BASE CURRENCY: AUD OVERVIEW - Foresight...

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GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

OVERVIEWPORTFOLIO STYLE SKYLINE™

REGION DISTRIBUTION

SECTOR DISTRIBUTION

STYLE DISTRIBUTION

SIZE DISTRIBUTION

RISK ESTIMATES Tracking Error 2.1%

Coverage 10.7%

Persistence Ratio 1.2

Portfolio Beta 1.04

Portfolio Volatility 9.8%

Benchmark Volatility 9.2%

Correlation (Port, BM) 0.98

# Stocks Actual* Effective

Portfolio 127 111.6

Benchmark 7192 651.1

*Equities held directly or through funds.

Holdings by Asset Fund/ETF Equity Cash

Portfolio 0 127 17

Benchmark 0 7,192 0

RISK ATTRIBUTION

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

TOP 10 RISK CONTRIBUTORS Security Market Sector Style Trkng Err % Ttl Risk Port % Bench % Active Weight %

CIGNA CORPORATION USA Health Care Large Growth 0.07 3.12 1.17 0.07 1.10

MYLAN NV USA Health Care Large Growth 0.06 2.81 1.04 0.06 0.98

US Dollars Cash Cash Cash 0.05 2.61 2.41 0.00 2.41

MARATHON PETROLEUM CORP USA Energy Large Growth 0.05 2.59 0.96 0.06 0.90

VALERO ENERGY CORPORATION USA Energy Large Growth 0.05 2.50 0.95 0.07 0.88

ZIMMER BIOMET HOLDINGS INC USA Health Care Large Growth 0.05 2.39 1.07 0.04 1.03

UNITEDHEALTH GROUP INCORPORATED USA Health Care Large Growth 0.05 2.35 1.26 0.24 1.02

THERMO FISHER SCIENTIFIC INC. USA Health Care Large Growth 0.05 2.34 1.07 0.11 0.96

NXP SEMICONDUCTORS NV NLD Info Tech Large Growth 0.05 2.27 0.87 0.05 0.81

AMERISOURCEBERGEN CORPORATION USA Health Care Large Growth 0.05 2.23 1.02 0.05 0.96

CONTRIBUTION TO TRACKING ERROR BY STYLE Style Total Cur Risk Market X' terms Market Risk Sector X' terms Sector Risk Style X' terms Style Risk Equity X' terms Equity Risk

