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Investing in a changing climate

Tue, 08 Nov 2011

Some interesting climate news over the weekend, with US Department of Energy estimating that global CO2 emissions for 2010 increased by a massive 6% over 2009 making it a record year both in the pace of the increase and total emissions. We have also seen a number of studies recently which use statistical analysis to explore links between some weather events and climate change including the 2010 Russian heat wave, increased risk of extreme rainfall in the northern hemisphere and English floods in 2000.

What do these developments mean? For one thing, it shows that while reducing emissions is still very important, the time for adaptation has well and truly arrived. Adaptation has many faces, from building code and council policies which ensure new developments can cope with a different climate, to the expectation and planning for greater volatility in food prices, to updating heath service planning and resourcing needs.

For investors this means:

  • assessing the risk to long lived assets (e.g. property and infrastructure) using Commonwealth Scientific and Industrial Research Organisation (CSIRO) and other analytical modelling;
  • paying close attention to regulations that seek to respond to these changes (e.g. coastal councils around the country are putting in place retreat or defend policies which could seriously harm your asset’s value);
  • revising assumptions in analytical models to include higher probabilities of disasters and disruptions; and
  • applying the old rule of diversification to geography for investments where operations can be shut down due to extreme weather.

For example, while not being one of the events linked to climate change in the recent studies, the Queensland floods closed down many open cut coal mines for long periods of time. Investing in a single coal mine in Queensland would have eliminated those earnings for months, but geographically diversifying that risk will have lost money in Queensland but made more money in NSW as coal prices responded to the loss of supply.

Changing lifecycle creates new challenges

Jorden brown
By Jorden brown | General Manager Adviser Distribution

Jorden joined Perpetual in April 2005 and is responsible for managing the Retail Advised strategy within Perpetual's distribution Group. Within Perpetual, Jorden has held a number of National Account Management and Business development roles. Before joining Perpetual, Jorden worked at Macquarie Bank and Rothschild Australia Asset Management in Business Development roles. Jorden holds a Bachelor of Business Studies from Charles Sturt University.

Fri, 22 Jun 2012

The dramatic changes over recent decades in most people’s lifecycle of work, marriage, family formation and retirement, have created huge challenges for people trying to plan for the future, and their financial advisers. More »

Banking on Basel III

Vince Pezzullo
By Vince Pezzullo | Portfolio Manager / Senior Analyst

Vince is the Portfolio Manager for 30% of the Industrial Share strategy and Senior Analyst covering mainly large cap industrial companies, in particular banks, property trusts and telecommunications.

He joined Perpetual in July 2007 as an Analyst and since that time has covered the chemicals, diversified financials, banking, telecommunications, building materials and REITS sectors.

Prior to joining Perpetual, Vince was a senior portfolio manager / analyst in the large cap Australian equities team at Deutsche Asset Management and led the top 100 equities team. In addition, he had stock research responsibilities across a large number of sectors. He also worked in corporate finance and foreign currency for Monte Paschi Australia Limited.

Vince has a Bachelor of Commerce with a major in Economics and Finance.

Wed, 20 Jun 2012

Following the global financial crisis and the failure of Lehman Brothers, there was an increase in the scrutiny of financial institutions and the introduction of more stringent regulations on the sector. More »

Talking STW Communications

Jack Collopy
By Jack Collopy | Portfolio Manager

Jack is the Portfolio Manager of the Smaller Companies strategy and an Analyst covering small cap companies across a range of sectors.

Jack joined Perpetual in November 2001 as an Investment Administrator and Equity Dealer. After four years, he moved into an Analyst role focusing on small cap industrial companies. Jack took on portfolio management responsibilities in June 2010.

Prior to joining Perpetual, Jack gained two years industry experience working in London as an Equities Dealer and Investment Administrator at both Salomon Smith Barney and Goldman Sachs Asset Management.

Jack has a Bachelor of Economics from the University of Sydney.

