Invast Insights Final 032 140505

7/21/2019 Invast Insights Final 032 140505

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INVAST INSIGHTS

WEEK COMMENCING 5 May 2014


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INVAST INSIGHTS NEWSLETTER www.invast.com.au | 1800 468 278

Invast Insights Week commencing 5 May 2014

This week we look at the following topics:

Monthly portfolio review, sell in May?

We update our three portfolios with outlook summaries.

Bank earnings season underway, ANZ

overvalued?

Australian banks are reporting this month.

Are they priced to perfection? We explore.

Update on US corporate earnings season

We look through the key numbers and

pinpoint where we think the US markets are

heading.

Technical update on the copper price

The most important industrial metal. We tell you where it is going.

Key gold price forecast webinar on this week

A great opportunity to hear from our own Senior Technical Strategist on where the yellow metal is

heading.

Monthly portfolio reviewsell in May?

All three of our portfolios continue to track in positive territory despite the huge volatility on the

Australian market. As the iron ore price falls from around US$120-130 per tonne to US$105 per tonne.

Many investors have seen the value of their mining shares follow the same direction lower. None of

our portfolios hold any direct mining shares and this has been intentional throughout the year.

We continue to see our most conservative portfolio the Drawdown Phase portfolio performing

above target. The Wealth Creation portfolio remains a little disappointing but still remains in positive

territory. We added three new stocks last month which we think will be excellent profit generators

into the future. We took losses on some positions earlier this year because we have a firm stop loss

policy. This helps minimise any nasty surprises which is necessary for any growth investor.

Quote of the weekIve missed more than 9000 shots in my

career. Ive lost almost 300 games. 26 times I

have been trusted to take the game winning

shot and have missed. Ive failed over and

over and over again in my life. And that is

why I succeed.

- Michael Jordan


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Back to the Drawdown Phase portfolio and the excellent results! Its not every day that you see the

most conservative portfolio shooting the lights out but it is a feature of how we think about portfolios

at Invastwe dont benchmark to an index, we just etc expectations and try to deliver on them at an

absolute basis. The Wealth Preservation portfolio has seen some stability return with standout

performances from Woolworths and Woodside Petroleum both star performers over the past few

months.

We were also fortunate to book a nice fully franked dividend from Woolworths in two of the portfolioswhile the share price has rallied. Westfield is starting to rerate slowly, still below our entry level but

the market is finally starting to see what we have been talking about over the past few months. We

think Westfield shares can continue to rise above $11 per share and should hold that level as dividends

are paid in the next few months.

Wealth Creation Portfolio (May Review)

Security Units Entry Market Profit/Loss Position

Value

Long Tandou (Shares ASX) 20,000 $ 0.460 $ 0.480 $ 400.00 $ 9,600.00Long Capilano Honey (Shares ASX) 1,905 $ 5.300 $ 5.550 $ 476.19 $ 10,000.00

Long Clearview Wealth (Shares

ASX)

13,350 $ 0.750 $ 0.760 $ - $ 10,146.00

Long Oz Forex (Shares ASX) 3,125 $ 3.200 $ 3.150 $ (156.25) $ 10,000.00

Short S&P500 (A$) 6 $ 1,831.10 $ 2,023.68 $ (1,155.49) $ 9,831.11

Cash $ 1,215.21

AUDUSD at time of calculation 0.9290 $ 1,244.62 $ 50,792.32

Total return as of May 2.5%

Annualised since inception 4.3%

Wealth Preservation Portfolio (May Review)

Security Units Entry Market Profit/Loss Value

STW ETF (Shares ASX) 209 $ 47.90 $ 51.69 $ 792.11 $ 10,803.21

IJP ETF (Shares ASX) 801 $ 12.48 $ 12.15 $ (264.33) $ 9,732.15

Westfield Group (Shares ASX) 898 $ 11.13 $ 10.95 $ (161.64) $ 9,833.10

Woolworths Group (Shares

ASX)

289 $ 34.59 $ 37.32 $ 788.97 $ 10,785.48

Woodside Petro. (Shares ASX) 263 $ 37.96 $ 41.04 $ 810.04 $ 10,793.52

Cash $ 932.70

$ 2,170.34 $ 52,880.16

Total return as of May 4.3%



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Drawdown Phase Portfolio (May Review)

