Disclosing Customised benchmark for 2024/5 Year.
CHANGING THE BENCHMARK FOR 2025
Each year I review
the benchmark I use to assess my performance. A full discussion is in an earlier
post.
The changes made
are to use 400 equally weighted (EW) stocks down from 600. Broadly these
comprise 60% profitable Australian companies, 30% high-quality international
growers and 10% of the best speculative stocks IMO.
Reducing
numbers allows for more finessing of the quality factor, which is most relevant
in the 60% segment of profitable Australian companies. That is, as we move to a
EW benchmark we automatically reduce factors, against the market-weighted index,
such as success and size. That is a conscious choice on my part, but we do not want
to reduce quality.
In the
customised B/m, each stock weight is 0.25% negating individual stock impacts.
Regarding
sector bias, Australia is overweight resources so care has been made to limit
exposure to resource stocks and, to a lesser degree, those stocks largely dependent
on activity in the resource sector.
The general asset
allocation of 60/30/10 is driven by having an objective of matching Australian liabilities
and a preferred AUD bias, the 30% International allocation is all quality growers
and adds both quality to the benchmark and growth, not overly abundant in the Australian
market.
The speculative
portion is to add some potential upside, there was consideration about dropping
this entirely due to the difficulty in picking the winners in this area (even
in a b/m) and the lack of longevity in many of the stories. The allocation will
be reviewed next year.
The estimated
dividend yield on this group of stocks is 2.8%.
A full list
of stocks is disclosed below.
|
Accent Group Ltd |
|
Adairs Ltd |
|
Adore Beauty Group Ltd |
|
AGL Energy Ltd |
|
Als Ltd |
|
Amcor Plc |
|
AMP Ltd |
|
Ampol Ltd |
|
Ansell Ltd |
|
APA Group |
|
ARB Corporation Ltd |
|
Arena REIT |
|
Aristocrat Leisure Ltd |
|
ASX Ltd |
|
Atlas Arteria |
|
AUB Group Ltd |
|
Auckland International Airport Ltd |
|
Audinate Group Ltd |
|
Aurizon Holdings Ltd |
|
Aussie Broadband Ltd |
|
Austal Ltd |
|
Australia and New Zealand Banking Group Ltd |
|
Australian Ethical Investment Ltd |
|
Baby Bunting Group Ltd |
|
Bank of Queensland Ltd |
|
Bapcor Ltd |
|
Beacon Lighting Group Ltd |
|
Bega Cheese Ltd |
|
Bendigo and Adelaide Bank Ltd |
|
BHP Group Ltd |
|
Bluescope Steel Ltd |
|
Brambles Ltd |
|
Bravura Solutions Ltd |
|
Breville Group Ltd |
|
Brickworks Ltd |
|
BWP Trust |
|
Capricorn Metals Ltd |
|
Carsales.com Ltd |
|
Cedar Woods Properties Ltd |
|
Cettire Ltd |
|
Challenger Ltd |
|
Charter Hall Group |
|
Charter Hall Long Wale REIT |
|
Charter Hall Retail REIT |
|
Cleanaway Waste Management Ltd |
|
Clinuvel Pharmaceuticals Ltd |
|
Cobram est |
|
Cochlear Ltd |
|
Codan Ltd |
|
Coles Group Ltd |
|
Collins Foods Ltd |
|
Commonwealth Bank of Australia |
|
Computershare Ltd |
|
Coronado Global Resources Inc |
|
Corporate Travel Management Ltd |
|
Credit Corp Group Ltd |
|
CSL Ltd |
|
Dalrymple Bay Infrastructure Ltd |
|
Data#3 Ltd |
|
Deterra Royalties Ltd |
|
Dexus |
|
DGL |
|
Dicker Data Ltd |
|
Domain Holdings Australia Ltd |
|
Domino's PIZZA Enterprises Ltd |
|
Downer Edi Ltd |
|
Dusk |
|
Eagers Automotive Ltd |
|
Ebos Group Ltd |
|
Elders Ltd |
|
EML Payments Ltd |
|
endeavour |
|
EQT Holdings Ltd |
|
Event Hospitality and Entertainment Ltd |
|
Evolution Mining Ltd |
|
Fiducian Group Ltd |
|
Fisher & Paykel Healthcare Corporation Ltd |
|
Fleetpartneres |
