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1 | A Guide to Ethical Investing
A Guide to Ethical Investing Nicholas Stotz – Investment Research Analyst
2 | A Guide to Ethical Investing
Introduction
Socially conscious investing, whereby companies are evaluated not only by their
investment potential but also by their environmental and social impact, is one of the
fastest growing investment strategies in the world as investors strive to align their
portfolios with their conscience.
The investment community generally identifies ethical investments by evaluating
companies on environmental, social, and governance (ESG) factors. Examples of
ESG issues include:
Environmental – Impact of the business on the environment
Environmental degradation, pollution, climate change, sustainability, water/energy efficiency, animal testing, clean energy.
Social – Impact of business on society
Human rights violations in supply chain, exploitation of cheap labour in developing countries, supply of armaments to military, poor labour relations, provision of socially undesirable goods such as tobacco and gambling.
Governance – management structure and behaviour
Undue political influence, lack of diversity on the board, large gender pay gap, lack of board independence, abuse of market share, corruption, use of tax havens.
Different ethical funds focus on different ethical issues. Whilst this means that
socially conscious investors have a wide range of options to choose from, it also
increases the chances of an investor choosing a fund with ethical principles
incongruent to their own.
Would someone wanting to invest in an ethical fund expect it to include banks and
miners? It depends on what their ethical beliefs are.
Many of the top performing ethical funds invest heavily in big banks and
miners, but won’t invest in industries such as tobacco, alcohol, and
gambling. Is it more unethical to invest in a wine distributor than a big
bank or miner?
3 | A Guide to Ethical Investing
What is ethical?
“The beginning of wisdom is the definition of terms” - Socrates
Before we can delve into the world of ethical investing, we need to define what is
ethical in order to differentiate between ethical and non-ethical investments. This
presents a challenge, since every individual has their own beliefs about what is right
and wrong, and often what one thinks is perfectly ethical may be seen as morally
reprehensible by someone else.
Ethics refers to the discipline dealing with what is good and bad, and with moral duty
and obligation. However, what constitutes ethical behaviour is often ambiguous. For
example, take the following thought experiment:
You are walking over a bridge when you notice a train hurtling towards
five people tied onto the train tracks. As it happens, there is an overweight
bystander on the bridge. The only way you can stop the train is by pushing
the bystander over the bridge. What is the ethical decision?
What if there were only two people at risk?
What if there was only one person, but they were a member of your family?
The various justifications for each decision illustrate that what is considered to be
ethical can vary wildly, especially in situations where what constitutes moral
behaviour is unclear. Therefore, it is essential for socially conscious investors to
understand the ethical framework underpinning the investment strategies of ethical
funds. One environmentally conscious fund may invest in nuclear energy as a clean
alternative to fossil fuels, whilst another environmentally conscious fund may deem
nuclear energy unethical due to the environmental effects of nuclear waste.
There may be no right or wrong answer, only the preferences of the investor.
4 | A Guide to Ethical Investing
How do you screen socially responsible investments?
Socially responsible investing is the practice of constructing portfolios aligned with
the ethical beliefs of an investor. There are three main ways to achieve this:
Negative screening Avoid any company that engages in business activities seen as unethical by the investor.
Positive screening Increase weights in companies that engage in business activities deemed to have a positive impact on society.
Impact investing Target specific social or environmental outcomes along with financial returns.
Negative screening is where an investor identifies companies that they will not invest
in due to their ethics. For example, an individual may not invest in companies
involved in alcohol, tobacco, or gambling as a result of their religious beliefs.
Positive screening involves adjusting portfolio weights to increase the portfolio’s
exposure to companies with strong ESG factors. An investor can either attempt to
maximise the overall ESG profile of the portfolio, or they can try to maximise the
portfolio’s profile in one ESG factor (e.g. representation of women on the board,
carbon emissions, etc).
Impact investing refers to the targeting of a specific social or environmental outcome
as well as financial return. A wealthy investor concerned about factory farming could
invest in a company that develops cultured meat.
