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M A N A G E M E N T
S E R V I C E

Quarterly Investment Report, 30 September 2015
Produced by
P U B L I C T R U S T E E
GPO Box 1338 Adelaide South Australia 5001
T 08 8226 9200 | F 08 8226 9350
Country freecall 1800 673 119 www.publictrustee.sa.gov.au

Quarterly Investment Report, 30 September 2015
This Quarterly Investment Report presents the results of the Public Trustee’s Funds
Management Service performance and commentary for the quarter ended 30 September
2015.
Public Trustee is a statutory entity founded in 1881. At the end of the September 2015 quarter, it had approximately $902m in funds under management. Public Trustee’s Funds
Management Service has a distinguished record of high quality, proven and consistent investment performance. We are proud of our long-standing reputation for trust and reliability, and the vital role we play for our customers and their financial affairs.
Investment markets were volatile during the September quarter. Concerns around China’s growth led to a correction in global share markets. Pleasingly, all of Public Trustee’s investment strategies comfortably exceeded benchmark returns for the September quarter
2015 and continue to do so over 1, 3 and 5 year periods.
SIS Performance versus Benchmark to 30 September 2015
Performance
Cash
Last 3 months
0.55%
Last 12 months
2.52%
3 years
3.08%
5 years benchmark variance
0.29%
0.26%
1.46%
1.06%
1.73%
1.35%
3.90%
2.51%
1.39%
Capital Stable benchmark variance
Balanced benchmark variance
Growth benchmark variance
Equities benchmark variance
*After fees
-0.05%
-0.46%
0.41%
-0.63%
-1.65%
1.02%
-1.38%
-3.03%
1.65%
-2.86%
-5.39%
2.53%
3.92%
3.44%
0.48%
5.16%
4.35%
0.81%
5.61%
4.01%
1.60%
5.91%
2.99%
2.92%
5.81%
5.02%
0.79%
8.66%
7.79%
0.87%
10.76%
9.64%
1.12%
13.84%
12.50%
1.34%
5.94%
5.26%
0.68%
7.91%
7.17%
0.74%
9.07%
7.95%
1.12%
10.28%
8.74%
1.54%
In the context of strong 3 and 5 year returns for share markets some volatility is not unexpected. As always we are focused on the long term and in delivering sound returns to our customers.
If you would like to add to your portfolio, you may do so at any time. Please contact Elaine
Pringle (08) 8226 1746 for more information.
Debra Contala
Public Trustee
6 November 2015

Quarterly Investment Report, 30 September 2015
Sharp falls in the Chinese share market and concerns about their economy led to a sell-off in global shares during the quarter. In Europe, signs that a recovery might be on its way remain patchy despite stimulus from the European Central Bank.
The bright spot in the global economy is the US, with recent data showing continued positive signs. Consumer spending and the housing market have held up relatively well despite the softening of the global economy and uncertainties in China.
The Reserve Bank of Australia (RBA) kept official interest rates on hold at 2.00%. The
Australian Dollar fell against all major currencies during the September quarter, finishing at
$0.70US.
On the 15 September, Malcolm Turnbull was sworn in as the new Prime Minister of
Australia.
Australian shares (ASX 300) fell by 6.5% over the quarter, due largely to a poor month in
August. Global share markets were also volatile, however on an unhedged basis they were up 0.4% due to the fall in the Australian dollar.
Key developments over the quarter were:
Outperformance from benchmark for all of Public Trustee’s investment strategies;
Depreciation of the Australian dollar against all major currencies, and;
Concerns around China’s economy.
Since 1990, funds invested through Public Trustee Common Funds have grown from
$160 million to $902 million today.

Quarterly Investment Report, 30 September 2015
The Reserve Bank kept official interest rates on hold during the quarter at 2.00%. The fund’s return of 0.55% for the quarter was above the benchmark return by 0.26%. The strategies 3 and 5 year returns remain at 3.08% and 3.90%, which are 1.35% and 1.39% respectively ahead of benchmark.
Crediting Rate:
The investment return for this fund is calculated daily, based on the net earnings of the fund.
The average crediting rate for the quarter was 2.20%, and the daily rate at 30 September
2015 was 2.10%.
Fund size : $345 million.
:
Funds assigned to the cash investment strategy are invested in the Public Trustee's Cash
Common Fund. The objective of the Cash Common Fund is the preservation of capital. The strategy is intended for investors who are seeking secure returns at prevailing short term interest rates.
The strategy’s return for the quarter was
-0.05%, outperforming the benchmark return by 0.41%. The strategy’s 3 year and 5 year returns of 5.81% and 5.94% are 0.79% and
0.68% respectively ahead of benchmark.
Fund size: $73 million.
Overseas
Fxd Int
10,2%
Cash
19,8%
Short Term
Fxd Int
29,6%
Australian
Shares
11,0%
Overseas
Shares
9,2%
Property
5,1%
Long Term
Fxd Int
15,1%
Performance Quarter % 1 year % 3 year %* 5 year%**
Return (after fees) -0.05% 3.92% 5.81% 5.94%
Benchmark** -0.46% 3.44% 5.02% 5.26%
Difference 0.41% 0.48%
* Annualised ** Index return on Strategic Asset Allocation
Objective:
0.79% 0.68%
The objective of this strategy is to achieve a higher return than cash by strategically allocating 25% of the funds in growth assets and the balance in fixed interest and cash. This strategy is suitable for investors who are seeking higher returns than cash over time and are prepared to accept a slight increase in risk in terms of downward movements in the value of their capital from time to time.