Tue, 19 Jun 2012

We’ve held STW Communications in our portfolios for a number of years, but recently it’s become one of my favourite stocks because it has a number of the key characteristics I look for. More »

Election over, but the politics is getting really messy

Matthew Sherwood
By Matthew Sherwood | Head of Investment Market Research

Matthew is Perpetual Investment’s Head of Investment Markets Research. In his role, Matthew conducts research on and acts as an external voice on the Australian and global economies, financial markets and portfolio strategies.

Matthew has extensive financial industry experience as an economist, investment strategist and central banker. Prior to joining Perpetual Investments in 2005, he worked as an Investment Research Manager at ING Investment Management and before that he was a Senior Economist with the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation. Matthew has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney.

Mon, 18 Jun 2012

On the day when East Germans voted against government-enforced austerity 49 years ago, the Greek election was run and the pro-austerity New Democracy party (ND - which attracted just 29.9% of the vote, which is 88% complete) is poised to be invited to form a coalition government by the Greek President. World leaders, financial markets and European authorities all breathed a collective sigh of relief with the result, with the anti-austerity left leaning Syriza party (26.7%) coming in second. In a strange twist the total of the anti-bailout parties (46.2%) was higher than the pro-bailout parties (41.8%), but the largest party (the ND) is awarded 50 extra seats under Greek rules for having more votes than anyone else (that, apparently, is democracy for you). More »

Greece is the word

Matthew Sherwood
By Matthew Sherwood | Head of Investment Market Research

Matthew is Perpetual Investment’s Head of Investment Markets Research. In his role, Matthew conducts research on and acts as an external voice on the Australian and global economies, financial markets and portfolio strategies.

Matthew has extensive financial industry experience as an economist, investment strategist and central banker. Prior to joining Perpetual Investments in 2005, he worked as an Investment Research Manager at ING Investment Management and before that he was a Senior Economist with the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation. Matthew has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney.

Fri, 15 Jun 2012

Global sharemarkets have been progressively declining (down between 3% and 10%) since the start of May 2012 in preparation for the second Greek election this weekend. More »

Corporate bonds – the upside of the downside

Michael Korber
By Michael Korber | Head of Credit

Michael has been Head of Credit since joining Perpetual in August 2004. He is responsible for the ongoing strategic review and development of process, reviewing the weekly credit process and reviewing the analysis of all new credit securities.

Michael has over 24 years industry experience and prior to joining Perpetual worked as the first Head of Credit at Macquarie Funds Management, spending six years developing its credit investment processes and building the business from inception to over $7 billion in funds under management. Prior to this, he spent seven years as Divisional Director in Corporate Banking and four years as second in charge to the Head of Macquarie Bank Credit. Earlier, he had spent five years as a Credit Analyst with Westpac Corporate Banking.

Tue, 12 Jun 2012

With Europe struggling to bring its government and bank solvency crisis under control, the yields on Italian and Spanish bonds have soared to dangerous levels, while those of supposedly safe-haven countries, the US, Germany, Japan, have rallied to record lows. More »

Sovereign bonds – risky or risk free?

Vivek Prabhu
By Vivek Prabhu | Senior Portfolio Manager - Strategy & Risk

Vivek has been Portfolio Manager/Credit Analyst since joining Perpetual Investments in August 2004 and is responsible for credit analysis, portfolio construction and trading.

Vivek has over 15 years industry experience and prior to joining Perpetual worked for eight years at Macquarie Bank as an Analyst, Compliance Manager, Assistant Portfolio Manager (Fixed Interest & Currency) and Credit Analyst. Prior to that he spent four years as an accountant/auditor at Coopers & Lybrand (PwC).

Fri, 08 Jun 2012

Sovereign bonds represent a loan made to a national government, typically denominated in that country’s currency. Traditionally, they were considered risk free, as sovereigns could either print money or raise taxes to repay their debt when it fell due. In the case of countries in the European Union with a common currency, individual countries can’t unilaterally print currency to repay debt. Concerns surrounding the credit quality of some sovereigns, such as Italy and Spain, have seen yields on their government debt soar. More »

Looking beyond stormy weather

Matt Williams
By Matt Williams | Head of Equities

Matt is Head of Equities and responsible for the strategic direction of the equities business and oversight of all investment strategies. He also provides support and mentoring to the analysts and portfolio managers in the team. Matt is the Portfolio Manager for the Australian Share strategy, the Pure Value Share strategy and the Global Resources strategy. In the past he has managed the Smaller Companies strategy and 50% of the Industrial Shares strategy.