5 | A Guide to Ethical Investing
Choice of investment product
There are three common approaches to building a socially responsible portfolio:
Exchange Traded Fund
A screening process is used to create an index of ethical stocks to invest in. A portfolio is then constructed with the aim of matching the performance of that index. These investments can be bought or sold like an ordinary share on the ASX.
Managed Fund
A screening process is used to create a universe of stocks to invest in. The fund manager then constructs a portfolio from this universe with the goal of outperforming a predetermined benchmark (e.g. ASX 300).
Direct Investing Investors undertake their own analysis and construct a portfolio of stocks based on their ethical preferences.
Managed funds and ETFs offer exposure to ethical portfolios managed by
investment professionals; however, the onus is on the investor to ensure their beliefs
are aligned with the ethical framework of the fund.
Management fees and ethical incongruence can be avoided if one constructs their
own portfolio of socially responsible investments. Although this strategy is cheaper,
most investors have neither the time nor expertise required to build a sound portfolio.
Effective portfolio management requires constant reviewing and adjustment, and the
ongoing analysis of investments not only on their own merit but as part of a broader
portfolio. Many well-resourced investment professionals are unable to do this
adequately, indicating the difficulty of the process.
6 | A Guide to Ethical Investing
Empirical performance of socially responsible investment funds
Readers should take the findings of the following papers with a grain of salt, as they
often use different definitions of socially responsible investing (SRI), different
benchmarks to measure outperformance, and different data samples of varying
length. This complicates the process of empirically determining whether ethical
investing affects returns. It should be noted that many ethical investors are willing to
accept a level of underperformance in order to have a portfolio aligned to their
values.
The bulk of academic research on the performance of ethical share funds suggests
there is no meaningful difference between the returns of ethical share funds and
conventional share funds. A common theme, however, is that both ethical and
conventional active funds tend to underperform a passive benchmark.
In 2015 three researchers reviewed more than 2000 papers and 3700 study results
relating to the performance of socially responsible investment funds. The authors
found that although there was no meaningful difference in the performance of equity
funds, ESG investing generates outperformance for non-equity asset classes such
as bonds and real estate.
Since the weight of empirical evidence suggests there is no cost to ethical investing,
investors may be able to remove unethical investments from their portfolios with no
material impact on their long-term returns.
Paper Findings
Financial performance of socially responsible investing (SRI): What have we learned? A meta-analysis.
A review of 85 studies and 190 experiments tested the relationship between socially responsible investing and financial performance. The results indicate that consideration of corporate social responsibility in stock market portfolios is neither a strength nor a weakness compared with conventional investments.
Bauer et al (2003) – Ethical investing in Australia: Is there a financial penalty?
From 1992-2003 there were no significant differences in risk adjusted returns between ethical and conventional mutual funds in Australia.
Mackie, Palit, Veeraghavan & Watson (2017) – Is Socially Responsible Investing More Risky? Australian Evidence.
From 1998-2013 there was no significant difference in risk between socially responsible Australian funds and conventional funds of similar investment styles.
Leite & Cortez (2018) – The performance of European SRI funds investing in bonds and their comparison to conventional funds
No significant difference in the returns of European conventional and ethical balanced funds. Ethical bond funds tend to outperform conventional bond funds, mostly due to ethical bonds being disproportionately issued in wealthier nations that entail less country risk.
Henriques & Sadorsky (2017) - Investor implications of divesting from fossil fuels.
From 2005-2016 portfolios of US stocks that divested from fossil fuels and invested in clean energy outperformed portfolios that invested in fossil fuels and portfolios that invested in neither clean energy nor fossil fuels.
Areal, Cortez & Silva (2010) - Investing in Mutual Funds: Does it Pay to Be a Sinner or a Saint in Times of Crisis?
From 2002-2009 socially irresponsible funds (investing in alcohol, tobacco, gambling, etc) outperformed socially responsible funds in times of low stock market volatility and underperformed during times of high stock market volatility.
7 | A Guide to Ethical Investing
Choosing an ethical fund manager
When choosing an ethical fund manager, investors need to consider both the
manager’s ethical screening process and the historical returns of the fund to ensure
that both their ethical and investment objectives are likely to be met adequately. The
appendix of this paper details the screening process, top 5 holdings, and historical
returns of ethical funds rated as ‘Recommended’ or higher by the investment
research house Lonsec at the time of writing. The aim of the appendix is to assist
investors in choosing a fund that reflects their personal ethics, whilst providing
adequate returns.