Large Value 0.65 0.12 -0.04 0.14 0.07 0.03 0.00 0.01 0.01 0.31

Small Value 0.18 0.06 -0.02 0.04 -0.01 0.03 -0.04 0.05 -0.01 0.08

Large Growth 0.96 0.03 -0.04 0.26 -0.06 0.13 -0.07 0.06 0.00 0.66

Small Growth 0.26 0.03 -0.04 0.12 -0.01 0.01 0.01 0.05 -0.01 0.11

No style specified 0.05 0.00 0.10 0.00 -0.01 0.01 -0.05 0.00 0.00 0.00

Total 2.10 0.23 -0.05 0.56 -0.02 0.22 -0.15 0.18 -0.02 1.15

Percent of Total 100.00 11.16 -2.46 26.53 -1.15 10.46 -7.04 8.41 -0.80 54.89

LIQUIDITY

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

STYLE EXPOSURE:SUMMARYPORTFOLIO STYLE SKYLINE™

PORTFOLIO STYLE SKYLINE™ SECTOR ADJUSTED

PORTFOLIO STYLE SKYLINE™ COUNTRY ADJUSTED

PORTFOLIO STYLE SKYLINE™ COUNTRY AND SECTOR ADJUSTED

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

STYLE EXPOSURE:SECTOR SKYLINE™ENERGY MATERIALS

INDUSTRIALS CONSUMER DISCRETIONARY

CONSUMER STAPLES HEALTH CARE

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

FINANCIALS INFORMATION TECHNOLOGY

TELECOMMUNICATION SERVICES

UTILITIES

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

STYLE EXPOSURES HISTORY RANGE 31 JUL 2013 - 31 MAR 2015STYLE SKYLINE™ RANGE

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

STYLE EXPOSURES: TRAILS 31 JUL 2013 - 31 MAR 2015BOOK TO PRICE DIVIDEND YIELD

IBES DIV YLD EARNINGS YLD

IBES ENGS YLD IBES FY1 ENGS YLD

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

IBES FY2 ENGS YLD CFLOW YIELD

FCF YIELD SALES TO PRICE

IBES SALES YLD EBITDA TO PRICE

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

SALES TO EV EBITDA TO EV

RTN ON EQUITY EARNINGS GROWTH

INCOME/SALES SALES GROWTH

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

IBES 12MTH GR IBES 1YR REV

IBES SALES 12M GR IBES ENGS LTG

IBES SALES LTG SUSTAINABLE GROWTH

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

MARKET CAP MARKET BETA

MOMENTUM ST MOMENTUM MT

RAVENPACK - COMPANY VOLUME

RAVENPACK - STOCK SENTIMENT

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

DEBT/EQUITY FOREIGN SALES

EARNINGS GR STABILITY SALES GR STABILITY

RETURNS STABILITY LOW ACCRUALS

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

LOW GEARING TRUCOST - CARBON FOOTPRINT

TRUCOST - IMPACT RATIO GMI - ENVIRONMENTAL

GMI - GOVERNANCE GMI - OVERALL

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

GMI - PAY GMI - SOCIAL

MSCI IVA - ESG OVERALL MSCI IVA - GOVERNANCE

MSCI IVA - SOCIAL OEKOM - ESG OVERALL

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

OEKOM - ENVIRONMENTAL OEKOM - SOCIAL & GOVERNANCE

EXP TO GDP SHOCK EXP TO CURR

EXP TO INFLATION EXP TO SHORT RATE

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

EXP TO OIL RETURN EXP TO GOLD RETURN

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

STYLE EXPOSURES:STYLE MINE 31 JUL 2013 - 31 MAR 2015STYLE PERFORMANCE IMPACT

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

REGION DISTRIBUTION: OVERVIEWREGION DISTRIBUTION

REGION DISTRIBUTION: HISTORY RANGE 31 JUL 2013 - 31 MAR 2015DISTRIBUTION HISTORY

REGION WEIGHTS

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

COUNTRY DISTRIBUTION: OVERVIEWCOUNTRY DISTRIBUTION CHART

COUNTRY DISTRIBUTION: HISTORY RANGE 31 JUL 2013 - 31 MAR 2015DISTRIBUTION HISTORY

COUNTRY WEIGHTS - TOP 5/BOTTOM 5

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

SECTOR DISTRIBUTION: OVERVIEWSECTOR DISTRIBUTION CHART

SECTOR DISTRIBUTION: HISTORY RANGE 31 JUL 2013 - 31 MAR 2015DISTRIBUTION HISTORY

SECTOR WEIGHTS

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

SIZE DISTRIBUTION: OVERVIEWSIZE DISTRIBUTION CHART

DISTRIBUTION DETAIL Name Portfolio Weight Benchmark Weight Coverage Portolio Stock Count Benchmark Stock Count Breakpoint(s)

Mega 33.70 40.00 7.61 33.0 188.2 68,178

Large 37.34 30.00 2.57 47.0 631.3 19,846

Mid 20.08 20.00 0.50 34.0 1438.2 5,984

Small 5.27 9.00 0.01 13.0 2755.5 1,015

Micro 0.00 1.00 0.00 0.0 2178.7

Cash 3.61 0.00 n/a n/a n/a

SIZE DISTRIBUTION SA

DISTRIBUTION DETAIL Name Portfolio Weight Benchmark Weight Coverage Portolio Stock Count Benchmark Stock Count Breakpoint(s)