Matt joined Perpetual Investments in August 1993 as an Equities Dealer, before becoming an Analyst in 1997 and Portfolio Manager in 1998.

Prior to joining Perpetual, he worked as a Board Broker on the Australian Option Market and as a Cash/Bills Dealer at Lumley Corporation.

Matt has a Bachelor of Economics from the University of New England.

Thu, 07 Jun 2012

One of the most important aspects of our investment philosophy at Perpetual is that we don’t just ‘move with the pack’ and invest in stocks that are in the index, or that other investors like. We conduct rigorous analysis on stocks and draw our own conclusions about whether they’re worth holding in our portfolios or not. A good example of this is Insurance Australia Group (IAG)... More »

30 June deadline for over 50s super boost

Perpetual
By Perpetual

Perpetual is one of Australia’s most experienced investment and trustee groups, with an enduring passion for protecting and growing our clients’ wealth.

Our vision is to be the leading provider of wealth management products and services to financially successful investors and their advisers, and to be the leading corporate trustee.

Founded in Sydney in 1886 as Perpetual Trustees, we’ve helped generations of Australians invest and manage their wealth through all market conditions.

Tue, 05 Jun 2012

People aged 50 and over have up until 30 June this year to boost their super with up to $50,000 in concessional (pre-tax) or deductible contributions. More »

Much better prepared this time around

Matthew Sherwood
By Matthew Sherwood | Head of Investment Market Research

Matthew is Perpetual Investment’s Head of Investment Markets Research. In his role, Matthew conducts research on and acts as an external voice on the Australian and global economies, financial markets and portfolio strategies.

Matthew has extensive financial industry experience as an economist, investment strategist and central banker. Prior to joining Perpetual Investments in 2005, he worked as an Investment Research Manager at ING Investment Management and before that he was a Senior Economist with the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation. Matthew has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney.

Mon, 04 Jun 2012

Although some investors may feel there are some similarities between 2008 and 2012, there are some important differences. More »

Grexit or Spanic?

Matthew Sherwood
By Matthew Sherwood | Head of Investment Market Research

Matthew is Perpetual Investment’s Head of Investment Markets Research. In his role, Matthew conducts research on and acts as an external voice on the Australian and global economies, financial markets and portfolio strategies.

Matthew has extensive financial industry experience as an economist, investment strategist and central banker. Prior to joining Perpetual Investments in 2005, he worked as an Investment Research Manager at ING Investment Management and before that he was a Senior Economist with the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation. Matthew has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney.

Thu, 31 May 2012

Market commentators love their abbreviations. At the moment Grexit (or Greek exit) is a hot topic in Europe, but the main game for investors may be Spanic (or Spain panic). More »

So what's the alternative

Damien Webb
By Damien Webb | Head of Multi Manager Funds

Damien joined Perpetual in January 2003 and is the Head of Multi Manager for Perpetual’s Select multi-manager fund. As Head of the Multi Manager funds, he is responsible for the Perpetual multi-manager investment process, manager research and selection and ensuring that the multi-manager funds are invested in line with approved policies. Prior to joining Perpetual, Damien held a number of positions at ING Investment Management. From January 2000, he was a Portfolio Manager for Optimix Investment Management, ING’s multi-manager group, where he was responsible for manager research and blending and contributing to the tactical asset allocation strategy. Damien received a Bachelor of Economics degree from Sydney University and is an Associate of the Securities Institute of Australia, having completed his Graduate Diploma in Applied Finance and Investment. In 2006, Damien completed his Masters in Applied Finance with Macquarie University.

