Update No. 203 – 20/02/15

Reporting season has been quite interesting. At the end of the market we tend to focus on, there are always a few surprises this time of year.

You just hope you get more positive surprises than negative ones, we got that this week. You often get what you think was an unusually good report that there was minimal reaction to, we got that this week too.

I guess I should make my bi-annual complaint about companies releasing critical earnings reports into a live trading market. For companies that make frequent progress updates, this may not be an especially big issue as expectations have probably been well established and understood. For companies that tend only to release the mandated reports, it can create an unfair situation. I maintain that best practice would involve submission on a Friday evening after close, so that the market can thoroughly read, digest and understand the nuance of the report and when the opening bell rings Monday all market-participants are making their decisions based off the same set of information, well understood. I know a great many people refer to the release of information after close as ‘hiding’, but that’s very obvious and absolute rubbish and I believe those people seek to take advantage of that brief period where the swift reader is the slightly better informed market participant.

In any case, next week is our big week as many of our holdings leave their reporting until the last week. Hopefully a couple more positive surprises await. I’d like it best of all if the information dropped Friday after close…– Tony Hansen 20/02/2015


Apr 1st 2011

Jul 1st 2014

Current Price

Current Period

Since Inception

EGP Fund No. 1












EGP Fund No. 1 Pty Ltd. Up by 3.61%, trailing the benchmark by 8.20% since July 1st 2014. Since inception, EGP Fund No. 1 Pty Ltd is Up by 76.51%, leading the benchmark by 32.20% all-time (April 1st 2011).

*1 after 31May 2013 dividend of 2.333 cents per share plus 1.000 cent per share Franking Credit & 31 May 2014 Dividend of 7.000 cents per share plus 3.000 cent per share Franking Credit

*2 calculated based on dividends reinvested