# FGX - Future Generation Investment Company



## Sean K (17 March 2007)

I mentioned AIX earlier in the potential breakout thread and I think it has now broken through although not convincingly. Not finishing on it's high for the day is not so great. Certainly not 'outstanding' by any means, but nevertheless, just thought I'd put a chart up to show where the support and resistance lines are and why this is a potential, or maybe, breakout. 

I initially bought this in Jan 06 on what should have been support, but it failed. It then hit the next level of support where I topped up expecting a bounce (luckily it did). I have since topped up on each clear break of resistance indicated in the circles. 

Remember though, this is not going to discover the next Olympic Dam (it owns airports), so even if it has 'broken out' it will probably only waddle off into the blue sky, pending the general market. 

Or, maybe it's had it's time in the sun. Last few months have been very solid growth in passenger numbers at the airports it owns, and this could well taper off. For a FA view of this, best to go to their website and broker reports etc. 

Having said all the above, I'm expecting the market to correct further so I feel it's risky to be buying anything at the moment.......

DYOR, blah, blah....


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## IFocus (17 March 2007)

*Re: AIX - Australia Infrastructure Fund*

Hi Kennas (take two)

Thanks for the chart always enjoy them

When you entered the 1st position what time frame were you thinking of holding for?

If the second level of support failed would you have closed out?

Where would you exit now should the correction gather pace

Thanks
Focus


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## Sean K (17 March 2007)

*Re: AIX - Australia Infrastructure Fund*



			
				IFocus said:
			
		

> Hi Kennas
> 
> Thanks for the chart always enjoy them.
> 
> ...



I bought this as a long term stock and would have only sold if the reason I initially entered had changed. I was rounding out the portfolio at the time and was looking for a infrastructure company/trust that was likely to have a decent yield and I chose this. Looked at the Macquarie trusts as well, but chose this. At that time I was taking a top down approach and trying to pick the best stock in each sector to have a 'balanced portfolio'. I don't really follow that approach now, as I'm using managed funds to give me that.

So, to answer your first question, as far as time frame, there is none. Depends on the market, and what the company does.

I would have sold if it had have broken that lower support level, the 200d ma, and if the reasons I had bought it had changed. 

Third question, I'm still holding longer term as I see some more value in what they are doing with their airports. Perth is growing quite a bit and Gold Coast is expanding. Passenger numbers are going up everywhere, and while there's no bird flu or air related terrorist attacks (risks) this should continue providing a steady stream of income. It could be fully priced at the moment, and there's some issues with their last financial report in that their performance was significantly boosted by asset revaluation to the upside. 

My comment previous to this about 'potential breakout' are based purely on the chart without consideration to fundamentals.   

So, this is a hold for me, but not necessarily a buy for anyone else.

Brokers seem to think it's fairly priced at the moment, with not much upside:

*Broker Call from Fn Arena*

*AIX - UBS rates the stock as Neutral 2* 
Broker Call - February 23 2007
The result was well above due to asset revaluations. There is a lot of optionality present, the broker suggests, but AIX is moving slower than hoped, given the share price. 
*AIX - ABN Amro rates the stock as Hold * 
Broker Call - February 23 2007
Target $2.50 (was $2.30). Higher than expected revaluation revenue led to a better than expected result, though the broker can't see any catalyst that would justify a re-rating of the shares. As a result its Hold rating is maintained. 
*AIX - Deutsche Bank rates the stock as Buy * 
Broker Call - February 23 2007
Performance was strong although the result was bolstered by asset revaluations, the broker notes. No changes. 
*AIX - SB Citigroup rates the stock as Downgrade to Hold from Buy, High Risk * 
Broker Call - February 23 2007
Analysts have increased their valuation and target price to $2.64 from $2.45 and cite a lower risk-free estimate of 5.75% from 6% as the reason for doing it. They do like the company's growth prospects, but they also believe current the price level offers limited upside only. Hen 
*AIX - JP Morgan rates the stock as Neutral * 
Broker Call - February 23 2007
Profit was in line with the broker's forecast, so there is no change in rating or price target. 
*AIX - GS JB Were rates the stock as Marketperform, L/T Hold * 
Broker Call - February 23 2007
The broker notes the result was broadly as expected and while the outlook remains solid, it is already in the share price. 
*AIX - Macquarie rates the stock as Neutral * 
Broker Call - February 23 2007
There is no change to the broker's rating given it sees limited dividend growth in the medium term. 
*AIX - Deutsche Bank rates the stock as Buy * 
Broker Call - January 23 2007
No changes to recommendation or valuation/target as "solid traffic results" for 1H07 from Melbourne Airport and QAL were above the analysts prior expectations. In Deutsche Bank's view this demonstrates the strength of the company's Australian Airport portfolio. The forecast 
*AIX - Aspect Huntley rates the stock as Hold * 
Broker Call - January 01 2007
Update database. 
*AIX - GS JB Were rates the stock as Marketperform, Downgrade to L/T Hold from Buy * 
Broker Call - December 13 2006
The broker has revised its rating to reflect recent share price movements, suggesting much of the longer-term potential is now being factored into the share price. Valuation is $2.50.


