Monthly Update – March 2019

Download here

Monthly Update – February 2019

Download here

Monthly Update – January 2019

Download 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 2018

Download 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]

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.

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