Thu, 31 May 2012

As a result of the financial market turmoil of recent years, many investors have been searching for ways to diversify their returns and help insulate their portfolio in times of market stress, such as now. More »

Around the world in a weekend

Matthew Sherwood
By Matthew Sherwood | Head of Investment Market Research

Matthew is Perpetual Investment’s Head of Investment Markets Research. In his role, Matthew conducts research on and acts as an external voice on the Australian and global economies, financial markets and portfolio strategies.

Matthew has extensive financial industry experience as an economist, investment strategist and central banker. Prior to joining Perpetual Investments in 2005, he worked as an Investment Research Manager at ING Investment Management and before that he was a Senior Economist with the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation. Matthew has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney.

Tue, 29 May 2012

It was a very choppy session in European sharemarkets over the weekend, but a rock solid win by Collingwood. The sharemarkets opened strongly on the back of value-hunting, with the German Dax up 1.2% at its peak. Then the periphery came in to spoil the party with a three trick play. More »

Share investing in uncertain times

Vince Pezzullo
By Vince Pezzullo | Portfolio Manager / Senior Analyst

Vince is the Portfolio Manager for 30% of the Industrial Share strategy and Senior Analyst covering mainly large cap industrial companies, in particular banks, property trusts and telecommunications.

He joined Perpetual in July 2007 as an Analyst and since that time has covered the chemicals, diversified financials, banking, telecommunications, building materials and REITS sectors.

Prior to joining Perpetual, Vince was a senior portfolio manager / analyst in the large cap Australian equities team at Deutsche Asset Management and led the top 100 equities team. In addition, he had stock research responsibilities across a large number of sectors. He also worked in corporate finance and foreign currency for Monte Paschi Australia Limited.

Vince has a Bachelor of Commerce with a major in Economics and Finance.

Mon, 28 May 2012

Many commentators are expecting the sharemarket to be volatile over the next couple of months, so Charlie Lanchester and I have positioned the Perpetual Industrial Share Fund to find yield and take advantage of any market upturn. More »

Why I need Uncle Sam

Nathan Parkin
By Nathan Parkin | Portfolio Manager

Nathan is the Portfolio Manager for the Ethical SRI strategy and an Analyst, covering mainly small cap industrial companies across a range of sectors.

Nathan rejoined Perpetual in October 2010 as an Analyst, having previously spent six years with the company from 1997 to 2003 in relationship management and business development roles. In July 2011 he took on portfolio management responsibilities.

Nathan has 11 years experience outside of Perpetual, which most recently included a seven-year period with 452 Capital from 2003 to 2010. At 452 Capital he began as a Dealer, and after two years, moved into an Analyst role where he covered industrials, financials and small caps over the next five years. Nathan’s career in financial markets began in 1994 at the Australian Stock Exchange, where he was an Index Analyst.

Nathan has a Bachelor of Economics from Macquarie University, a Graduate Diploma of Applied Finance from FINSIA and is a Fellow of FINSIA.

Fri, 25 May 2012

Recently I spent some time in the US, visiting companies and meeting with their management. I did this to gain first-hand knowledge of how some of my favourite Australian companies are competing and succeeding over there, and to gain further understanding of the strength of the US consumer. More »

Beware of bull about bonds

Michael Korber
By Michael Korber | Head of Credit

Michael has been Head of Credit since joining Perpetual in August 2004. He is responsible for the ongoing strategic review and development of process, reviewing the weekly credit process and reviewing the analysis of all new credit securities.

Michael has over 24 years industry experience and prior to joining Perpetual worked as the first Head of Credit at Macquarie Funds Management, spending six years developing its credit investment processes and building the business from inception to over $7 billion in funds under management. Prior to this, he spent seven years as Divisional Director in Corporate Banking and four years as second in charge to the Head of Macquarie Bank Credit. Earlier, he had spent five years as a Credit Analyst with Westpac Corporate Banking.