Mega 29.95 40.00 7.20 29.7 244.4 n/a

Large 35.98 30.00 2.62 47.4 700.4 n/a

Mid 24.03 20.00 0.82 34.9 1495.5 n/a

Small 6.42 9.00 0.05 15.0 2625.1 n/a

Micro 0.00 1.00 0.00 0.0 2126.7

Cash 3.61 0.00 n/a n/a n/a

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

SIZE DISTRIBUTION CA

DISTRIBUTION DETAIL Name Portfolio Weight Benchmark Weight Coverage Portolio Stock Count Benchmark Stock Count Breakpoint(s)

Mega 31.02 40.00 6.57 32.4 432.7 n/a

Large 32.76 30.00 3.10 41.9 1135.7 n/a

Mid 19.50 20.00 0.86 26.6 2083.4 n/a

Small 8.36 9.00 0.16 14.0 2579.0 n/a

Micro 4.75 1.00 0.01 12.0 961.2

Cash 3.61 0.00 n/a n/a n/a

SIZE DISTRIBUTION CASA

DISTRIBUTION DETAIL Name Portfolio Weight Benchmark Weight Coverage Portolio Stock Count Benchmark Stock Count Breakpoint(s)

Mega 26.72 40.00 5.57 29.2 1068.1 n/a

Large 24.90 30.00 2.73 31.8 1595.7 n/a

Mid 29.55 20.00 1.95 37.4 2237.3 n/a

Small 7.72 9.00 0.42 11.5 1901.8 n/a

Micro 7.50 1.00 0.02 17.1 389.2

Cash 3.61 0.00 n/a n/a n/a

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

SIZE DISTRIBUTION: HISTORY RANGE 31 JUL 2013 - 31 MAR 2015DISTRIBUTION HISTORY

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

SIZE DISTRIBUTION ACTIVE WEIGHT HISTORY 31 JUL 2013 - 31 MAR 2015SIZE DISTRIBUTION HISTORY

SIZE DISTRIBUTION HISTORY SA

SIZE DISTRIBUTION HISTORY CA

SIZE DISTRIBUTION HISTORY CASA

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

STYLE DISTRIBUTION: OVERVIEWSTYLE DISTRIBUTION

DISTRIBUTION DETAIL Name Portfolio Weight Benchmark Weight Coverage Portolio Stock Count Benchmark Stock Count Breakpoint(s)

Mega Value 19.58 19.98 3.48 20.8 100.4 68,671 / 0.31

Mega Growth 13.88 19.98 4.10 12.0 87.4 68,671 / -0.11

Large Value 17.37 14.98 1.28 23.2 314.1 19,865 / 0.36

Large Growth 20.21 14.98 1.32 24.0 315.2 19,865 / -0.25

Mid Value 12.51 9.99 0.35 23.0 709.2 6,011 / 0.38

Mid Growth 6.87 9.99 0.14 10.0 720.5 6,011 / -0.51

Small Value 3.84 4.99 0.02 8.0 2748.8 0.82 / 0.38

Small Growth 2.13 4.99 0.01 6.0 2069.4

Cash 3.61 0.00 n/a n/a n/a

Missing Style 0.00 0.10 n/a n/a n/a

STYLE DISTRIBUTION SA

DISTRIBUTION DETAIL Name Portfolio Weight Benchmark Weight Coverage Portolio Stock Count Benchmark Stock Count Breakpoint(s)

Mega Value 20.77 20.10 4.58 19.6 122.5 n/a

Mega Growth 9.09 19.85 2.62 10.0 121.2 n/a

Large Value 20.20 14.98 1.64 27.8 339.5 n/a

Large Growth 15.61 14.98 0.97 19.2 358.6 n/a

Mid Value 13.91 9.99 0.48 21.4 717.9 n/a

Mid Growth 10.40 9.99 0.36 14.0 766.1 n/a

Small Value 5.94 4.99 0.05 14.0 2762.1 n/a

Small Growth 0.48 4.99 0.00 1.0 1877.1

Cash 3.61 0.00 n/a n/a n/a

Missing Style 0.00 0.10 n/a n/a n/a

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

STYLE DISTRIBUTION CA

DISTRIBUTION DETAIL Name Portfolio Weight Benchmark Weight Coverage Portolio Stock Count Benchmark Stock Count Breakpoint(s)