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## Sean K (26 March 2007)

*Re: AIX - Australia Infrastructure Fund*

Looks to be falling over a little on a short term chart. Perhaps it's stretching it's valuation as indicated in broker comments above. Chart wise the $2.70 ish resistance that is now support looks like it might be tested. Will be interesting to see if it holds above. (just as an experiement to see if support lines have any merit  Just a probability of course...)


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## Peakey (15 April 2007)

*Re: AIX - Australia Infrastructure Fund*

Chart looking good Kennas. All time high. TechTrader BUY signal based on Friday close. MACD looks to be turning up. I'm not holding, but will consider a position shortly.


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## Sean K (16 April 2007)

*Re: AIX - Australia Infrastructure Fund*

Chart update.

Short term breakout again. Pretty good momentum. Stretching valuations I think, unless it has some pretty positive updates on passenger number flows, or acquisitions. 

(still holding)


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## Sean K (3 May 2007)

*Re: AIX - Australia Infrastructure Fund*

Chart update, for interest sake. (if there is any?  )

Consolidating again between break out at $2.85 and what might be a psychological barrier at $3.00. Still trending nicely up since break from down trend in Sep last year. I haven't added to position since break to all time highs at $2.70.


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## Sean K (8 May 2007)

*Re: AIX - Australia Infrastructure Fund*



kennas said:


> Chart update, for interest sake. (if there is any?  )
> 
> Consolidating again between break out at $2.85 and what might be a psychological barrier at $3.00. Still trending nicely up since break from down trend in Sep last year. I haven't added to position since break to all time highs at $2.70.



Update, maybe for my own interest.  

Looks to have broken uptrend after failing as anticipated at $3.00. Now has broken down through uptrend and first support level. Should be support around 2.70, but with market toppy, a pullback might push this well out of it's uptrend established for the past 9 months. I'm out. For now. It'll rebound now. LOL.


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## Sean K (31 May 2007)

*Re: AIX - Australia Infrastructure Fund*



kennas said:


> Update, maybe for my own interest.
> 
> Looks to have broken uptrend after failing as anticipated at $3.00. Now has broken down through uptrend and first support level. Should be support around 2.70, but with market toppy, a pullback might push this well out of it's uptrend established for the past 9 months. I'm out. For now. It'll rebound now. LOL.



 And yes it has. Very well supported around $2.70 and now clearing $2.90 again.  I didn't get back in as I'm still worried about the valuation been stretched on this. But, looks like I might be missing some short term gains here. Poor me. Unusual support for this IMO. Perhaps someone is going to take it over? MAP perhaps...


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## Amor_Fati (29 May 2008)

*Re: AIX - Australia Infrastructure Fund*



kennas said:


> Update, maybe for my own interest.
> 
> Looks to have broken uptrend after failing as anticipated at $3.00. Now has broken down through uptrend and first support level. Should be support around 2.70, but with market toppy, a pullback might push this well out of it's uptrend established for the past 9 months. I'm out. For now. It'll rebound now. LOL.




Thanks for your posts kennas. I'm certainly interested.
I have held this stock for 3 or 4 years and I'm now thinking it might be time to lock in my profits. Does anyone know why it fell so much (18c) today, I can only think of Qantas cutting flights.


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## Sean K (5 November 2008)

*Re: AIX - Australia Infrastructure Fund*

This has been severely punished the past 2 weeks which prompted a please explain from the ASX. Of course, 'we know nothing' reply but odd considering the markets have generally stabilised.

I'm considering a short term opportunity here as it may have been oversold on nada.

Due to the sp smashing, current pe of 3.47...

What the!

Chart diabolical.

I suppose similar to most infrastructure plays, but this may be different as it's more a property yield type thing than a developer relying on new investment. Maybe.