Wed, 23 May 2012

There’s been a lot of comment lately about the appropriate allocation to bonds in superannuation and retirement pension portfolios. However, even those commentators who have suggested that investors need to increase their strategic weighting to bonds over the long term have expressed concern that now might not be such a great time to do it. But what many clients don’t understand is that there are bonds and there are bonds, carrying very different kinds of risk – credit risk and duration (interest rate) risk. More »

Europe - who should leave and how?

Matthew Sherwood
By Matthew Sherwood | Head of Investment Market Research

Matthew is Perpetual Investment’s Head of Investment Markets Research. In his role, Matthew conducts research on and acts as an external voice on the Australian and global economies, financial markets and portfolio strategies.

Matthew has extensive financial industry experience as an economist, investment strategist and central banker. Prior to joining Perpetual Investments in 2005, he worked as an Investment Research Manager at ING Investment Management and before that he was a Senior Economist with the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation. Matthew has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney.

Mon, 21 May 2012

European troubles have resurfaced and the question now is whether Greece will leave the Euro or be kicked out. Matt Sherwood, Perpetual’s Head of Investment Market Research proposes a solution. More »

ResMed - good medicine for risk-weary investors

Charlie Lanchester
By Charlie Lanchester | Deputy Head of Equities

Charlie is Deputy Head of Equities and Portfolio Manager for 70% of the Industrial Share strategy and 100% of the Australian Sustainability strategy. He also analyses a small number of stocks in the healthcare and gaming sectors.

Charlie joined Perpetual Investments in May 1999 as an Analyst covering a broad range of sectors, and assumed portfolio management responsibilities from 2002.

Charlie began his career as a Graduate Trainee at Schroder Investment Management in London. After five years he relocated to Australia and joined Platinum Asset Management as an Analyst focusing on global telecommunication companies.

Charlie studied modern history at New College, Oxford and has a Bachelor of Arts (Honours). He is also an Associate of the Society of Investment Professional (part of the CFA).

Tue, 22 May 2012

ResMed is an industrial stock which is a global leader in the development of medical products for the diagnosis, treatment and management of respiratory disorders, most notably sleep apnea. More »

A peak at Oil Search

Paul Skamvougeras
By Paul Skamvougeras | Portfolio Manager

Paul is the Portfolio Manager for the SHARE-PLUS Long-Short strategy, the Pure Equity Alpha strategy and the Concentrated Equity strategy.

Paul rejoined Perpetual Investments in February 2010 as a Portfolio Manager, having previously spent seven years with Perpetual. He began his career with Perpetual in 1994 in a back office role, moving into a dealing role after three years, working his way up to the Head Dealer role.

Between stints at Perpetual, Paul spent seven years working at CPH/Ellerston Capital, where he had portfolio management responsibilities for an Australian long/short strategy for the first four years and a global long/short strategy for the last three years.

Paul has a Bachelor of Economics from Macquarie University and is a Member of the Institute of Chartered Accountants.

Fri, 18 May 2012

Oil Search is an oil and gas exploration and development company that operates all of Papua New Guinea’s (PNG’s) productive oil and gas fields. There are a number of reasons why I like the stock. More »

Finding a GEM

Jack Collopy
By Jack Collopy | Portfolio Manager

Jack is the Portfolio Manager of the Smaller Companies strategy and an Analyst covering small cap companies across a range of sectors.

Jack joined Perpetual in November 2001 as an Investment Administrator and Equity Dealer. After four years, he moved into an Analyst role focusing on small cap industrial companies. Jack took on portfolio management responsibilities in June 2010.

Prior to joining Perpetual, Jack gained two years industry experience working in London as an Equities Dealer and Investment Administrator at both Salomon Smith Barney and Goldman Sachs Asset Management.

Jack has a Bachelor of Economics from the University of Sydney.