Mega Value 17.02 19.87 3.21 17.9 215.3 n/a

Mega Growth 13.99 20.09 3.36 14.5 212.1 n/a

Large Value 18.37 14.97 1.77 24.0 549.0 n/a

Large Growth 14.41 15.00 1.33 18.0 572.9 n/a

Mid Value 10.98 9.99 0.47 15.0 1045.6 n/a

Mid Growth 8.52 9.98 0.39 11.6 1010.8 n/a

Small Value 7.36 4.99 0.10 15.0 1841.4 n/a

Small Growth 5.75 5.00 0.07 11.0 1617.8

Cash 3.61 0.00 n/a n/a n/a

Missing Style 0.00 0.10 n/a n/a n/a

STYLE DISTRIBUTION CASA

DISTRIBUTION DETAIL Name Portfolio Weight Benchmark Weight Coverage Portolio Stock Count Benchmark Stock Count Breakpoint(s)

Mega Value 14.74 19.99 2.85 15.7 529.0 n/a

Mega Growth 11.98 19.97 2.72 13.5 516.2 n/a

Large Value 14.06 14.94 1.68 17.2 786.9 n/a

Large Growth 10.84 15.03 1.05 14.6 777.7 n/a

Mid Value 15.88 9.92 1.10 21.0 1124.6 n/a

Mid Growth 13.68 10.06 0.86 16.4 1079.7 n/a

Small Value 10.11 5.01 0.23 21.1 1133.2 n/a

Small Growth 5.11 4.98 0.20 7.5 1117.7

Cash 3.61 0.00 n/a n/a n/a

Missing Style 0.00 0.10 n/a n/a n/a

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

STYLE DISTRIBUTION: HISTORY RANGE 31 JUL 2013 - 31 MAR 2015DISTRIBUTION HISTORY

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

STYLE DISTRIBUTION ACTIVE WEIGHT HISTORY 31 JUL 2013 - 31 MAR 2015STYLE DISTRIBUTION HISTORY

STYLE DISTRIBUTION HISTORY SA

STYLE DISTRIBUTION HISTORY CA

STYLE DISTRIBUTION HISTORY CASA

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

RISK: OVERVIEWRISK ATTRIBUTION Tracking Error

2.1%

Coverage 10.7%

Persistence Ratio

1.2

Portfolio Beta

1.04

Portfolio Volatility

9.8%

Benchmark Volatility

9.2%

Correlation (Port, BM)

0.98

# Stocks Actual* Effective

Portfolio 127 111.6

Benchmark 7192 651.1

*Equities held directly or through funds.

Holdings by Asset

Fund/ETF Equity Cash

Portfolio 0 127 17

Benchmark 0 7,192 0

RISK

TOP 10 RISK CONTRIBUTORS Security Market Sector Style Trkng Err % Ttl Risk Port % Bench % Active Weight %

CIGNA CORPORATION USA Health Care Large Growth 0.07 3.12 1.17 0.07 1.10

MYLAN NV USA Health Care Large Growth 0.06 2.81 1.04 0.06 0.98

US Dollars Cash Cash Cash 0.05 2.61 2.41 0.00 2.41

MARATHON PETROLEUM CORP USA Energy Large Growth 0.05 2.59 0.96 0.06 0.90

VALERO ENERGY CORPORATION USA Energy Large Growth 0.05 2.50 0.95 0.07 0.88

ZIMMER BIOMET HOLDINGS INC USA Health Care Large Growth 0.05 2.39 1.07 0.04 1.03

UNITEDHEALTH GROUP INCORPORATED USA Health Care Large Growth 0.05 2.35 1.26 0.24 1.02

THERMO FISHER SCIENTIFIC INC. USA Health Care Large Growth 0.05 2.34 1.07 0.11 0.96

NXP SEMICONDUCTORS NV NLD Info Tech Large Growth 0.05 2.27 0.87 0.05 0.81

AMERISOURCEBERGEN CORPORATION USA Health Care Large Growth 0.05 2.23 1.02 0.05 0.96

