There are 278 managed funds listed on the CommSec website. Every so often, I look at the pool to see how EGP is performing against the alternative options into which our investors might deploy their investable funds.
Investors received their copies of our statutory and management accounts this week. Such accounts can demonstrate the trickiness of valuation for the inexperienced, for on a per-share earnings basis, FY14 was substantially behind FY13 for the fund. The difference was almost solely created by one holding which was subject to a takeover in FY13, causing a meaningful spike in realised gains that year. Fortunately, underlying asset values are very simple to understand.
Earnings season finally kicked off for EGP this week. Only 1 of the 21 holdings we are waiting on reported, 3 holdings report from a non-standard balance-date and wont report in August. Of the 20 still to report, 2 will report next week, 7 in the following week and the remaining 11 in the final week of August.