Security Units Entry Market Profit/Loss Value

TAHHA (Shares ASX) 98 $ 102.10 $ 100.00 $ (205.80) $ 9,800.00

GMPPA (Shares ASX) 101 $ 98.85 $ 100.55 $ 171.70 $ 10,155.55

Telstra (Shares ASX) 2053 $ 4.87 $ 5.22 $ 718.55 $ 10,716.66

Woolworths Group (Shares ASX) 289 $ 34.59 $ 37.32 $ 788.97 $ 10,785.48

AMP Subordinated Notes (AMPHA) 95 $ 100.00 $ 101.59 $ 151.05 $ 9,651.05

Cash (includes future dividends) $ 1,883.19

$ 2,431.10 $ 52,991.93Total return as of May 4.9%


We wrote an article last week about stocks likely to enter into our three portfolios. If you missed it,

you can read it by clicking here.The key priorities are Toll Holdings and Macquarie Group. We are

inclined to take profit on Woodside Petroleum and add some Macquarie to the portfolio. We are

also contemplating adding Toll Holdings because of the solid 5% fully franked dividend yield to the

Drawdown Phase Portfolio as the TAHHA mature this month.

We will have around $9,8000 to invest in Toll. We think the business is stable and leveraged to a

turnaround in the domestic economy. The AMP and Goodman notes are holding steady and providing

a nice income stream, its a shame that we didnt take on boardthe additional risk a few months ago

via the Healthscope notes (the business now looks to be subject to a takeover with plenty of interested

parties) but our focus here is to be comfortable. The Drawdown Phase portfolio is running at an

annualised return rate of 8.3% which is above target and might even rise higher as more dividends are

booked.

So in summary, we plan to replace the matured TAHHA notes in the portfolio with Toll Holding shares

at a price of $5.28. Well hold off selling Woodside in favourof Macquarie until next month. Macquarie

has just reported a solid set of numbers and will be buying back shares on market as of the time of

writing. We need to spend a little bit of time digesting the earnings numbers and response to

shareprice before making the switch. With the Toll Holdings position, we need to act quickly since the

TAHHA notes have matured as of the beginning of May. Stay tuned for more updates, but for now all

looks well on the portfolio front!
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Bank earnings season underway, ANZ overvalued?

Three of the big four Australian banks will report their earnings in May. Commonwealth Bank is the

exception, it has a June balance date for its financial year and tends to report its earnings with most

other industrial companies in February and August. Our preference in the space remains ANZ for the

following reasons:

* ANZ is one of the few Australian organisations that is legitimately

leveraged to the growth of Asian economies. Its not just about having

a branch or office in Asia, its about cementing business relationships.

ANZ has been working hard on this over the past decade, its not an

easy achievement. It takes time and as a bank which is in the business of pricing risk, there will be

losses in Asia which we havent yet seen on a large scale. ANZs business in Asia has grown at a

compound annual rate of around 36% over the past few years which is a multiple of the growth rate

in the much more mature Australian market.

* ANZ not only has business assets in Asia but it actually gets Asia. What we mean by this is ANZ

understands the culture, the business realities and the situation on the grown. Many western

companies have tried to impose their way of doing business in Asia as a means to generate profit. In

the banking space this leads to disasters western financial institutions can make profit for a short

period of time but when things heat up and the economy cools, they are often the largest depressed

sellers. We feel that ANZ understands what it takes to be successful in Asia and has built its business

around the Asian market environment as opposed to exporting its Australian bank into Asian markets.

* ANZ understands the benefits of integrating its Asian growth strategy into its core Australian market.

Your author was recently walking past an ANZ branch in Hurstville a suburb of South Sydney which

has a very strong Chinese speaking population. He noticed the branch was designed, positioned and

aimed at facilitating Chinese speaking business. The signs were written in Chinese, the ATM machines

were multi lingual and the staff were all trained to deal with the realities of dealing with the Chinese

speaking market. Your author spoke to the bank managed who said that ANZ is one of the few (need

to confirm this) Australian banks that actually lends to Chinese investors who wish to purchase assets

in Australia. This integration is key to building regional relationships, the same way that HSBC for

example has become a truly global organisation with portability in its services.


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* The above is one anecdote only but the numbers dont lie either. In markets it is dangerous to just

base ones investment conviction on a single anecdote. We admit this firmly and accordingly, we

analyse ANZs recent report card below.

The first thing we look at when a bank reports its profit is margins and asset quality. The earnings of a

bank can be distorted by many different factors. Banks earn their money different to a super market.

A super markets earnings are a function of how much product it sells, the balance sheet adjustments

are limited to certain inventory treating items. For a bank, the numbers can really be subject to manyelements at managements discretion.