Social Impact Bonds
With an ageing population putting an increasing amount of pressure on the
sustainability of budgets, governments are increasingly looking to alternative sources
to fund their social services expenditure. An area of rapid growth globally is Social
Impact Bonds (SIB), where the money raised from the bonds are used to pay
charities to address social ills, and investors receive coupon payments
commensurate with the success of the program. The NSW and Queensland
governments have pioneered social impact bonds, with each government issuing
several bonds tackling issues including the neglect and abuse of children, youth
unemployment, homelessness and recidivism.
Albeit with a brief track record, SIBs have been resounding successes both socially
and financially. The first SIB in NSW was issued in 2013 to restore children under 6
in foster care to their families. Since then, more than 60% of families in the program
were reunited with their children, compared to the 20% success rate of a control
group. This phenomenal outperformance has netted investors a 13.5% p.a. return
during a period where global bond yields were near all-time lows.
SIBs are attractive for a number of reasons. Firstly, they increase the efficacy of
welfare programs, since only successful programs will receive additional funding
from investors. Secondly, they increase the efficiency of welfare programs, as they
are not administered by bureaucrats who have little incentive to innovate. Thirdly,
they align self-interest with altruism, since investors have a financial incentive to
ensure that the program is meeting its goals.
Despite these benefits, the adoption of SIBs in the near future is likely to be slow.
The alignment of self-interest with altruism, along with the outsourcing of social
services to the private sector, will likely meet resistance members of the community
who are sceptical of the motives of the private sector and/or believe it is unethical to
make profits off charity. Furthermore, workers in social services departments may
resist the rollout of SIBs in the interest of protecting their jobs.
8 | A Guide to Ethical Investing
In conclusion
As our society continues to grow wealthier, investors are increasingly foregoing the
pursuit of maximising returns, aiming instead on constructing portfolios consisting of
companies that are aligned with their core values. Major corporations are responding
to this demand by creating large divisions dedicated to corporate social responsibility
and sustainability, with the conventional management wisdom of ‘the only business
of business is business’ rapidly being replaced by Triple Bottom Line accounting,
which places an emphasis on societal and environmental performance as well as
economic performance.
Shifts towards corporate social responsibility, plus the potential of sustainable
products such as solar energy, should serve as a tailwind for the ethical investors of
today as other investors begin to incorporate ESG principles into their portfolios. The
ascent of ethical investing is likely to be a great force for good in the world, as
hundreds of millions of dollars will flow from unethical and unsustainable companies
to their ethical and sustainable counterparts.
A hurdle many ethically inclined investors fail to overcome is the belief that excluding
unethical investments is likely to result in underperformance. As detailed in this
paper, the consensus from academia is that portfolios constructed with ESG screens
have no significant difference in performance or volatility than conventional
portfolios.
As more ethical investment products are released, investors will have to be
increasingly diligent to ensure that funds marketed as ethical are indeed so. We
hope that after reading this paper you are better equipped to make that judgement,
and hope that ongoing investor education will help spur the sustainable growth of the
ethical investment industry for many years to come.
9 | A Guide to Ethical Investing
About the author
Nicholas Stotz works as an Investment
Research Analyst at Stanford Brown and is
responsible for researching investment
opportunities for inclusion in Stanford
Brown’s model portfolios, in addition to a
number of other functions related to Stanford
Brown’s investment processes. He is also a
member of Stanford Brown’s Philanthropy
Committee.
As the son of refugees, Nicholas has always
felt the desire to give back to those who
weren’t given the same opportunities he was.
Nicholas is particularly passionate about the
empowerment of indigenous Australians.
Nicholas’ passion for finance has its roots as an Occupy Wall Street sympathiser
outraged at the GFC and ensuing bank bailouts. He quickly became fascinated by
the world of finance and enrolled in the Applied Finance program at Macquarie
University, where he found that finance was the perfect marriage of his love for
economics, mathematics, and psychology.