*Huntley's Recommendation: Australian Infrastructure Fund*

Recommendation: Buy

AIX is a diversified stapled infrastructure fund, mainly investing in Australian and European airports. Competitive advantages include owning long life airports. These offer resilient earnings from GDP-plus passenger growth, steady airline fee increases, parking and shopping leases and property. AIX pays relatively modest management fees plus a possible performance fee to its Responsible Entity Hastings, wholly owned by Westpac. Earnings are derived from distributions and asset revaluations which have been buoyed by strong passenger growth and historically low bond rates. Investors need to be comfortable with continuing debt refinancing and asset revaluations. Aided by long-life assets, prudent management and sound investor relations, AIX is well suited for income portfolios. Distributions are both moderately tax-deferred and franked. AIX will grow organically.

Event 23-Oct-2008

Are airports resilient, a useful defensive asset in tumultuous times? AIX’s main asset is Perth airport. Perth’s September quarter traffic rose 9% year on year. Can Perth and AIX survive the resource slowdown? Queensland sold its 12% stake in Brisbane airport to co-owners with pre-emptive rights for around $289m. Unfortunately AIX missed out. Multiple paid was only 9 times enterprise value to latest available FY07 EBITDA.

Business Impact: Perth will catch up its capital spend with a relatively modest initial $215m over 4 years. Property will continue to lift Perth’s EBITDA. Using the Brisbane EV/EBITDA ratio compared to forecast FY09 EBITDA would price AIX at $3.60. FY09 proportionate EBITDA will be flat with the lower A$ offsetting slower local and EU traffic. Hence FY09 DPU only rises 0.5c. AIX still has to refinance its $130m short-term corporate debt with a possible equity issue still likely.

Forecast Impact: --

Recommendation Impact: We value AIX on a yield basis, effectively requiring an 8% distribution yield to Buy below $2.20. At current prices around $1.90 Buy for a 8.9% FY09 yield unusually both 45% franked and 40% tax-deferred.


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## Sean K (22 December 2008)

*Re: AIX - Australia Infrastructure Fund*

Bouncing off those $1.50 lows.



Another opportunity lost.

If it's bottomed, $2.00 major resistance by the looks.


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## nulla nulla (25 August 2012)

*Re: AIX - Australia Infrastructure Fund*

This is probably why SYD-Sydney Airport also jumped up:

http://www.smh.com.au/business/aix-soars-on-2b-future-fund-airport-bid-20120824-24qbb.html

The Future Fund has made a $2 Billion offer for the assets of AIX ($200 million premium)




Not bad if you were holding. From memory this was one of SKC's pairs trading shares. Not sure whether he was shorting it or going long.


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## Tano (16 May 2013)

*Re: AIX - Australia Infrastructure Fund*

The company is trading ex-dividend today, paying out $3.02 per share after a number of asset sales.
The stock is down $3 to 17.5 cents in early trade

Read more: http://www.smh.com.au/business/mark...itive-early-20130516-2jnn8.html#ixzz2TPjtj42c


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## Mutasim (16 May 2013)

*Re: AIX - Australia Infrastructure Fund*

If the company is selling all its assets and delisting, is there any reason to buy into this? Looks like trades can still occur in this company.


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## skc (16 May 2013)

*Re: AIX - Australia Infrastructure Fund*



Mutasim said:


> If the company is selling all its assets and delisting, is there any reason to buy into this? Looks like trades can still occur in this company.




There's a 2nd return of capital / distribution of ~17c to come yet. So there's good reason to buy into it if it costs you less than what it's paying out.


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## pixel (8 October 2013)

*Re: AIX - Australia Infrastructure Fund*



skc said:


> There's a 2nd return of capital / distribution of ~17c to come yet. So there's good reason to buy into it if it costs you less than what it's paying out.




There's even more to come; and after that, Wilson's chosen new directors will probably use the shell as a backdoor listing for a new re-capitalised venture.
If you're after dividend income and believe you can ride out a period of capital devaluation, there could still be a speculative buying opportunity. The chart suggests that some buyers are holding this view.


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## Wysiwyg (4 August 2014)

*FGX - Future Generation Investment Fund*

Well the business model is simple enough. That is a charitable Investment Fund investing in a selection of Managed Funds. One for the socially responsible through good will by the Fund Managers foregoing management & performance fees. One option attached for every share and fully franked divvies proposed makes this listing likable long term.  

Applications close early next month if not already oversubscribed.  


Future Generation Investment Fund


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## System (5 September 2014)

*Re: FGX - Future Generation Investment Fund*

On September 5th, 2014, Australian Infrastructure Fund Limited (AIX) changed its name and ASX code to Future Generation Investment Fund Limited (FGX).


