1 presenters: don sillar, head of distribution, bt chris caton, chief economist, bt stewart...
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Presenters:Don Sillar, Head of Distribution, BTChris Caton, Chief Economist, BTStewart Brentnall, Head of Investment Solutions, BTRobert Lau, Vice President Asia-Pacific, MFS
23 August 2006
Asian Opportunities Adviser Teleconference
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BT wrap and investment update
Presented by BT Head of Distribution – Don Sillar
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More flexibility and efficiency with BT’s Wrap
A leading Wrap provider with FUA of $25billion
Product development focused on delivering a flexible and efficient platform for advisers.
Recent developments include: a more competitive DIY super service QROPS status for UK pension transfers 6 new funds on Wrap Essentials continued enhancements to reporting contributions splitting from 1 September.
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An industry first with new online calendars
Two new online calendars for Corporate Actions and IPOs
Easy online access to the latest investment opportunities
Online participation with bulk transactions for up to 100 clients
The online Calendars are available for: All SuperWrap clients All Wrap clients under Custodial HIN holding options All Wrap Clients with a Sponsored HIN holding option- for
takeovers and buy-backs only.
An industry first for Wrap
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EOY record for Margin Lending – loan book hit $3.5bn – a 46% increase since June 05.
Geared Wrap is a key focus for product development
The driver – delivering a faster and more efficient geared Wrap service.
Recent Geared Wrap enhancements include: Automation of trade vetting Choice of funding method Choice of where funds are allocated once trade
settles - cash sweeping is no longer required. Ability to automate regular gearing and
nominated drawdown to set instructions.
It’s now easier to gear your clients through Wrap
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Fund Manager of the Year 2006
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BT Performance – excess returns
Imputation
-0.4% +1.8%+1.4% +2.1%Balanced
+0.8%+5.5%+4.7%+4.8%Ethical
+6.9%+11.3%+8.3%+2.0%Small Caps
+3.6%+5.0%+4.5%+5.3%
-0.1%+3.1%+2.7%+3.3%Aust Core
5 years3 years2 years1 yearFund
+7.25%+4.19%+2.24% Focus
1 year6 months3 monthsFund
Source: BT Financial Group. Excess returns shown of BT Wholesale Fund’s after the deduction of management fees, as at 30 June 2006
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Strong support from leading researchers
Not ratedNot ratedABT Ethical
Not ratedRecommendedRecommendedNot ratedBT Small Caps
RecommendedNot ratedABT Imputation
RecommendedRecommendedABT Aust Core
NavigatorLonsecMorningstarVan EykBT fund
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BT Quartile Performance
Source: Mercer IDPS Australian Shares Survey, IDPS Multi-Sector Balanced Growth Survey, IDPS Australian Smaller Companies Survey. All rates of return are before tax and after management fees as at 30 June 2006. Rates of return are annualised for periods exceeding one year. Returns refer to BT’s wholesale Fund’s. Past performance is no indicator of future performance.
* ranked No. 2 in survey
Imputation
Q2Q1*Q1Q1Balanced
n/aQ1Q1Q1Ethical
Q1Q1Q1Q2Small Caps
Q1Q1Q1Q1
Q2Q1Q1Q1Aust Core
5 years3 years2 years1 yearFund
Q1Q1Q1 Focus
1 year6 months3 monthsFundSince inception
Q1
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Presented by BT Chief Economist - Chris Caton
Global Economic Outlook
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2006 Growth Forecasts (%) Month of Forecast
J-06 F-06 M-06 A-06 M-06 J-06 J-06
Australia 3.2 3.1 3.2 3.2 3.2 3.3 3.3
US 3.4 3.2 3.3 3.3 3.4 3.4 3.5
Japan 2.2 2.3 2.9 2.9 3.0 2.9 3.0
China 8.7 9.0 9.1 9.1 9.6 9.6 9.7
Germany 1.6 1.6 1.7 1.7 1.8 1.7 1.8
UK 2.1 2.1 2.2 2.2 2.3 2.3 2.4
“World” 3.3 3.3 3.4 3.5 3.5 3.6 3.6
Source: Consensus Economics
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2007 Growth Forecasts (%) Month of Forecast
J-06 F-06 M-06 A-06 M-06 J-06 J-06
Australia 3.4 3.4 3.4 3.4 3.4 3.4 3.4
US 3.1 3.0 3.0 2.9 2.9 2.8 2.8
Japan 2.1 2.2 2.1 2.2 2.3 2.2 2.2
China 8.3 8.5 8.7 8.6 8.8 8.9 8.8
Germany 1.0 1.0 1.0 1.0 1.1 1.1 1.1
UK 2.4 2.4 2.5 2.5 2.5 2.5 2.5
“World” 3.1 3.1 3.1 3.1 3.2 3.1 3.1
Source: Consensus Economics
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The Asian Growth Outlook (% change in GDP)