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

RISK: PERSISTENCEANNUALIZED TRACKING ERROR

5 years to 31 Mar

2014

5 years to 31 Mar 2015

Over 3 years

Constant Shares

1 Month 4.8% 3.5% 2.6%

3 Month 6.0% 3.6% 3.2%

6 Month 6.4% 4.0% 4.0%

12 Month 6.7% 5.1% -

Persistence Ratio 1.3 1.2 -

Constant Weights

1 Month 3.7% 3.0% 2.6%

3 Month 3.7% 3.1% 2.7%

6 Month 3.4% 3.2% 3.0%

12 Month 3.6% 3.6% -

Persistence Ratio 1.0 1.1 -

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

RISK: HISTORY RANGE 31 JUL 2013 - 31 MAR 2015

RISK ATTRIBUTION HISTORY

RISK ATTRIBUTION HISTORY

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

RISK ATTRIBUTION TRAILS 31 JUL 2013 - 31 MAR 2015TRACKING ERROR

CURRENCY MARKET SECTOR STYLE EQUITY

MARKET XTERMS SECTOR XTERMS STYLE XTERMS EQUITY XTERMS

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

OTHER RISK TRAILS 31 JUL 2013 - 31 MAR 2015 TRACKING ERROR PORTFOLIO BETA

COVERAGE

NUMBER OF STOCKS

EFFECTIVE NUMBER OF STOCKS

EFFECTIVE NUM STOCKS/ACTUAL

HOLDINGS COUNT

BENCHMARK VOLATILITY

PORTFOLIO VOLATILITY

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

RISK: FUND OF FUNDS SUMMARYFund Weight TE

Marginal Cont. to TE

Cont. to Tracking Variance

Cont. to TV %

Volatility Beta

Total Portfolio - 2.1 - 4.4 - 9.8 1.04

Direct Equity Holdings 100.0 2.1 0.02 4.4 100.0 9.8 1.04

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

RISK: FUND OF FUNDS: NUMBER OF DIFFERENT STOCKSFund

No. of unique

holdings

Unique holdings

as a %

Direct Equity Holdings 144 100.0

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

LIQUIDITY SUMMARYLIQUIDITY SUMMARY

TOP 10 ILLIQUID PORTFOLIO STOCKS (TRADE TO CASH) Fund Port % Benchmark % Act Wgt %

Avg Daily Vol (AUD)

Days to BM Days to cash

HONGKONG LAND HOLDINGS LTD 0.60 0.04 0.56 14,978,224.2 0.2 0.3

ALLIED WORLD ASSURANCE COMPANY HOLDINGS LTD 0.69 0.01 0.68 23,951,525.4 0.2 0.2

MENTOR GRAPHICS CORPORATION 0.43 0.00 0.43 17,247,120.4 0.2 0.2

AMDOCS LTD 0.99 0.02 0.97 39,722,845.7 0.2 0.2

DONGFENG MOTOR GROUP COMPANY LIMITED 0.71 0.01 0.70 32,672,553.9 0.1 0.1

PICC PROPERTY AND CASUALTY COMPANY LTD 0.79 0.02 0.77 36,601,895.3 0.1 0.1

VOEST-ALPINE AG 0.29 0.01 0.28 13,711,179.3 0.1 0.1

BARRATT DEVELOPMENTS PLC 0.80 0.02 0.79 38,713,228.7 0.1 0.1

AMERICAN FINANCIAL GROUP INC. 0.53 0.01 0.52 26,422,451.6 0.1 0.1

NOVATEK MICROELECTRONICS CORPORATION 0.52 0.01 0.52 26,445,494.4 0.1 0.1

TOP 10 ILLIQUID PORTFOLIO STOCKS (TRADE TO BENCHMARK) Fund Port % Benchmark % Act Wgt %

Avg Daily Vol (AUD)