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## System (11 December 2014)

On December 11th, 2014, Future Generation Investment Fund Limited changed its name to Future Generation Investment Company Limited.


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## So_Cynical (18 May 2017)

Bought a few yesterday after watching for a year or so, $1.12 looks to be about the right level to buy, fully franked dividends and all those managers provide diversification and some volatility protection, reasonable yield.
~


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## Ann (6 December 2018)

I am not going to say a whole lot about this at the moment, just putting up some charts and some directors names. However give me time I might have quite a bit to say about this little gem.


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## Ann (6 December 2018)

This is a chart of the most recent 5 year period. Closed at a $1.15 delay on my charts.


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## Ann (6 December 2018)

This was a time just before the up down, up down.


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## coolcup (7 December 2018)

Ann said:


> This was a time just before the up down, up down.
> 
> View attachment 90657




Hi Ann

Just so you know FGX used a shell company that was previously listed on the ASX. See below for the details:

_The Companyʼs history The Company was originally formed under the name the Australian Privatisation Fund Limited. On 13 November 1996 it changed its name to Australia Infrastructure Fund Limited and, in conjunction with the Australian Infrastructure Fund Trust, it invested in, and managed, infrastructure assets. On 7 July 2014 Shareholders voted overwhelmingly in support of a new business direction for the Company as well as a buy-back and recapitalisation. A summary of the Companyʼs history is set out in Section 10.1._

So I think it is meant to be viewed as a new company after 2014...


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## Ann (7 December 2018)

coolcup said:


> Hi Ann
> 
> Just so you know FGX used a shell company that was previously listed on the ASX. See below for the details:
> 
> ...




Thanks coolcup, saw that but it still was Wilson all the way from the start with a few changes of directors,  I will get around to putting up all the current and past directors shortly. I am busy chasing down much bigger game at the moment. I think this was the same company I saw in the FR years ago well before the GFC which he was going to have the capacity to short as well as go long for him. I see now he has a little cosy story line going about helping charities, very emotive.
Anyway, thanks again coolcup, I really appreciate help with these matters, there might be something that I might miss.


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## So_Cynical (8 December 2018)

Ann said:


> I think this was the same company I saw in the FR years ago well before the GFC which he was going to have the capacity to short as well as go long for him. I see now he has a little cosy story line going about helping charities, very emotive.
> Anyway, thanks again coolcup, I really appreciate help with these matters, there might be something that I might miss.




Off the top of my head FGX dont actually mange any of the funds/money, they simply pass it on to 20 or so other managers who agree not to charge a management or performance fee., thats at the core of the charitable idea.


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## Ann (8 December 2018)

So_Cynical said:


> Off the top of my head FGX dont actually mange any of the funds/money, they simply pass it on to 20 or so other managers who agree not to charge a management or performance fee., thats at the core of the charitable idea.



Thank you So_Cynical, I saw that but missed the importance of it. I had intended to look at what Wilson was investing into. I did that with WAM when it first started and wasn't massively impressed with his choices. It will be much harder if not totally impossible to find out where the money is being put which means there is absolutely no transparency. I always like to look at what LICs and ETFs hold. I don't like a bloody pig in a poke. Thanks again So_Cynical, that was very helpful.


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## bigdog (8 December 2018)

Ann

The Wilson group publish monthly "Investment Updates" which includes their top 20 shares for each company

I have been a WAX (Wilson Research) shareholder for many years and was one of my best investments.  I sold out late October 2018

If you click on the ASX link for
WAM 14/11/2018 2:55:01 PM October 2018 Investment Update, you get the group individual companies reports

The top 20 holdings are now sorted in name sequence
-- previously sorted in value holding sequence
-- two years ago they included the $ holding amounts


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## Ann (8 December 2018)

bigdog said:


> Ann
> 
> The Wilson group publish monthly "Investment Updates" which includes their top 20 shares for each company
> 
> ...




   BigDog, thank you so much, this place is full of so much knowedge, I will settle down and have a good read a bit later on. If you are in Melbourne, will you be going to the talk they are giving about this company next week? Might be a replacement for WAX. My mind, I am so sorry folks I have to say this knowing Wilson to be a bit of a little joker with his WAM, bam, maam (no thank you, the Cad!)I found in the WAM propectus or AR not long after it floated. He has a company called WAX, I wonder if Brazil is mentioned. Rip Off.......Oooo that's got to hurt! Maybe he used WAX and he is just about to Polish it off! Stop Ann, just stop! 