Your author covered the Australian banks during the global financial crisis in a previous role, we saw

just how quickly earnings can change for a bank based on certain balance sheet risk items arising. For

example, a banks management team may determine a certain corporate loan is a performing loan.

But if the company files for receivership tomorrow, even though the account is up to date, the reality

might mean that the bank would need to immediately take a write down on that loan if it thinks that

it cannot recover a 100% of its face value. Thats why here at Invast we spend so much time on assetquality.

Most of the financial press and analyst community focus on earnings and dividends. We think this is a

secondary issue. If I take $100 from you and pay you $5 or $6 return, the difference between the two

amounts is 20% ($1/$5*100) and so I could report this as a 20% increase in the amount of money I am

paying you back. But what really matters is that $100 which I have taken from you. If the value of that

$100 is now worth $90, the profit that I have paid you is completely offset by the $10 destruction in

value to your investment. Banks tend to have a habit of increasing their earnings graduallythe $5 to$6 examplewhile slashing the value of their loan book overnight in market downturnsthe $100 to

$90 example. So just be aware of this, the global financial crisis has taught us to never blindly trust any

global banks ever again.

The good news for ANZ is that the loan book looks reasonable as of the end of March this year.

Impaired assets (bad loans) as a proportion of the loan book at low at only $3.6bn. There seems to be

good provisioning set aside for problems, individual provisioning currently covers around $1.5bn or

41% of all bad loans. ANZ can get away with us as long as things down turn sour quickly. One of the


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best ways to see where loan quality is heading is by looking at mortgage arrears. This is a good lead

indicator for problem loans. A loan might be in arrears but doesnt necessarily turn into a bad loan

unless the bank things that the chance of it being repaid falls below a certain probability event. Loans

which have been in arrears by more than 90 days have actually increased from $1.8bn in September

to $2.0bn at the end of March. We dont know how many of these loans are from Australia or from

the Asian business.

What we are seeing though is loans in arrears between 30 to 60 days rising from $1.5bn to $2.0bn.This needs to be watched closely, we dont think the majority of this is due to the Australian business

given record low interest rates, low unemployment and ris ing house prices. ANZs total loans which

are in arrears totals $13.0bn compared ti $11.8bn at the end of September. To put this into

perspective, ANZ has only allocated $4.3bn for all bad loansthose which have already gone bad and

those that are in arrears but not yet in default status.

Our point here is this ANZ may have reported a nice headline growth rate in cash earnings of 11%

which caught all the news headlines BUT its loan arrears are rising and perhaps not rising in theAustralian market which is its core business. Eventually if the arrears continue rising and snowball into

problem loans, there will be a need to raise provisioning and take some pain. Profits will be impacted,

this is a big IF event but its one that needs to be factored into any scenario analysis. Well get a better

idea of why ANZs arrears are rising when we see number out of Westpac, if the trend is simi lar then

we can assume this reflects the dynamics of the Australian mortgage market. If Westpacs loan arrears

vary from ANZ, we must draw the conclusion that arrears are rising in Asia.

So we dont doubt the Asian growth strategy, we actually like it and think ANZ is well placed in thenext decade to capitalise from Asian growth. But we are nave enough to just accept everything a bank

tells us. We are a little cautious on the rising arrears profile and think that eventually ANZ will need to

take some pain from a slowing rate of growth in Asia. It might make some bad decisions along the way

have book loan losses thatslife in banking. This will come as a surprise to the market but not as a

surprise to us. We protect ourselves from this probability but factoring in a margin of safety into the

price we are willing to pay for ANZ. The best way we think to value a bank is by using a Price to Book

ratio. The price the market is willing to pay for the bank compared to the value of equity the bank

actually owns in its business.


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On this measure, ANZs total book value (total value of its equity) as of the end of March was valu ed

at $47bn. In contracts the market is valuing ANZ shares at approximately $93.5bn. We calculate the

latter by taking the ANZ share price and multiplying by the total number of shares on issue. The result

is a Price to Book ratio of around 2x. Its not a big number but it definitely isnt cheap either. ANZs

total arrears make up about 30% of its total equity value. This is before any large, risky corporate loans

blow up. Perhaps they wont eventuate and things will go along smoothly. Given the experience of

other banks during the global financial crisis, we just dont feel comfortable taking this plunge. We

think ANZ probably deserves to trade at a Price to Book ratio of 1.5x50% premium to its equity value.This would equate to a share price of around $25-$26.

