester Fund (Managed Fund)ETF-11.80%10.05%-1.75%3.49%65.45%
ETPMPMETFS Physical Precious Metal BasketETF-2.34%0.00%-2.34%8.50%0.00%
BSTBarrack St Investments LimitedLIC-5.85%2.66%-3.19%19.38%100.00%
MVAVanEck Vectors Australian Property ETFETF-8.28%4.89%-3.39%22.07%0.92%
ZUSDETFS Physical US Dollar ETFETF-3.50%0.00%-3.50%N/A0.00%
CTNContango MicroCapLIC-10.00%6.40%-3.60%-1.12%50.00%
USDBetaShares U.S. Dollar ETFETF-3.72%0.08%-3.65%3.13%0.00%
DJWDjerriwarrh InvestmentsLIC-9.80%5.88%-3.92%-7.46%100.00%
RENTAMP Capital Global Property Securities Fund (unhedged) (managed fund)ETF-5.28%1.13%-4.16%N/A0.00%
ZCNHETFS Physical Renminbi ETFETF-4.59%0.00%-4.59%-3.04%0.00%
AEGAbsolute Equity Performance Fund LtdLIC-4.66%0.00%-4.66%N/A0.00%
DJRESPDR Dow Jones Global Real Estate FundETF-7.98%3.22%-4.76%15.31%0.07%
GC1Glennon Small Companies LimitedLIC-9.09%4.04%-5.05%N/A100.00%
VAPVanguard Australian Property Securities Index ETFETF-10.12%4.78%-5.33%22.89%7.43%
AWQArowana Australasian Value Opportunities FundLIC-11.33%5.91%-5.42%2.53%0.00%
KATKatana CapitalLIC-9.55%3.82%-5.73%3.05%50.00%
QAUBetaShares Gold Bullion ETF – Currency HedgedETF-5.98%0.00%-5.98%12.13%0.00%
IXPiShares Global Telecom ETFETF-9.31%3.12%-6.20%6.68%0.00%
SLFSPDR S&P/ASX 200 Listed Property FundETF-10.10%3.83%-6.27%23.71%0.90%
POUBetaShares British Pound ETFETF-6.76%0.15%-6.61%-12.16%0.00%
8EC8IP Emerging Companies LimitedLIC-8.16%1.02%-7.14%N/A100.00%
QCBBetaShares Commodities Basket ETF – Currency Hedged (Synthetic)ETF-8.30%0.67%-7.63%-15.22%0.00%
ZGOLETFS Physical Gold ETFETF-8.74%0.00%-8.74%15.47%0.00%
GOLDETFS Physical GoldETF-9.08%0.00%-9.08%15.24%0.00%
PMGOLDPerth Mint GoldETF-9.13%0.00%-9.13%16.33%0.00%
ETPMPTETFS Physical PlatinumETF-10.24%0.00%-10.24%-3.18%0.00%
ALFAustralian Leaders Fund LimitedLIC-16.61%6.23%-10.38%25.61%77.78%
HHVHunter Hall Global ValueLIC-16.92%5.26%-11.65%20.00%100.00%
BEARBetaShares Australian Equities Bear (Hedge Fund)ETF-13.33%0.98%-12.35%-1.15%0.00%
ETPMAGETFS Physical SilverETF-12.72%0.00%-12.72%20.89%0.00%
AYKAustralian Masters Yield Fund No 4 LimitedLIC-15.68%2.81%-12.88%-12.36%100.00%
AYZAustralian Masters Yield Fund Number 5LIC-19.32%3.83%-15.49%N/A58.19%
QAGBetaShares Agricultural ETF – Currency Hedged (Synthetic)ETF-16.14%0.55%-15.59%-2.14%0.00%
BTIBailador Technology Investments limitedLIC-20.70%0.00%-20.70%24.73%0.00%
MA1Monash Absolute Investment CompanyLIC-21.05%0.00%-21.05%N/A0.00%
GDXVanEck Vectors Gold Miners ETFETF-21.39%0.17%-21.21%57.40%0.00%
OOOBetaShares Crude Oil Index ETF- Currency Hedged (Synthetic)ETF-21.31%0.00%-21.31%-39.92%0.00%
BBOZBetaShares Australian Equities Strong Bear (Hedge Fund)ETF-27.98%0.00%-27.98%-7.20%0.00%
BBUSBetashares US Eq Strong Bear Hedged FundETF-36.29%0.00%-36.29%N/A0.00%
ABWAurora Absolute Return FundLIC-51.81%4.02%-47.78%-8.07%0.00%
AYJAustralian Masters Yield Fund No 3 LimitedLIC-72.83%3.25%-69.58%-0.59%100.00%

* Income yield has been calculated based on income divided by closing price on 30 June 2016. Total performance has been calculated by simply adding the performance and the yield (ignoring the timing of dividend payments). Whilst the franked component of income payments has been calculated, the income payment has not been grossed up by the franking credits. All performance is based on closing share prices rather than underlying Net Tangible Assets. As usual, past performance should not be used as an indication of possible future returns, and we recommend this data not be used to support investment decisions.

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