Nicholas is a co-editor of Stanford Brown’s weekly publication “That Was The Week
That Was”, and has been published in the Australian Financial Review, Cuffelinks
and nabtrade.
10 | A Guide to Ethical Investing
References
Areal, Nelson, Maria C. Cortez, and Florinda Silva. "Investing in Mutual Funds: Does
it Pay to be a Sinner or a Saint in Times of Crisis?." (2010).
Bauer, Rob, Rogér Otten, and Alireza Tourani Rad. "Ethical investing in Australia: Is
there a financial penalty?." Pacific-Basin Finance Journal 14.1 (2006): 33-48.
Friede, Gunnar, Timo Busch, and Alexander Bassen. "ESG and financial
performance: aggregated evidence from more than 2000 empirical studies." Journal
of Sustainable Finance & Investment 5.4 (2015): 210-233.
Henriques, Irene, and Perry Sadorsky. "Investor implications of divesting from fossil
fuels." Global Finance Journal (2017).
Leite, Paulo, and Maria Céu Cortez. "The performance of European SRI funds
investing in bonds and their comparison to conventional funds." Investment Analysts
Journal 47.1 (2018): 65-79.
Mackie, Ewan, et al. "Is Socially Responsible Investing More Risky? Australian
Evidence." Sustainability and Social Responsibility: Regulation and Reporting.
Springer, Singapore, 2018. 261-305.
Revelli, Christophe, and Jean‐Laurent Viviani. "Financial performance of socially
responsible investing (SRI): what have we learned? A meta‐analysis." Business
Ethics: A European Review 24.2 (2015): 158-185.
11 | A Guide to Ethical Investing
Disclaimer:
The funds included in the appendix below represent ethical funds that were rated as “recommended” or higher by the research house Lonsec
at the time of writing. The views of Lonsec towards the funds are subject to change and do not reflect the views of Stanford Brown. Stanford
Brown does not recommend any of the funds nor are they in its approved product list.
Fund Benchmarks
Asset Class
Benchmark 1y 3y 5y
Australian Bonds
Bloomberg AusBond Composite Index
3.7% 2.9% 4.3%
Australian Shares
ASX All Ordinaries (Accum)
14.67% 12.37% 8.45%
International Shares –
Unhedged MSCI World ex Aust $A 20.8% 12.4% 15.3%
International Shares – Hedged
MSCI World ex Aust $A (Hgd)
12.89% 14.73% 12.58%
*Past performance is no guarantee of future results, returns as at September 30 2018
12 | A Guide to Ethical Investing
Appendix
APIR Product Asset Class Negative screen factors Positive screen factors Top 5 holdings 1y 3y 5y ICR Fund info
AUS0071AU Altius
Sustainable Bond Fund
Australian Debt
Companies whose primary business
activities include ATG, adult content,
armaments, uranium, coal. Further companies may be excluded if the
Altius Sustainability Committee believes they
are meaningfully involved in certain unjust
practices
General ESG screen
Australian Commonwealth
Government, Victorian State Government, Queensland
State Government, New South Wales State Government,
KfW development
bank
2.1% 2.6% - 0.57% Link
HOW0121AU Alphinity
Sustainable Share Fund
Australian Equities ATG, armaments and
harvesting of old growth forests
Use aggregated ESG scores when evaluating
investments
BHP, CSL, CBA, ANZ,
NAB 21.7% 13.2% 9.5% 1.01% Link
AUG0002AU
Australian Ethical
Australian Shares Fund
Australian Equities
ATG, polluters, deceitful marketing, speculators in
property and commodities,
armaments, exploit labour through poor
wages and/or working conditions, discriminatory
employment practices, inhibition of human rights
generally
Amelioration of wasteful or polluting practices,
development of sustainable land use, preservation of eco-
systems, activities that contribute to human
happiness, dignity and education, well-being of
animals
Macquarie Telecom,
Westpac, NAB, Bendigo,
Contact Energy
8.8% 10.8% 11.0% 2.50% Link
*Past performance is no guarantee of future results, returns as at September 30 2018
^ATG: Alcohol, Tobacco & gambling
13 | A Guide to Ethical Investing