Days to BM Days to cash

HONGKONG LAND HOLDINGS LTD 0.60 0.04 0.56 14,978,224.2 0.2 0.3

ALLIED WORLD ASSURANCE COMPANY HOLDINGS LTD 0.69 0.01 0.68 23,951,525.4 0.2 0.2

AMDOCS LTD 0.99 0.02 0.97 39,722,845.7 0.2 0.2

MENTOR GRAPHICS CORPORATION 0.43 0.00 0.43 17,247,120.4 0.2 0.2

DONGFENG MOTOR GROUP COMPANY LIMITED 0.71 0.01 0.70 32,672,553.9 0.1 0.1

PICC PROPERTY AND CASUALTY COMPANY LTD 0.79 0.02 0.77 36,601,895.3 0.1 0.1

VOEST-ALPINE AG 0.29 0.01 0.28 13,711,179.3 0.1 0.1

BARRATT DEVELOPMENTS PLC 0.80 0.02 0.79 38,713,228.7 0.1 0.1

AMERICAN FINANCIAL GROUP INC. 0.53 0.01 0.52 26,422,451.6 0.1 0.1

NOVATEK MICROELECTRONICS CORPORATION 0.52 0.01 0.52 26,445,494.4 0.1 0.1

TOP 10 ILLIQUID BENCHMARK STOCKS (TRADE TO BENCHMARK) Fund Port % Benchmark % Act Wgt %

Avg Daily Vol (AUD)

