Ansell ANZ. APN Outdoor. Austbrokers. Brambles. Burson. February 2016

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1 February 2016 Ansell Ansell designs, develops, manufacturers and markets a wide range of hand and arm protection solutions (a.k.a. gloves), clothing and condoms. It is essentially an industrial materials business that transforms natural rubber latex and synthetic latex into these value added products. The business has an interesting combination of cyclical and defensive exposures. Ansell is a leading player (#1 or #2) in all its key market segments and generates a very healthy return on invested capital. ANZ ANZ is one of the four major Australian banks. ANZ operates retail and business banking in Australia, New Zealand and throughout Asia Pacific. The bank enjoys further diversification from its considerable insurance and wealth management businesses. APN Outdoor APN Outdoor is a leading Out Of Home advertising company with a dominant share in the Roadside and Transit sectors. The company sells advertising opportunities on its wide network of signs and digital screens, allowing advertisers to reach consumers in new and exciting ways. Austbrokers Austbrokers operates a general insurance broking network focused on the SME market. The business is based on a owner-driver model and has multiple avenues for future growth: via acquisition (industry is consolidating), achieving synergies from the network structure and cross sell/up sell of existing client base. Brambles Brambles is a supply-chain logistics company operating in more than 50 countries. The Group specialises in the pooling of unit-load equipment and associated services, focusing on the outsourced management of pallets, crates and containers. Burson Burson is Australia s largest trade-focused distributor of automotive aftermarket parts. The company has grown its store numbers from 81 in May 2011 to 114 currently, and plans to increase its network to 175 stores over the next five years. Burson operates in a relatively defensive industry, which is generally not materially impacted by the macroeconomic cycle. Burson adds an emerging quality company, in a growing sector with significant consolidation and earnings growth potential, to our portfolio.

2 FISHER FUNDS AUSTRALIAN GROWTH FUND 2 Carsales Carsales owns a network of classified advertising websites in Australia. Carsales main website, is the leading automotive classifieds website in Australia. Carsales is a strong business with attractive growth prospects and interesting global options. Coca-Cola Amatil Coca-Cola Amatil (CCA) is one of the largest bottlers of non-alcoholic beverages in the Asia- Pacific region and one of the world s top give Coco-Cola bottlers. The company s diversified portfolio of products includes carbonated soft drinks, spring water, sports and energy drinks, fruit juices, iced tea, flavoured mil, coffee, tea and SPC Ardmona and Goulburn Valley packaged ready-to-eat fruit and vegetable snacks and products. Credit Corp Credit Corp purchases and then collects, on its own account, portfolios of defaulted debt. These are primarily bought from banks. In more recent time the company has diversified, leveraging its understanding of the sub-prime market to provide consumer credit. It also has a fledgling US purchased debt ledger (PDL) operation. CSG CSG s core business is in managed print services although it has complimentary operations in managed IT services and the provision of enterprise solutions. CSG s core print services business involves the management of work place photocopiers and multifunction devices. MFD manufacturers are increasingly using specialists like CSG to drive sales and to optimise print services for their customers. We expect CSG to benefit from this trend the recent deal with Canon in Australia is an example of this. We also see the higher margins from the migration to colour printing driving higher per client profitability for CSG. CSL CSL is a leader in the growing global plasma therapies market, and has a superb record of maintaining healthy returns while delivering strong earnings growth. CSL s therapies address severe autoimmune and nerve degeneration conditions, drug trials for which are typically difficult to conduct given the significant challenges in patient recruitment. This gives existing companies with approved therapies a tremendous intellectual property advantage, which is evident in the very long product life-cycles over which CSL enjoys positive financial returns. Domino s Pizza Domino s Pizza is a true Australian growth stock with significant opportunities to increase its store numbers, improve sales growth in existing stores, and to expand profit margins. By customising both its pizza and service offering, Domino s has grown from 178 stores in 2001 to over 1400 stores at December The business has also grown profits by more than 17 times over this period. Today Domino s has large businesses in Europe and Japan and we expect Domino s has every probability of building on its remarkable success.