|
Fletcher Building Ltd |
|
Flight Centre Travel Group Ltd |
|
Fortescue Metals Group Ltd |
|
G.U.D. Holdings Ltd |
|
Gold Road Resources Ltd |
|
Goodman Group |
|
GPT Group |
|
GQG fund mgr |
|
Graincorp Ltd |
|
GWA Group Ltd |
|
Guzmanygomez |
|
Hansen Technologies Ltd |
|
Harvey Norman Holdings Ltd |
|
Healius Ltd |
|
Helia ex GMA |
|
Helloworld Travel Ltd |
|
Here there everywher |
|
Home Consortium |
|
Hotel Property Investments |
|
HUB24 Ltd |
|
Idp Education Ltd |
|
IGO Ltd |
|
Iluka Resources Ltd |
|
IMDEX Ltd |
|
Incitec Pivot Ltd |
|
Infomedia Ltd |
|
Infratil |
|
Insurance Australia Group Ltd |
|
Integral Diagnostics Ltd |
|
IOOF Holdings Ltd |
|
IPG |
|
IPH Ltd |
|
Iress Ltd |
|
James Hardie Industries Plc |
|
JB Hi-Fi Ltd |
|
Johns LYNG Group Ltd |
|
Jumbo Interactive Ltd |
|
Karoon Energy Ltd |
|
Kathmandu Holdings Ltd |
|
Kelsian |
|
Kogan.com Ltd |
|
Lendlease Group |
|
Lifestyle Communities Ltd |
|
Liontown Resources Ltd |
|
LNW |
|
Lovisa Holdings Ltd |
|
Lycopodium Ltd |
|
Lynas Rare EARTHS Ltd |
|
MA Moelis |
|
Maas Group Holdings Ltd |
|
Macquarie Group Ltd |
|
Macquarie Telecom Group Ltd |
|
Mader |
|
Magellan Financial Group Ltd |
|
Mcmillan Shakespeare Ltd |
|
Medibank Private Ltd |
|
Metcash Ltd |
|
Michael Hill International Ltd |
|
Mineral Resources Ltd |
|
Mirvac Group |
|
Monadelphous Group Ltd |
|
MONEY3 Corporation Ltd |
|
Motor cycle holdings |
|
Nanosonics Ltd |
|
National Australia Bank Ltd |
|
National Storage REIT |
|
Navigator Global Investments
Ltd |
|
Netwealth Group Ltd |
|
New Hope Corporation
Ltd |
|
NEXTDC Ltd |
|
Nib Holdings Ltd |
|
Nick Scali Ltd |
|
Nine Entertainment Co. Holdings
Ltd |
|
Noble Oak |
|
Northern Star Resources Ltd |
|
NRW Holdings Ltd |
|
Nufarm Ltd |
|
Objective Corporation Ltd |
|
OFX Group Ltd |
|
Omni Bridgeway Ltd |
|
Ooh!Media Ltd |
|
Orica Ltd |
|
Origin Energy Ltd |
|
Orora Ltd |
|
Pacific Current Group Ltd |
|
Pexa |
|
Pilbara Minerals Ltd |
|
Pinnacle Investment Management
Group Ltd |
|
Platinum Asset Management Ltd |
|
Praemium Ltd |
|
Premier Investments Ltd |
|
Pro Medicus Ltd |
|
Propel Funeral Partners Ltd |
|
PWR Holdings Ltd |
|
Qantas Airways Ltd |
|
QBE Insurance Group Ltd |
|
QUBE Holdings Ltd |
|
Ramelius Resources Ltd |
|
Ramsay Health Care Ltd |
|
REA Group Ltd |
|
Readytech Holdings Ltd |
|
Redox |
|
Reece Ltd |
|
Regis Healthcare Ltd |
|
Reliance Worldwide Corporation
Ltd |
|
Resimac Group Ltd |
|
Resmed Inc |
|
Ridley Corporation Ltd |
|
RIO Tinto Ltd |
|
Rpmglobal Holdings Ltd |
|
Sandfire Resources Ltd |
|
Santos Ltd |
|
Scentre Group |
|
Schaffer Corporation Ltd |
|
Seek Ltd |
|
Select Harvests Ltd |
|
Service Stream Ltd |
|
Seven Group Holdings Ltd |
|
SG Fleet Group Ltd |
|
Shaver shop |
|
Sigma Healthcare
Ltd |
|
Sims Ltd |
|
Skycity Entertainment Group Ltd |
|
Smartgroup Corporation Ltd |
|
Sonic Healthcare Ltd |
|
SOUTH32 Ltd |
|
Southern Cross Media Group Ltd |
|
Spark New Zealand Ltd |
|
Steadfast Group Ltd |
|
Stockland |
|
Summerset |
|
Suncorp Group Ltd |
|
Super Retail Group Ltd |
|
Supply Network Ltd |
|
Synlait Milk Ltd |
|
Tabcorp Holdings Ltd |
|
Technology One Ltd |
|
TELIX Pharmaceuticals Ltd |
|
Telstra Corporation Ltd |
|
Temple & Webster Group Ltd |
|
The a2 Milk Company Ltd |
|
The Lottery Co |
|
The Reject Shop Ltd |
|
The Star Entertainment Group
Ltd |
|
TPG Telecom Ltd |
|
Transurban Group |
|
Treasury Wine Estates Ltd |
|
Tuas Ltd |
|
Universal Store Holdings Ltd |
|
Vicinity Centres |
|
Viva Energy Group Ltd |
|