2004 2005 2006 2007 2006-16Australia 3.5 2.5 3.3 3.4 3.2China 10.1 9.9 9.7 8.8 8.1Hong Kong 8.6 7.3 6.1 4.9 4.2India 7.5 8.4 7.6 7.2 7.0Indonesia 5.1 5.6 5.2 5.6 5.6Japan 2.3 2.6 3.0 2.2 2.0Malaysia 7.1 5.3 5.4 5.2 5.2New Zealand 4.3 2.3 1.7 2.1 2.8Singapore 8.7 6.4 6.7 5.1 5.2South Korea 4.7 4.0 5.3 4.7 4.6Taiwan 6.1 4.1 4.1 4.1 4.3Thailand 6.2 4.5 4.5 4.8 4.8Asia/Pacific 4.8 5.0 4.4(6 months ago) 4.2 4.0
Actual Forecast
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Rates going up in all regions
Source: ISI
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Total US Non-farm Employment
Source: Datastream
-0.8
-0.4
0
0.4
0.8
1.2
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06
3mth / 3mth chg
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US Inflation – Headline & Core
Source: Datastream
1.0
2.0
3.0
4.0
5.0
6.0
7.0
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06
Core
year-to % change
US Consumer Prices
Headline
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Oil Prices (West Texas) in $US/bbl
Source: Datastream
0
10
20
30
40
50
60
70
80
83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06
$77.05 as at 8 August
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Morgan Stanley Capital Indexes
Source: Datastream
600
800
1000
1200
1400
1600
1800
2000
2200
2400
99 00 01 02 03 04 05 06
90
120
150
180
210
240
270
300
330
360Developed Index Asian Emerging Markets Index
Asian Emerging Markets Index (RHS)
World Developed Index (LHS)
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Presented by BT Head of Investment Solutions – Stewart Brentnall
BT’s Regional Equities OfferingAn Introduction to Massachusetts Financial Services
(MFS)
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Who is MFS?
Founded in 1924 as America’s first Mutual Fund company
Headquartered in Boston, with investment offices in London, Singapore, Tokyo and Mexico City
Traditionally retail focused firm, but growing institutional business – now 37%
A$238bn* under management
96.5% owned by Sun Life of Canada
Highly rated by asset consultants here and overseas
*Assets under management are at 31 March 2006 and are rounded to the nearest billion
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Why MFS
Focused on research driven selection of stocks
Analyst teams in all BT mandate regions
Portfolios are constructed by analysts’ from their best ideas
Higher conviction and tracking errors (up to 8%)
For the most part, currency exposures are unhedged
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MFS’s competitive strengths
Strong corporate culture
Organically grown company – not built through acquisitions
Global research platform
Analyst team approach to managing money
Focused on active return generation
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MFS - Philosophy and Process
Bottom up research driven process
Teams on the ground in all four mandate areas
Focused local insights good for regional mandates’ narrower
benchmarks
Analysts’ views clearly expressed in portfolio
Company fundamentals, not broader economic factors, drive
long term returns
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MFS global sector teamsHow the Financials team works across the world
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Presented by Robert Lau, Senior Analyst and Vice President Asia Pacific, MFS
Asian opportunities for Australian investors
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Outlook – Key Drivers
China/India growth story (demand for energy, metals, etc.)
Recovery and development of the Asian domestic demand
Global service / manufacturing outsourcing
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China/India’s Potential Impact
Risks:- Building too much
capacity
- Weak lending discipline
- Inflationary pressure from commodity price increase
- Corp governance
Counter-forces:- Political pressure
for economic growth
- Financial services sector reforms
- Steady increase in transparency
* No forecasts can be guaranteed.
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U.S. Trade surpluses of Asian Exporters as of December 31, 2005
Source: United States Census Bureau 2005
$201
$82
$23 $16 $12 $12
China Japan Malaysia SouthKorea
Taiwan Thailand
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Strong economic results in Asia Pacific ex-Japan Region Comparative Real GDP Growth
0123456789
102003
2004
2005 projected
2006 projected
Real
GDP
Gro
wth
%
No forecasts can be guaranteed.