Wed, 16 May 2012

G8 Education Limited is the only child care centre operator listed in Australia (ASX code: GEM) and there are a number of reasons why I like the stock. More »

China: lost in transition

Theo Sofios
By Theo Sofios | Portfolio Manager, Multi Manager Funds

Theo joined Perpetual in June 2003 and is portfolio manager for Perpetual’s Select multi-manager funds. As portfolio manager, he is part of the team responsible for the Perpetual multi-manager investment process, including areas such as manager research and selection, portfolio construction and researching new opportunities across various asset classes. Prior to joining Perpetual, Theo was a portfolio manager for Optimix Investment Management multi-manager group. At Optimix he was responsible for Australian equity manager research and selection, portfolio construction and tactical asset allocation. Theo received a Bachelor of Business degree from the University of Technology Sydney in 1999 and completed his Masters in Applied Finance with Macquarie University in 2006.

Tue, 15 May 2012

During March 2012 members of Perpetual’s Multi Manager Investment Team travelled through China. The focus was on private market investments. In Hong Kong and Mainland China we visited a broad spectrum of private market fund managers, visited the outposts of our developed market private equity managers, toured commercial and residential property developments and, visited local subsidiaries of some western owned and listed companies. More »

Budget 2012 – losing interest?

Vivek Prabhu
By Vivek Prabhu | Senior Portfolio Manager - Strategy & Risk

Vivek has been Portfolio Manager/Credit Analyst since joining Perpetual Investments in August 2004 and is responsible for credit analysis, portfolio construction and trading.

Vivek has over 15 years industry experience and prior to joining Perpetual worked for eight years at Macquarie Bank as an Analyst, Compliance Manager, Assistant Portfolio Manager (Fixed Interest & Currency) and Credit Analyst. Prior to that he spent four years as an accountant/auditor at Coopers & Lybrand (PwC).

Mon, 14 May 2012

What did the 2012 federal budget mean for fixed income investors? More »

Should the RBA cut rates?

Matthew Sherwood
By Matthew Sherwood | Head of Investment Market Research

Matthew is Perpetual Investment’s Head of Investment Markets Research. In his role, Matthew conducts research on and acts as an external voice on the Australian and global economies, financial markets and portfolio strategies.

Matthew has extensive financial industry experience as an economist, investment strategist and central banker. Prior to joining Perpetual Investments in 2005, he worked as an Investment Research Manager at ING Investment Management and before that he was a Senior Economist with the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation. Matthew has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney.

Thu, 15 Mar 2012

Should there be some political pressure applied to the RBA to lower interest rates and reduce pressure on the Australian dollar? More »

Should investors look at the small picture?

Matthew Sherwood
By Matthew Sherwood | Head of Investment Market Research

Matthew is Perpetual Investment’s Head of Investment Markets Research. In his role, Matthew conducts research on and acts as an external voice on the Australian and global economies, financial markets and portfolio strategies.

Matthew has extensive financial industry experience as an economist, investment strategist and central banker. Prior to joining Perpetual Investments in 2005, he worked as an Investment Research Manager at ING Investment Management and before that he was a Senior Economist with the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation. Matthew has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney.

Mon, 05 Mar 2012

This week's economic data in Australia has confirmed what Australia's company reporting season has been telling us; there is only modest growth momentum in both the economy and earnings at present. More »

Investing in a changing climate

Perpetual
By Perpetual

Perpetual is one of Australia’s most experienced investment and trustee groups, with an enduring passion for protecting and growing our clients’ wealth.

Our vision is to be the leading provider of wealth management products and services to financially successful investors and their advisers, and to be the leading corporate trustee.

Founded in Sydney in 1886 as Perpetual Trustees, we’ve helped generations of Australians invest and manage their wealth through all market conditions.

Tue, 08 Nov 2011

Some interesting climate news over the weekend, with US Department of Energy estimating that global CO2 emissions for 2010 increased by a massive 6% over 2009 making it a record year both in the pace of the increase and total emissions. We have also seen a number of studies recently which use statistical analysis to explore links between some weather events and climate change including the 2010 Russian heat wave, increased risk of extreme rainfall in the northern hemisphere and English floods in 2000. More »

This information has been prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances. The views expressed in this article are the opinions of the author at the time of writing and do not constitute a recommendation to act. Any information referenced in the article is believed to be accurate at the time of compilation and is provided by Perpetual in good faith. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor's capital.