In the past we have said we are willing to wait for ANZ to fall back to around $27-$28 per share before

we start adding it to the portfolio. This might never eventuate but its a risk we are prepared to take.

We dont see an immediate reason to buy ANZ even though ANZ is our preferred pick among the

Australian banks. There is a big difference between a preferred pick within a bunch of stocks and an

investment worth buying. One is a relative measure, the other absolute and we think absolute choices

are what our clients should be focusing on. With that in mind, we are happy to sit back, relax and seehow the Australian banks perform over the coming few years. We wonthold any of them in the

portfolios because we want to be able to sleep at night. When we see over reaction in the market,

we will take the opportunity to jump on board and buy them. We arent bearish, we are just being

prudent in our investment approach.

Update on US corporate earnings season

We published a report on the Invast blog and subsequent Invast Insights report on 7 April 2014

previewing the upcoming US reporting season. We made the point that the risk reward ratio was

making it difficult to be long the Dow Jones Industrial Average. Since then the Dow has fallen but also

recovered in recent sessions to be fairly flat, in the vicinity of where we initially advised taking a short

position. We still think we Dow is set for declines and the risk reward characteristics make it difficult

to go long here, in any case we have always held the view that our stop loss level would be set at

16,650 which is about 100 points away from the current price as of the time of writing.We maintain

our short view. For those that missed the initial post,here it is.We take this opportunity to provide

some running commentary on the key Dow Jones Industrial constituents and how their earnings

numbers have come in. Most of the names have no reported and so we thought this would be an
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appropriate opportunity to update the market on the numbers. We published the chart below in early

April.

We focus our result analysis on the shaded names Visa, 3M, Boeing, United Technologies and

American Express.

* VisaThe stock is down for the month as the result missed expectations on the revenue front. Net

income for the three months ended March 31 rose 26% to $1.6bn, or $2.52 a share, from $1.27bn, or

$1.92, a year earlier, Foster City, California-based Visa said yesterday in a statement. Adjusted earnings

per share, which exclude a tax gain, were $2.20, two cents better than the average estimate of 31

analysts surveyed by Bloomberg. Revenue climbed to $3.16bn, missing the $3.18bn estimate.

* 3M - The stock rallied nicely last month, one of the key names dragging the Dow back higher.

Earnings were in line with market expectations with revenue up 3% to US$7.8bn and earnings at

US$1.79 per share. Sales in the healthcare unit rose nearly five per cent and were also higher for the


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industrial, safety and graphics, and electronics and energy divisions. Sales dipped in the consumer

business, which ranges from stationery and office supplies to home care products.

* Boeing - A fairly flat month for the stock, trading within a very tight range between US$120-130 per

share.Rising jet production helped Boeing post a 14 percent rise in adjusted net profit in the first

quarter, beating estimates, and the company notched up its full-year forecast. The first quarter results

reflected a weak comparison with a year ago, when Boeing delivered just one 787 Dreamliner in the

first quarter of 2013. Deliveries were halted that month after two incidents in which batteries on theplanes burned, prompting regulators to ground the global Dreamliner fleet for three months.

* United TechnologiesPoor month for the stock, stock drifting lower following the results. Nothing

really there to get the market excited. New equipment orders at Otis, a division of United Technologies

and the worlds biggest maker of elevators, escalators and other people-moving products (like

moving walkways), increased 9% for the quarter due to 27% growth in Chinese orders. United

Technologies said that new equipment orders in its climate, controls and security segment increased

1% organically with growth in HVAC (heating, ventilation, and air conditioning) products as well as fireand security products offset by a decline in demand for container refrigeration products in the

Transicold brand.

* American ExpressAnother stock which has seen a poor month, market totally unconvinced by the

earnings numbers. Struggling to rise back above US$90 per share.The company reported net income

of $1.4 billion for the period, a 7.7% increase from last year, on the back of increased spending by card

members. The card payment networks net income margin expanded to 17.5% from 16.2% in the same

quarter last year. Earnings per share (EPS) for the quarter were $1.33, a 16% increase compared to$1.15 in 1QFY13. The market needs to see this type of growth given the high price to earnings ratio

which we highlighted in our chart above. Lacked the strong conviction some were looking for!

Our Senior Technical Strategist Vito Henjoto has just re-run his numbers and provided the following

analysis with respect to the Dow Jones position. His points are:

* Key resistance located at 16650in line with our previous comments above

* Immediate support located at 16350 followed by 16150.