3 FISHER FUNDS AUSTRALIAN GROWTH FUND 3 DWS Solutions DWS is a Quality Certified and Federal Government Endorsed IT Services company providing solutions in areas such as application development, IT strategy and architecture, data migration and testing and data warehousing to a wide cross section of clients. Flight Centre Flight Centre is a globally unique travel specialist with a strong core Australian business as well as growth opportunities in the UK and US. It provides a complete travel solution, helping customers to plan complex trips, arrange visas and travel insurance, as well as offering 24/7 service from anywhere in the world. Flight Centre enjoys attractive growth prospects from its combination of scale and brand strengths, distribution channel innovations and market knowhow. Henderson Group Henderson is an independent asset manager with more than 81.5bn under management and offices in 19 cities around the world. Clients range from global institutions to personal investors in a variety of domestic markets worldwide. With investment expertise across a broad range of asset classes, Henderson offers clients access to all major markets around the globe, with core capabilities in European Equities, Global Equities, Global Fixed Income, Multi- Asset and Alternatives. Ingenia Communities Ingenia Communities is a retirement living operator focussed on the value end of the market. The business has had a tumultuous past (like many Australian property companies). Under the leadership of CEO Simon Owen (appointed Nov-09) it has refocused on its core proposition, sold non-core assets, cut debt and during FY12 internalised its management. We know Simon well as he was CEO of Aevum, a previous successful portfolio investment. Link Administration LNK is the largest provider of fund administration services to Australia s superannuation industry. It is the second largest Australasian share registry and the leading provider of shareholder management and analytics. The company also has registry businesses in a number of other countries. Medibank Medibank is Australia's largest private health insurer. Medibank enjoys significant scale and competitive advantages including brand, reputation and regulatory approvals. The earnings outlook is attractive given a tremendous tailwind from an ageing population and a strong incentive for the state to shift more of the 90% total medical bill it carries to the private sector. Medibank is a well-recognised brand with a 30% market share and can leverage its scale to negotiate better prices and terms with hospitals and healthcare providers.

4 FISHER FUNDS AUSTRALIAN GROWTH FUND 4 MYOB MYOB is the leading Australian and New Zealand provider of both accounting software for small and medium enterprises ( SME ) and of practice management software for accounting businesses. Over recent years the company has transitioned its traditional desktop accounting software package into a cloud-based subscription offer to successfully compete with Xero. Nanosonics Nanosonics owns intellectual property and has developed applications for point of use disinfection and sterilisation technologies. These technologies have a number of core benefits compared to existing approaches and can be applied to a variety of markets. Nanosonics' advantage is based on its unique patented technologies, and the company's ability to apply these technologies to well identified market opportunities. Nick Scali Nick Scali is a furniture retailer targeting the middle market with a good value, on-trend offer. The company currently operates 36 Nick Scali stores and 5 Sofas2Go outlets located on the East Coast of Australia. Entry into Western Australia is imminent. The company directly imports its merchandise, primarily from China. Ooh! Media Ooh! Media is a leading Out Of Home advertising company with a dominant share in the Retailing sector. The company sells advertising opportunities on its wide network of signs and digital screens, allowing advertisers to reach consumers in new and exciting ways. Ramsay Healthcare Ramsay Healthcare is Australia s leading hospital operator operating 151 hospitals and day surgery facilities across Australia, the United Kingdom, France, Indonesia and Malaysia. Ramsay has an exceptional record, growing revenue and earnings at an annual rate of more than 20% over the last ten years, while maintaining returns well above its cost of capital. Going forward Ramsay has an attractive pipeline of development opportunities in Australia, France and Indonesia. Resmed Resmed is a global leader in the treatment of sleep disordered breathing conditions like obstructive sleep apnea (OSA). The company provides a range of treatment options for patients with these conditions including CPAP flow generators and consumables. The firm is a leader in a global oligopoly with competitors Respironics and New Zealand s Fisher & Paykel Healthcare.

5 FISHER FUNDS AUSTRALIAN GROWTH FUND 5 Seek SEEK is the largest global online employment marketplace. Operating across Australia, New Zealand, South East Asia, China, Brazil, Mexico, Bangladesh and Africa, SEEK's employment marketplaces are exposed to approximately 2.6 billion people and more than 20% of global GDP. Sonic Healthcare Sonic Healthcare is a leading global provider of medical diagnostic services. The combination of an ageing population, an increasing focus on preventative medicine and more effective diagnostic tests drives Sonic s substantial long-term growth opportunity. Regulated medical prices are typically set to allow small independent companies to make a reasonable profit, which allows Sonic to achieve significant additional profitability from its substantial scale. More people with more access to and a greater need for healthcare services present Sonic with profitable growth prospects. Technology One Technology One (TNO) is one of Australia s largest ERP companies, with a significant presence in Government, Health and Education sectors. TNE offers a fully integrated service, which encompasses software development, sales, implementation and consulting. TNE argues the model of providing both product and consulting solutions delivers superior client outcomes. Tox Free Solutions Tox Free Solutions is one of the largest integrated waste management and environmental services businesses in Australia specifically focused on the provision of industrial and hazardous waste treatment, contaminated site remediation and industrial services. Tox Free has strategically located facilities, a portfolio of technologies and technical expertise to enable the cost effective remediation and treatment of a broad range of industrial and hazardous waste. Veda Veda is the dominant player in the Aussie Credit Bureau market, with approximately 85% market share in consumer credit enquiries and a leading share of commercial enquiries. The combination of low interest rates and changing lending regulation should see Veda continue to grow earnings. Veda offers the portfolio a high growth, quality business with unique defensive characteristics. Westpac Westpac is Australia s oldest bank and corporation. It operates a leading bank franchise in both Australia and New Zealand and has a strong presence in all spheres of retail and business banking. Westpac has a formidable stable of brands supporting its top tier position in both deposit gathering and lending.

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