Days to BM Days to cash

TSENTRAL NYI HZK PAT 0.00 0.00 0.00 75.9 79.7 0.0

NEUROMAMA LTD 0.00 0.01 -0.01 3,240.9 24.4 0.0

CITRA TUBINDO TBK PT 0.00 0.00 0.00 415.6 11.7 0.0

AMPLA ENERGIA E SERVICOS S.A. 0.00 0.00 0.00 1,715.4 10.4 0.0

FOMENTO ECONOMICO MEXICANO S.A.B. DE C.V. 0.00 0.03 -0.03 18,831.8 9.0 0.0

UKRTELEKOM PAT 0.00 0.00 0.00 217.8 7.5 0.0

BANCO DE VENEZUELA SA BANCO UNIVERSAL 0.00 0.03 -0.03 22,827.0 7.4 0.0

PIVNICHNYI HIRNYCHO-ZBAHACHUVAL'NYI KOMBINAT PAT 0.00 0.00 0.00 1,731.1 6.2 0.0

ATOK-BIG WEDGE COMPANY INCORPORATED 0.00 0.00 0.00 1,702.8 5.0 0.0

HANJAYA MANDALA SAMPOERNA TBK PT 0.00 0.05 -0.05 69,225.2 5.0 0.0

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

LIQUIDITY HISTORYTRADE TO CASH HISTORY

TRADE TO BENCHMARK HISTORY

PORTFOLIO VALUES

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

PERFORMANCE SUMMARY 31 JUL 2013 - 31 MAR 2015PERFORMANCE SUMMARY

TOP 10 STOCK CONTRIBUTORS TO ACTIVE RETURN

BOTTOM 10 STOCK CONTRIBUTORS TO ACTIVE RETURN

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

PERFORMANCE ATTRIBUTION BY MARKET 31 JUL 2013 - 31 MAR 2015BRINSON ATTRIBUTION BY MARKET

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

CONTRIBUTIONS BY MARKET

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

PERFORMANCE ATTRIBUTION BY SECTOR 31 JUL 2013 - 31 MAR 2015BRINSON ATTRIBUTION BY SECTOR

CONTRIBUTIONS BY SECTOR

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

PERFORMANCE ATTRIBUTION BY STYLE 31 JUL 2013 - 31 MAR 2015BRINSON ATTRIBUTION BY STYLE

CONTRIBUTIONS BY STYLE

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

PERFORMANCE ATTRIBUTION BY HIERARCHY 31 JUL 2013 - 31 MAR 2015

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

FUND OF FUNDS PERFORMANCE 31 JUL 2013 - 31 MAR 2015FUND OF FUNDS PERFORMANCE

CONTRIBUTIONS BY FUND

FUND OF FUNDS PERFORMANCE 31 JUL 2013 - 31 MAR 2015FUND OF FUNDS PERFORMANCE

Series Type Funds 1 month 3 month 6 month 12 month Year to Date

Fund Returns Direct Cash Holdings 2.01 6.53 12.27 27.63 6.53

Fund Returns Direct Equity Holdings 1.49 11.94 20.15 30.44 11.94

Total Benchmark Returns qs world top 85% CASA ff 2.11 10.91 19.95 31.54 10.91

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

FUND OF FUNDS: STYLE EXPOSURE SUB FUND GALLERYPortfolio Weight Book to Price Dividend Yield Rtn on Equity Earnings Growth Market Cap Debt/Equity

Global Equity Dev 100.00 0.69 -2.65 0.08 0.53 -1.34 -0.86

Direct Cash Holdings 3.60

Direct Equity Holdings 96.40

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

FUND OF FUNDS: RISK SUB FUND GALLERYPortfolio Weight

Tracking Error

CurrencyMarket Xterms

MarketSector Xterms

SectorStyle

XtermsStyle

Stock Xterms

Stock

Global Equity Dev 100.00 2.1 11.16 -2.46 26.53 -1.15 10.46 -7.04 8.41 -0.8 54.89

Direct Cash Holdings 3.60

Direct Equity Holdings 96.40

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

FUND OF FUNDS: OTHER RISKS SUB FUND GALLERYPortfolio Weight Coverage Beta

Portfolio Volatility

Correlation to Benchmark

Actual Number of Stocks

Effective Number of

Stocks

Global Equity Dev 100.00 10.69 1.04 9.81 0.98 127 112

Direct Cash Holdings 3.60

Direct Equity Holdings 96.40

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

FUND OF FUNDS: REGION DISTRIBUTION SUB FUND GALLERYPortfolio Weight Europe Americas Middle East Africa Pacific Asia Cash Excluded

Global Equity Dev 100.00 0.5 9.51 -0.28 -1.87 -0.16 -14.89

Direct Cash Holdings 3.60

Direct Equity Holdings 96.40

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

FUND OF FUNDS: SECTOR DISTRIBUTION SUB FUND GALLERYPortfolio Weight Energy Materials Industrials Cons Disc

Cons Staples

Health Care

Financials Info Tech Telecoms Utilities Cash Excluded

Global Equity Dev 100.00 -0.03 -2.78 -2.83 -1.82 -1.67 4.78 -2.08 3.58 -0.68 -0.07

Direct Cash Holdings 3.60

Direct Equity Holdings 96.40

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

FUND OF FUNDS: SIZE DISTRIBUTION SUB FUND GALLERYPortfolio Weight Mega Large Mid Small Micro Cash Excluded

Global Equity Dev 100.00 -6.3 7.34 0.08 -3.73 -1 3.61 0

Direct Cash Holdings 3.60

Direct Equity Holdings 96.40

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31

vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

FUND OF FUNDS: STYLE DISTRIBUTION SUB FUND GALLERYPortfolio Weight Mega Value

Mega Growth

Large ValueLarge

GrowthMid Value Mid Growth Small Value

Small Growth

Cash Excluded

Global Equity Dev 100.00 -0.4 -6.1 2.38 5.23 2.52 -3.12 -1.15 -2.86 3.61 -0.1

Direct Cash Holdings 3.60

Direct Equity Holdings 96.40

GLOBAL EQUITY DEV ANALYSIS DATE: 2015-03-31vs. QS WORLD TOP 85% CASA FF BASE CURRENCY: AUD

The Factor Data Listing has maximum capacity of 90000 factor values.This portfolio has 7212 securities with 41 factors selected, resulting in 129816 factor values. There are 3 options: Reduce the number of factors so the 90000 individual factor value limit is not breached. Download the factor data values (group by Sectors) report in Excel format, which does not have a limit. Try downloading factor data for portfolio securities only.