* Trend changing support located at 16000


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* Medium Short term is neutral as long as price is within this 650 points range (1600016650).

* Stochastic also indicating potential overbought market in the short term.

Image: US30 daily chart via Invast MT4 platform

Technical update on the copper price

The brief copper rally over the past month faces tough resistance close to the 61.8% (around

US$3.14/lb) off its fall in FebruaryMarch this year. As can be seen on the Daily chart below, copper

has also failed to close above the Ichimoku cloud. The combination of 61.8% retracement and the

inability to overcome Ichimoku cloud resistance suggests a potential for downtrend continuation. The

level that could stop this from happening is at the key US$3/lb mark. Any daily close below this level

could trigger further selling in copper.

The Stochastic Oscillator is also supportive of this view at time of writing as price comes off the

overbought condition. Even though technical levels are pointing for a move lower in the medium short

term, we like to be on the positive side of things that the move lower will likely be less aggressive

compared to the drop two months ago. Downside support below US$3/lb is located at US$2.98/lb and

US$2.93/lb both of which are Fibonacci retracement of the recent recovery. We do expect these levels


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to hold any further drop in Copper prices should US$3/lb fails to support the market. Position traders

could look to re-enter the copper recovery on bounces from either US$2.98/lb or US$2.93/lb.

Chart courtesy of TradingView.com

Key gold webinar on this week

We launched our Gold Forecast guide two weeks ago with resounding success. Demand for the outlook

on gold has been significant. For those that missed it you can download the document by clicking

here.The guide goes through our fundamental way of thinking about gold and shares some insight

into the factors that we think about when trying to project a long term gold price. We focus on the

supply side of the equation while many other in the industry just focus on gold demandwhich is very

subjective and difficult to quantify. We spoke about gold extensively in one of our daily morning

meetings last week plenty of Insights from some of our senior traders and Institutional Sales

managers. The general feel around our trading desk is that gold is currently consolidating but could

surprise the market on the upside in the coming few months.
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When? How? These are the two key questions that many are asking. We remind you that our Live

Market Analysis webinar on the 7thMay 2014 will be focused on the where we believe the gold price

is going based on the very latest technical analysis by our Senior Technical Strategist Vito Henjoto.

We have laid out the fundamentals in the guide and this webinar is the best opportunity to position

your trades for the next few months.Click here to register directly into the webinar, an event not to

be missed!The beauty of our webinars is that clients get to see exactly how we place trades, how we

construct our analysis and how we manage trades as the market starts to fluctuate. The webinars are

also an excellent opportunity for you to ask questionsthere arent many brokers out there that give

you full access to their senior analysts while they trade the market.

We hope to see you there. If you have any questions that you would like to be specifically addressed

in the webinar ahead of time, feel free to [email protected] [email protected]

directly.

Glossary of previously covered topics

What the RBA can learn from the

RBNZ

Stocks likely to enter our portfolios

Invast launches ST24 platform

Gold outlook webinar must attend

event

April portfolio review

Aussie dollar outlook post RBA meet

Gold technical update charts &

levels

Upcoming essential webinars

Russia and the situation in the

Ukraine

Monthly portfolio review

Property vs. shares and gold

performance

Focus on the Yen crosses

What does the future hold for

Qantas?

Australian earnings review

US jobs report, this weeks key event

Why BHPs result is a turning point

Aussie set for a bull market run

Gold risk/reward levels

AUD/NZD the start of a major

reversal?

Reporting season buy & sells

Technical outlook & key level updates

Book review The Demographic Cliff

Can Turkeys economic situation

recover?

Monthly portfolio review and

changes
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protected]:[email protected]://www.invast.com.au/resources/webinars/2014-gold-report.aspxhttp://www.invast.com.au/resources/webinars/2014-gold-report.aspx


14/16


Forge Group (FGE) example of

fragility

Educational trading video Nassim

Taleb

Weekly live market analysis sessions

Gold price review latest technical

update

ETF performance post currency moves

Australian inflation numbers boost

A$

Hollywood films and market

performance

Client question portfolio

methodology

CEO chit-chat ELX

Key takeouts from ECB monthly

report

A$ direction following jobs report

Welcome to a year of opportunityOil & comments from Stratfor

Gold price outlook

Market outlook via our CNBC

interview

NASDAQ 400 winners & losers

Geopolitics and impact on markets

Indonesia & Australias generational

struggle

Iran & the USA Impact on oil

Educational videos stocks and forex

Why Free Cashflow is king

Oil price revisited

Is the carry-trade alive?