I need to take my LittleDog for a walk in the park soon!


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## Dona Ferentes (15 October 2020)

FGX held its AGM today. Contributing Fund mangers shared their best tips

Regal Funds Management, Jovita Khilnani: *ALS Limited *
_Whilst the higher gold price is yet to translate into more work for ALS, the recent spike in junior mining equity raisings gives us confidence that this will occur, albeit with a lag. Currency and market share movements add further tailwinds. Further, market share gains, if held, could represent another leg of upside, given ALS’ market share today (estimate 45 per cent-plus) is materially higher than in 2012._

Tribeca Investment Partners, Jun Bei Liu: *Aroa Biosurgery*
_Aroa is an exceptional growth story. It is at an early commercialisation stage of its product portfolio and has already delivered impressive revenue growth as its products gain a foothold in the large US market. Aroa is currently generating revenue of $22 million which we expect to compound by at least 50 per cent annually over the next three years._

Sandon Capital, Gabriel Radzyminski: *Boral *
_A new major shareholder has secured two board seats and is likely to be a significant catalyst for change at the company. The Australian construction materials business should trade at eight to ten times EBITDA, which represents a significant uplift from prices currently implied by the market. Other value in Boral that has been overlooked are its property assets and landfill royalty._

Sage Capital, Kelli Meagher: *Corporate Travel Management*
_Like all companies related to travel, CTD has suffered a huge hit in earnings and share price since the global pandemic began. However, we believe the worst has now passed. The company has a good track record of both organic growth and integrating and extracting value from acquisitions. It recently made a large acquisition in the US which complements its existing business and significantly increases its scale._

Wilson Asset Management, Matthew Haupt: *Insurance Australia Group*
_While IAG’s share price currently trades at decade lows, the recent appointment of a new CEO, a sound balance sheet and strong premium growth should see the share price recover. We believe that business insurance claims implied by the share price are overstated versus the reality and we expect clarity within a few months on this key catalyst._

QVG Capital, Chris Prunty: *Johns Lyng*
_Johns Lyng is our largest holding and a company whose defensive growth and unique culture is under-appreciated by the market. The valuation is fair for a company with such strong organic growth and quality characteristics and see potential for further valuation upside should the company make acquisitions in its strata division. We expect the company to continue to grow in the mid-teens organically._

Firetrail Investments, Blake Henricks: *Lendlease*
_The opportunity in Lendlease comes by way of the market’s focus on the engineering division of the business which has lost more than a billion dollars for shareholders. But that is in the past. Today assets under management are less than $40 billion, but we see potential for AUM to be $100 billion in the coming years._

LHC Capital, Marcus Hughes: *Life360*
_The recent launch of membership will be a major tipping point in the history of the company. Membership will result in 360’s product offering being extended and additional value provided to a broader range of users. We expect this will result in a further increase in the company’s TAM, a reduction in churn rates whilst delivering a significant improvement in yield at very high incremental margins._

Cooper Investors, Justin O’Brien: *Reece*
_The elephant in the room for Reece is Australia’s housing cycle – will this soon end? One thing the pandemic demonstrated is plumbing is essential and Reece remains focused on the more resilient segments. However, the positive trends in the US are arguably now more important. Despite the pandemic, new housing demand in the US is strong, underpinned by ultra-low mortgage rates and an under build of new houses since 2006._

Centennial Asset Management, Matthew Kidman: *Service Stream *
_The financial 2021 year will be a consolidation year for the company’s earnings but with new contracts and growth in the non-telco areas, earnings should grow strongly from financial year 2022 onwards. With a price to earnings multiple of 14 times, we think it is worth owning._

Paradice Investment Management, David Moberley:* Sydney Airport*
_We view this as a rare opportunity to invest in Sydney Airport – a high quality, well run, near-monopolistic asset which is unregulated with a long-dated concession expiry in 2097. We believe the SYD share price assumes a four to six year recovery period, which we think more than adequately compensates investors for uncertainty in the timing and path of the recovery._

Eley Griffiths, Ben Griffiths: *The Reject Shop*
_I’m a subscriber to the theory that companies exhibit life cycles. Management have been busy with several sales initiatives with the recent exclusive Tesco deal an early look-in on the inventive merchandising strategy in play. Valuation on a FY21 EV/EBITDA of approximately six times appears reasonable for this retailing comeback_.

