Please find enclosed your quarterly report for the Managed Account, along with an invoice for your quarterly fees, which has been paid by direct debit from your linked account.
For the quarter, the accounts averaged a total return of +5.2% against the overall market move of +3.2%. We had a much smaller than average number of transactions, characterised by a high degree of cash and a low proportion of stock ownership (an excellent risk adjusted return). The accounts were also helped along by an excellent result from our long termer QHL, which finally signed a deal to bring in a stream of revenue for at least 20 years. We may just see a formal agreement signed this quarter, and if we do there will be a lot more upside to go with it.
Looking forward, we expect a great year in 2010. Although we may not see the same market performance overall there will be opportunities to generate excellent returns by continuing our high conviction stock selection model. The key will be to get the big themes right and allocate funds in stocks with the greatest exposure to those themes. We believe at this early stage of the year that markets are due for a pull back, once stocks are again trading at levels we perceive to be better value we will look to put some capital to work in the market.
Finally we would like to wish you all a happy and prosperous new year in 2010.
Cheers
Shawn Uldridge and Hayden Kerr
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About the Author:
William Shaw is a boutique Share Market advisory firm. Our flagship service is our Managed Accounts. We also offer comprehensive share trading advice on a wide range of market related investment strategies, working closely with each of our clients to select and use strategies which best suit their desired outcomes. For more information about our managed share invesment service and about our high conviction active investmet methodology, visit <a rel=”nofollow” _onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=”http://www.williamshaw.com.au”>Managed Funds</a>
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