It is difficult to draw many broad conclusions from reporting season due to the wide dispersion and out of date market analyst expectations, the rapid development of the economic landscape and the government support measures, but it is possible to categorise companies into three broad buckets:
1)Companies that are benefitting from rent relief, government stimulus and a short term change of consumer behavior and spending habits (we have been selling exposures to these companies);
2)Companies that are experiencing increased but likely more sustained revenue growth (we are continuing to build positions in these companies);
3) Companies that have recorded lower profit growth now through being conservative in their provisioning but should benefit in future periods (we are maintaining sizeable positions in these companies).
Full report attached
While the response to climate change risk by regulators, financial institutions and publicly listed companies is welcome, it currently is not enough to ensure a safe climate. This submission provides a comprehensive assessment of the current risks relating to Australia's key export sectors.
It is estimated that 100 pairs of hands touch your clothes before they arrive in your wardrobe. That’s 100 people at risk of modern slavery, poor working conditions, and exploitation. Ethical Partners has recently signed the Investor Statement in Support of the maintenance and expansion of the Bangladesh Accord.
During March 2021 the Fund returned 3.07% versus the S&P/ASX 300 Accumulation Index of 2.30%, outperforming the market by 0.77%. An overweight position in consumer staples and an underweight position in materials contributed to relative performance while an overweight position in financials and an underweight position in consumer discretionary detracted from relative performance. The Fund is +20% over the last six months.
Globally, 15% of the population are persons with disabilities. The labor force participation rate globally for people with disabilities sits at 32.8% compared to 77.1% for those without disabilities. We believe it is imperative that investors use their shareholder voice to raise the awareness of this important diversity issue and help companies to improve their inclusion.