L1 Capital, Amar Naik: *Worley*
_Worley shares are trading around 30 per cent below pre-COVID levels due to the significant fall in the oil price earlier this year and concerns over COVID-19 restrictions leading to a subdued recovery in oil demand. We believe Worley is an attractive investment, as the market incorrectly perceives the company as a direct exposure to the oil and gas industry, while greatly under appreciating the flexibility of its engineering consultancy led business model and the diversified nature of its operations_


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## IrishDigger (14 January 2021)

Thought I would give a bump to the FGX topic just to see if anyone else on the forum is holding besides me.

I have held a fair swag for a few years and continue to top up via CommSec given that there is no brokerage for buyers.

Closed today at $1.275 with an NTA of $1.32


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## Dona Ferentes (14 January 2021)

IrishDigger said:


> Thought I would give a bump to the FGX topic just to see if anyone else on the forum is holding besides me.
> 
> I have held a fair swag for a few years and continue to top up via CommSec given that there is no brokerage for buyers.
> 
> Closed today at $1.275 with an NTA of $1.32



I hold some FGG, the global equivalent.  Also 1% _in lieu_.


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## Dona Ferentes (6 June 2022)

_These are just some tips from the fund managers, not the sole constituents; they were mentioned during the recent national roadshow for the *Future Generation* listed investment companies (FGX and FGG). One of the perks for shareholders in the LICs is regular access to the roster of fund managers, who provided stock picks across the roadshow._

Wilson Asset Management chairman Geoff Wilson has gone where so many others have feared to tread for the past five years, arguing *AMP *is trading at $1.12, but it has a net tangible asset of $1.35. Plus the stock is tipped to return somewhere between 50¢ and 60¢ when it completes the sale of its funds management business.


> “_So you’re buying at a 20 per cent discount now, and when they pay back half the money it’s what, a 30-plus per cent discount_,” Wilson says.




In addition to AMP, Wilson plumped for engineering giant *Worley*, which WAM believes is on track to beat market expectations at their full-year result for the first time in a long time. The company is trading at 16 times earnings and growing at 20 per cent per annum, Wilson says, but a profit beat should deliver a re-rating.

Regal Funds Management founder and chief investment officer Phil King likes  *Incitec Pivot*, which is benefiting from dual commodity tailwinds and likelihood of demerging.


> “_I think the outlook for both the fertiliser division, which is benefiting from a huge increase in fertiliser prices, plus the explosives division, which is benefiting from rising commodity prices, is very, very positive._”




But King also says the research on demergers in Australia shows they generally produce good results for shareholders and Regal is confident that will be the case with Incitec Pivot.


> _“I think there’s better capital allocation [with a demerger]. It means that management’s a lot more focused. And in this environment we think … both parts of the company are quite bite sized for private equity._”




Tribeca Investment Partners portfolio manager Jun Bei Liu provided several stock picks during the Future Generation events, including *Treasury Wine Estates*, accounting software group *Xero* and perennial market darling *CSL*. liking healthcare simply because because she feels quality companies are being sold off. Her other pick in the sector is hearing implant giant *Cochlear*. While the company suffered during the pandemic as health priorities changed around the world, Lei believes the group can bounce back hard.


> “_Now with the world reopening, earnings are looking incredibly strong. Regardless of whether there’s a recession, whatever happens around the world, it’s going to be a bottom-drawer type of stock._”




Several other picks from Future Generation fundies were focused on the health sector. Oscar Oberg from WAM nominated allied health provider *Healthia* as a stock to watch, while Antipodes’s fund manager Jacob Mitchell likes New York-listed pharmaceuticals giant *Merck & Co* and German conglomerate *Siemens*, which has a large healthcare division.

With commodities booming, it was no surprise that several managers nominated resources and energy stocks as their top picks. Paradice’s Tom Richardson likes rare earths group *Lynas* and *Origin Energy*, while Phil King also likes West Australian gold explorer *DeGrey Mining*.
Lanyon Asset Management portfolio manager David Prescott is also looking towards the mining sector with *Austin Engineering*, which supplies customised equipment to large global miners and contractors.

Stock selections from Centennial Asset Management duo Matthew Kidman and Gary Joffe covered a fair bit of sectoral ground. Kidman is looking towards *Michael Hill Jewellers* and residential property developer *Cedar Woods Properties*, while Joffee likes theme park operator *Ardent Leisure* and funeral home operator *InvoCare*.

Firetrail’s Kyle Macintyre is looking Stateside for his picks, with two ASX-listed companies that are headquartered in the US: gaming machine manufacturer *Aristocrat Leisure* and building products giant *James Hardie Industries.
*


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