VNT |
|
Washington H Soul Pattinson
& Company Ltd |
|
Waypoint REIT |
|
Webjet |
|
Wesfarmers |
|
Westpac Banking Corporation |
|
Whitehaven |
|
Wisetech Global Ltd |
|
Woodside Petroleum Ltd |
|
Woolworths |
|
Worley |
|
Xero Ltd |
|
360 |
|
Adriatic Metals Plc |
|
AERIS RESOURCES LTD |
|
Alcidion |
|
Aust Healthcare |
|
AVA RISK GROUP LTD |
|
BOSS ENERGY LTD |
|
C79 new |
|
CAT |
|
COGSTATE LTD |
|
DRONESHIELD LTD |
|
Dropsuite |
|
Dug data |
|
ENERGY ONE LTD |
|
Environmental group |
|
Fineos Corporation Holdings Plc |
|
Frontier Digital Ventures Ltd |
|
GLOBE INTERNATIONAL LTD |
|
Hipages Group Holdings Ltd |
|
KELLY PARTNERS GROUP HOLDING |
|
LASERBOND LTD |
|
MACH7 Technologies Ltd |
|
medadvisor |
|
MP1 |
|
NATIONAL TYRE & WHEEL LTD |
|
Playstation |
|
PNV |
|
Prospa |
|
SDI Corp |
|
SERKO LTD |
|
SILEX SYSTEMS LTD |
|
Smart Parking |
|
SMARTPAY HOLDINGS LTD |
|
Somnomed |
|
SRG Global |
|
Stealth Global |
|
Straker Tech |
|
Trajan Health |
|
Vista Group |
|
XRF SCIENTIFIC LTD |
|
LVMH |
|
Coloplast A/S |
|
Nestle Sa |
|
Nintendo Co Ltd |
|
Agilent Technologies Inc |
|
Apple Inc |
|
Abbvie |
|
Abbott Laboratories |
|
Accenture Plc |
|
Adobe Inc |
|
Automatic Data Processing Inc |
|
Adyen Nv |
|
Applied Materials Inc |
|
ADVANCED MICRO DEVICES INC |
|
Arista Networks Inc |
|
AON PLC |
|
Amphenol Corp |
|
Asml Holding Nv |
|
Alimentation Couche-Tard Inc |
|
Broadcom Inc |
|
Booz Allen |
|
BEST BUY CO INC |
|
Brown-Forman Corp |
|
Blackrock Inc |
|
Carlsberg As |
|
Cadence Design Systems Inc |
|
CDW CORP/DE |
|
Canadian National Railway Co |
|
Costco Wholesale Corp |
|
Copart Inc |
|
Constellation Software Inc/Canada |
|
Cintas Corp |
|
Diageo Plc |
|
Dr Horton Inc |
|
Daniher |
|
Sartorius Stedim Biotech |
|
Dover Corp |
|
Entegris |
|
Evolution Ab |
|
Edwards Lifesciences Corp |
|
Experian Plc |
|
Fastenal Co |
|
Ferguson Plc |
|
FAIR ISAAC CORP |
|
Floor Deco |
|
Graco Inc |
|
GIVAUDAN SA |
|
Alphabet Inc |
|
Garmin Ltd |
|
Ww Grainger Inc |
|
Home Depot |
|
HEICO CORP |
|
Halma Plc |
|
Honeywell International Inc |
|
Hershey Co/The |
|
Idexx Laboratories Inc |
|
Idex Corp |
|
INTUIT INC |
|
Intuitive Surgical Inc |
|
Jb Hunt Transport Services Inc |
|
Jack Henry & Associates Inc |
|
Johnson & Johnson |
|
Kering Sa |
|
KLA CORP |
|
Kuehne + Nagel International Ag |
|
Coca-Cola Co/The |
|
Eli Lilly & Co |
|
L'Oreal Sa |
|
Lam Research Corp |
|
Lululemon Athletica Inc |
|
Mastercard Inc |
|
Moody's Corp |
|
MECREDILIBRE |
|
Meta Platforms Inc |
|
Marketaxess Holdings Inc |
|
Marsh & Mclennan Cos Inc |
|
Monolithic Power Systems Inc |
|
MSCI |
|
Microsoft Corp |
|
Mettler toledo |
|
Nibe Industrier Ab |
|
Nike Inc |
|
SERVICE NOW |
|
Nvidia Corp |
|
Novo Nordisk A/S |
|
Nvr Inc |
|
Old Dominion Freight Line Inc |
|
Paycom Software Inc |
|
Pepsico Inc |
|
Pfizer Inc |
|
PROGRESSIVE |
|
Pultegroup Inc |
|
Pool Corp |
|
PAYPAL HOLDINGS |
|
Qualcomm Inc |
|
Ferrari Nv |
|
Repligen |
|
Robert Half International Inc |
|
Hermes International |
|
Rockwool International A/S |
|
Rockwell Automation Inc |
|
Rollins Inc |
|
SHERWIN-WILLIAMS |
|
Synopsys Inc |
|
Sonova Holding Ag |
|
Spirax-Sarco Engineering Plc |
|
Stryker |
|
Teradyne Inc |
|
TARGET CORP |
|
Thermo Fischer |
|
Tractor Supply Co |
|
TAIWAN SEMI |
|
Texas Instruments Inc |
|
Unitedhealth Group Inc |
|
Union Pacific Corp |
|
Visa Inc |
|
Veeva Systems Inc |
|
Wolters Kluwer Nv |
|
West Pharmaceutical Services
Inc |
|
Zoetis Inc |
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