Quarterly Investment Report, 30 September 2015
The strategy’s return for the quarter was
-0.63%, outperforming the benchmark return by 1.02%. The strategy’s 3 year and 5 year returns of 8.66% and 7.91% are 0.87% and
0.74% respectively ahead of benchmark.
Fund size: $204 million.
Short Term
Fxd Int
9,8%
Long Term
Fxd Int
25,0%
Overseas
Fxd Int
10,2%
Cash
4,9%
Performance Quarter % 1 year % 3 year %* 5 year%**
Return (after fees) -0.63% 5.16% 8.66% 7.91%
Australian
Shares
21,8%
Overseas
Shares
18,2%
Property
10,1%
Benchmark** -1.65% 4.35% 7.79% 7.17%
Difference 1.02% 0.81% 0.87% 0.74%
* Annualised ** Index return on Strategic Asset Allocation
Objective :
The objective of this strategy is to gain a higher return by strategically allocating 50% of the funds in growth assets and the balance in fixed interest and cash. This strategy is suitable for medium term investors who seek higher returns and are prepared to accept some volatility in the value of the funds invested.
The strategy’s return for the quarter was
-1.38%. This outperformed the benchmark by
1.65%. The strategy’s 3 year and 5 year returns remain at 10.76% and 9.07%, which are both 1.12% ahead of benchmark.
Fund size: $204 million.
Short Term
Fxd Int
Long
4,9%
Term
Fxd Int
15,0%
Property
10,0%
Overseas
Fxd Int
5,1%
Cash
4,8%
Performance Quarter % 1 year % 3 year %* 5 year%**
Return (after fees)
Benchmark**
-1.38%
-3.03%
5.61%
4.01%
10.76%
9.64%
9.07%
7.95%
Difference 1.65% 1.60%
*
Annualised
**
Index return on Strategic Asset Allocation
1.12% 1.12%
Objective :
The objective of this strategy is to attain high long term returns in excess of inflation. It has a
70% strategic allocation to growth assets and the balance in fixed interest and cash. This strategy is suitable for long term investors who are prepared to accept high volatility in the value of the funds invested.
Australian
Shares
31,8%
Overseas
Shares
28,4%

Quarterly Investment Report, 30 September 2015
The strategy’s return for the quarter was
-2.86%, which outperformed the benchmark by 2.53%. The strategy’s 3 year and 5 year returns remain at 13.84% and 10.28%, which are 1.34% and 1.54% respectively ahead of benchmark.
Fund size : $77 million.
Performance
Overseas
Shares
50,6%
Quarter % 1 year % 3 year %* 5 year%**
Return (after fees)
Benchmark**
-2.86%
-5.39%
5.91%
2.99%
13.84%
12.50%
10.28%
8.74%
Difference 2.53% 2.92%
*Annualised ** Index return on Strategic Asset Allocation
1.34% 1.54%
Objective:
The equities strategy offers 100% exposure to the world’s share markets. Over the long term, it offers the prospects of high returns but with the likelihood that capital values will fluctuate broadly in line with the fortunes of the share markets. Typically, this strategy may be used as a return booster in conjunction with one of the other investment strategies.
The objective of this strategy is to gain exposure to both domestic and overseas share markets. This strategy has a 55/45 strategic allocation to the two markets respectively.
NB: All the above investment strategies are exercised through investment in one, or a combination of, the Public Trustee Common Funds.
The investment returns presented in this quarterly report relate to past performances and must not be taken to imply that this predicts future returns of the funds. The information and opinions contained in this report have been compiled or are arrived at by Public Trustee from sources believe to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness.
The information in this report is of a general nature. Public Trustee strongly recommends that you contact the Office to discuss your particular circumstances. Public Trustee does not accept any liability whatsoever for any direct or consequential loss arising from any usage of information herein contained.
Australian
Shares
49,4%

P U B L I C T R U S T E E
GPO Box 1338 Adelaide South Australia 5001
T 08 8226 9200 | F 08 8226 9350
Country freecall 1800 673 119 | www. publictrustee.sa.gov.au