Ellex Medical - Keep an eye on this

small cap stock

Preview: Is the carry-trade alive and

kicking?

Our takeout from the RBA decision

Our initial impressions on the

Westpac result

Is Europe about to dive again?

Book review Who moved my

Cheese?

A look at the Australian banks

ANZ and NAB worlds apart

How we think about banks

Technical analysis to filter market

noise

Understanding Beta in Forex markets

Social media & trading

Melbourne Cup tip

Where interest rates may be heading

in Australia?

What this means for the Aussie

dollar

Feedback from our Gold seminar

Monthly portfolio review

Proposed portfolio changes

BHPs quarterly production reportWhy it may be time to start buying

mining stocks

Reasons to start buying mining

stocks

The future of Chinas railways

Rio Tinto deserves a pat on the back

Which stocks are worth buying?

Initial impressions on the Telstra

AGM

Revisiting the 15 hidden gems

September jobs report new release

date

Telco stocks update how our picks

have fared

US reporting season preview

Earnings beat rate

Market correlations

Currency Triangulation

Using correlation to detect market

anomaly Gold & A$ divorce

Client question and answer

Exchange traded products on the

ASX

International exposure &

opportunity

Caution and research is important

A closer look at the DAX

Germany the growth engine of

Europe

Introduction to Fibonacci

Invast Gold Seminar

About our guest speaker

Gold interview worth watching

October portfolio performance

review

Portfolio changes and additions

Trends in upcoming AGM season

Gold price in light of Fed meeting

How we think about goldBook review The 4 Hour Work

Week

The Federal Reserve and the future

of money printing

How does the September decision

impact Australia

Quality of assets for Australian

banks

The key data set to watch

Brent crude back to "normal" trading

range

Pivot points explained

Client question and answer - liquidity

What is happening in China?

How we think of China

Why steel production matters

Fortescue Metals expresses its views

China in a medium term timeframe

We all need a little Vision
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15/16


What do Vision's numbers look like?

Key priorities going into 2014

Vision's outlook and guidance

Forex pairs outlook for targets

Client question and answer

Copper price key for mining sector

Who are the key consumers of

physical copper?

Where copper stockpiles are

trending

Where the copper price goes from

here

Nokia & Microsoft deal puts mobile

sector in spotlight

Australian small cap stocks

leveraged to mobile growth

Where Telstra fits into it all

AMP going into China - what does it

mean?

Risk management for traders

Book review - The Black Swan by

Nassim Taleb

Launch of our model portfolios

The three portfolios explained

What does Syria mean for your

investment portfolio?

Invast's initial impression on the

Qantas results

Invast's initial impression on the

Woolworths results

Building a trading plan from scratch

Who we are and what we plan to

offer

The 15 hidden GEMS that recently

came up on our screen

Woodside Petroleum - Not all about

the earnings

Super Retail & The Reject Shop -

Initial impressions

ANZ needed a good trading update

to maintain momentum

Vito Henjoto Global Market Outlook

and Technical Analysis

Disclaimer

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this or future reports. The authors of this report may or may not be holding a position in the securities

mentioned. Please note that the information contained in this report and Invast's website is of a

general nature only, and does not take into account your personal circumstances, financial situation

or needs. You are strongly recommended to seek professional advice before opening an account with

us.

General Disclaimer: This newsletter contains confidential information and is intended only for the

person who downloaded it. You should not disseminate, distribute or copy this newsletter. Invast does

not accept liability for any errors or omissions in the contents of this newsletter which arise as a result

of downloading this newsletter. This newsletter is provided for informational purposes and should not

be construed as a solicitation or offer to buy or sell any financial product. Invast Financial Services Pty

Ltd is regulated by ASIC (AFSL 438 283 | ABN 48 162 400 035).

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and any other relevant Invast Financial Services Pty Ltd documents before you decide whether or not

to acquire any financial products listed in this email. Our Financial Services Guide contains details of
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our fees and charges. All these documents are available here on our website, or you can call us on

+612 8036 7555. CFDs and Foreign Exchange are leveraged products and carry a high level of risk and

you can lose more than your initial deposit so you should ensure CFD and Foreign Exchange trading

meets your personal circumstances.

General Advice Warning: Being general advice, this newsletter does not take account of your

objectives, financial situation or needs. Before acting on this general advice you should therefore

consider the appropriateness of the advice having regard to your situation. We recommend you obtainfinancial, legal and taxation advice before making any financial investment decision.

Documents

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