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Source: FactsetThe MSCI All-Country Asia Pacific ex Japan free Index, is a free float-adjusted market capitalization index that measures equity market performance in the Asia Pacific region, excluding Japan. The free float adjustment considers only those shares of companies that are available for purchase in the public equity markets by international Investors. S&P 500 Stock Index measures the broad U.S. stock market. MSCI EAFE (Europe, Australasia, Far East) Index measures the non-US stock market. It is not possible to invest directly in an index. not possible to invest directly in an index.Past Performance is no guarantee of future results.
Tota
l Ret
urn
%Relative out performance of Asia Pacific ex Japan
Annualized returns for periods ended June 30, 2006
8.63%11.22%
2.49%
17.61%
27.19%
22.91%
23.94%
26.56%
10.02%
-5%0%
5%10%
15%20%
25%30%
1 Year 3 Years 5 Years
MSCI All Country Asia Pacific ex Japan FreeMSCI EAFES&P 500
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Relative Valuation MSCI AC Asia Pacific ex Japan Historical Price/Cash Earnings 10 Years Ended 30/06/06
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Relative Valuation: MSCI AC Asia Pacific ex Japan vs. MSCI AC World (Relative Price/Cash Earnings) 10 Years Ended 30/06/06
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Asia Pacific ex-Japan Has Offered Good Relative Value (as of 30 June 2006)
Source: EDP
IBES LT EPS Growth is the service that assembles analysts’ estimates of future earnings for thousands of publicly traded companies, detailing how many estimates are available for each company and the high, low, and average estimates for each. EPS is earnings per share.Price/Earnings Ratio (P/E) is the price of a stock divided by its earnings per share.Price/Cash Earnings is stock price divided by trailing earnings plus depreciation.. The portfolio is actively managed, and current holdings may be different. Portfolio characteristics data is based on unadjusted total assets as of 30/06/06.*No forecasts can be guaranteed
MSCI World 12.0% 13.3x 10.6x
MSCI Asia Pacific Ex Japan 15.2% 12.1x 8.7x
MSCI US 12.6% 14.5x 11.6x
MSCI Europe ex UK 9.7% 12.4x 8.6x
MSCI Japan 15.5% 17.1x 8.8x
Price/Earnings Next 12 Months*
Price/Cash Earnings
IBES Long Term Growth*
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Top Ten Holdings
Significant performer in past 12 months : Hana Financial, Daewoo Shipbuilding, Hon Hai Precision, and CNOOC.
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Sector Weights
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Country Weights
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On Longer history MFS Asia Pac MSCI AC Asia Pac ex Japan (incl. Aus) ex Japan (incl. Aus)
Since Inception (1-July-2003) 29.8% 27.2%
Fund Performance
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Asia ex Japan
Japan Europe US Global Tech
Company founded 1924
Active Return object (rolling 3 yrs)
3% above index
3% above index
2% above index
2% above index
3% above index
Risk (TE) 4% - 8% 4% - 9% 2% - 6% 3% - 6% 4% - 10%
No. of stocks 40 – 70 30 – 60 60 – 90 80 – 110 30 -60
Style Core GARP Core Core Growth
Alpha sourcesStock
selectionStock
selectionStock
selectionStock
selectionStock
selection
Company AUMUS$160 billion
FUM US$580mn US$400mn US$4.6bn US$4.3bn US$150mn
Funds offeredBT Asian
Share FundBT Japanese Share Fund
BT European Share Fund
BT American Share Fund
BT Technology
Fund
Fund access BT Wrap & Wrap Essentials, External Platforms
MFS Fund Profiles at a glance
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Questions & Answers
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Disclaimers
The information in this presentation is general only and does not take into account your particular investment objectives or financial situation. Before making an investment decision you should consult a financial adviser. The information is given in good faith and has been derived from sources believed to be accurate. However, no member of the BT Financial Group gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way including for negligence. This disclaimer is subject to any contrary provisions of any applicable legislation. An investment in any fund described in this presentation is not a deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141. None of Westpac Banking Corporation or its related entities guarantee the capital value or investment performance of any fund. Unless stated otherwise, BT Financial Group is the source of all charts, performance information and other data. Past performance is not a reliable indicator of future performance.
U