Colonial First State Wholesale Developing Companies Fund
Monthly Update
May 2017
Investment objective and policy
To provide long-term capital growth by investing predominantly in small
Australian companies with a market capitalisation of less than A$200
million at the time of initial investment (typically constituents of the
benchmark S&P/ASX Small Ordinaries 201 – 300 Index). The fund aims to
outperform its benchmark index over rolling three-year periods before
fees and taxes.
Fund characteristics vs benchmark
25.0
19.2
20.0
15.0
13.0
Product details
APIR code
FSF0468AU
Inception date
30 April 1997
Fund size (A$ million)
412
Benchmark
S&P/ASX Small Ordinaries Accumulation Index
- 201 to 300
Number of holdings
56
Fund manager
Tim Canham and Wik Farwerck
Buy/sell spread
0.20/0.20%
Minimum investment (A$)
5,000
10.0
5.0
0.0
Fund
PE (x)
Benchmark
3 yr
ROE (%)
Forecast risk (tracking error) decomposition
Forecast tracking error: 10.40% pa (source: BARRA)
Performance summary (% before fees and expenses)*
1 yr
Yield (%)
Period
1 mth 3 mth
6 mth
Fund return
-1.22 -6.59
-4.96 10.21 13.92 15.00 16.45
5 yr
Benchmark return
-2.29 -1.49
0.66
0.53
7.17
Excess return
1.07 -5.10
-5.62
9.68
6.76 14.05 12.62

Incep.
0.96
Decomposed into BARRA risk components:
3.83
Market Timing
0.0%
Top 10 holdings (%)
Stock
Weight
Nick Scali Limited
4.3
GR Engineering Services Ltd
3.7
Lifestyle Communities Ltd
3.5
Cooper Energy Limited
3.1
Wellcom Group Limited
3.1
Xenith IP Group Ltd
3.1
Dacian Gold Ltd.
2.9
Southern Cross Electrical Engineering Limited
2.8
Pacific Energy Limited
2.7
Freedom Foods Group Limited
2.7
Stock Specific Risk
48.9%
Sector Risk (A)
4.8%
Factor Risk (B)
46.8%
Covariance (A&B)
-0.5%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Fund active sector positions (%)
9.7
15.0
7.3
4.6
5.0
4.3
2.2
-5.0
-1.2
-1.2
Health Care
Energy
-3.9
-4.3
-4.9
Telecom Services
Consumer
Staples
Financials
-15.0
-25.0
-14.9
Industrials
Consumer
Discretionary
Materials
IT
Utilities
Real Estate
Excess returns vs benchmark (%)
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
Excess return in rising market
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Excess return in falling market
Nov-16
Feb-17
May-17
Colonial First State Wholesale Developing Companies Fund
For further information
Head of Business Development — Australia and New Zealand
Head of Client Relationships and Service
Harry Moore
Dan Bristow
+61 3 8618 5532
Business Development — Melbourne
Peter Heine
Institutional Relationship Management — Sydney
+61 3 8628 5681
Business Development — Sydney
Jeannene O'Day
Bachar Beaini
Edward Tighe
Irene Rodionov
+61 2 9303 6311
+61 2 9303 1807
+61 2 9303 3929
+61 2 9303 2416
+61 2 9303 7506
Rose Beedles
Helen Squadrito
Glenn Venables
+61 2 9303 2863
+61 2 9303 6142
+61 2 9303 6280
Head of Consultant Research
Ross Crocker
+61 2 9303 6916
Business Development — New Zealand
Helen McKenzie
+64 21 951 520
Product Disclosure Statements (PDS) and Information Memoranda (IM) for the Wholesale Developing Companies Fund, ARSN 087 554 676 (Funds) issued by Colonial First State Investments Limited
ABN 98 002 348 352 AFSL 232468 and Colonial First State Managed Infrastructure Limited ABN 13 006 464 428 AFSL 240550 (collectively CFS) are available from Colonial First State Global Asset
Management. Investors should consider the relevant PDS or IM before making an investment decision. Past performance should not be taken as an indication of future performance.
The Commonwealth Bank of Australia (Bank) and its subsidiaries do not guarantee the performance of the fund or the repayment of capital by the fund. Investments in the fund are not deposits or
other liabilities of the Bank or its subsidiaries, and investment-type products are subject to investment risk including loss of income and capital invested.
No part of this material may be reproduced or transmitted in any form or by any means without the prior written consent of Colonial First State Asset Management (Australia) Limited ABN 89 114
194311, AFSL 289017 (CFSGAM). This material contains or is based upon information that we believe to be accurate and reliable. While every effort has been made to ensure its accuracy none of
CFS or CFSGAM offers any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them. This material has been prepared for the general
information of clients and professional associates of CFS and CFSGAM. To the fullest extent allowed by law, CFS and CFSGAM exclude all liability (whether arising in contract, from negligence or
otherwise) in respect of all and each part of the material, including without limitation, any errors or omissions. This material is intended only to provide a summary of the subject matter covered. It
does not purport to be comprehensive or to render specific advice. It is not an offer document, and does not constitute a recommendation of any securities offered by any of CFS or CFSGAM. No
person should act on the basis of any matter contained in this material without obtaining specific professional advice. Past performance is not an indication of future returns. All monetary amounts
are in Australian dollars, unless otherwise indicated.
Colonial First State Global Asset Management is the consolidated asset management division of the Commonwealth Bank of Australia ABN 48 123 123 124.
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All rights reserved.