APIR Product Asset Class Negative screen factors Positive screen factors Top 5 holdings 1y 3y 5y ICR Fund info
AUG0004AU
Australian Ethical
Diversified Shares Fund
Australian Equities
ATG, polluters, deceitful marketing, speculators in
property and commodities,
armaments, exploit labour through poor
wages and/or working conditions, discriminatory
employment practices, inhibition of human rights
generally
Amelioration of wasteful or polluting practices,
development of sustainable land use, preservation of eco-
systems, activities that contribute to human
happiness, dignity and education, well-being of
animals
CSL, NAB, Westpac, Telstra,
Goodman
14.3% 10.3% 10.1% 2.20% Link
ASX:FAIR
BetaShares Australian
Sustainability Leaders ETF
Australian Equities
ATG, fossil fuels, chemicals of concern,
mandatory detention of asylum seekers, adult
content, armaments, junk food, uranium and
nuclear energy, human rights violations in supply
chain, environmental degradation, gender
diversity, animal cruelty, payday lending
Must satisfy one of the following criteria:
- More than 20% of revenue derived from
socially desireable business activities
- Recipient of an "A" or "B" grade from a trusted ethical consumer report
- Has received a certification from B Lab
Brambles, ResMed, Telstra,
Suncorp, IAG
10.1%* - - 0.39% Link
SSB4946AU
Legg Mason Martin Currie
Ethical Income Fund
Australian Equities
ATG, adult content, fur, genetic modification, nuclear power, coal,
companies non-compliant with
international norms and principals (e.g. UN
declaration of Human Rights, International Labour Organisation
Declaration on Fundamental Principles
and Rights at Work)
N/A
Telstra, Meridian
Energy, ANZ, Woodside
Petroleum, JB Hi-Fi
5.1% - - 0.85% Link
*Past performance is no guarantee of future results, returns as at September 30 2018. **Return from Oct 17 Inception to Sep 18
^ATG: Alcohol, Tobacco & gambling
14 | A Guide to Ethical Investing
APIR Product Asset Class Negative screen factors Positive screen factors Top 5 holdings 1y 3y 5y ICR Fund info
SSB0064AU
Legg Mason Martin Currie
Ethical Values with
Income Fund
Australian Equities
ATG, adult content, fur, genetic modification, nuclear power, coal
seam gas, companies non-compliant with
international norms and principals (e.g. UN
declaration of Human Rights, International Labour Organisation
Declaration on Fundamental Principles
and Rights at Work)
N/A
Telstra, Meridian
Energy, ANZ, Woodside
Petroleum, JB Hi-Fi
4.9% - - 0.85% Link
RFA0025AU
Pendal Wholesale
Ethical Share Fund
Australian Equities
ATG, armaments, adult content and companies
convicted of environmental or social offences. The screen
applies only to manufacturers, not
retailers of the completed product
Promote companies demonstrating and/or
offering leading environmental
BHP, ANZ, CSL, Westpac,
Qantas 14.1% 11.6% 8.8% 0.95% Link
PER0116AU
Perpetual Wholesale Ethical SRI
Fund
Australian Equities ATG, armaments, coal
seam gas
Companies with above average rating in factors such as: environmental, human rights, corporate governance, community engagement, corporate
ethics, OHS management
ANZ, Westpac, Shire, NAB,
Qube 6.5% 9.8% 8.2% 1.12% Link
*Past performance is no guarantee of future results, returns as at September 30 2018
^ATG: Alcohol, Tobacco & gambling
15 | A Guide to Ethical Investing
APIR Product Asset Class Negative screen factors Positive screen factors Top 5 holdings 1y 3y 5y ICR Fund info
ASX:ETHI
BetaShares Global
Sustainability Leaders ETF
Global Equities
ATG, mandatory detention of asylum
seekers, armaments, junk foods, fossil fuels, uranium and nuclear energy, adult content,
environmental degradation, recent significant fines or convictions, animal
cruelty, human rights violations in supply chain, chemicals of
concern
Companies with a carbon impact >60%
lower than their industry average
Apple, Visa, Home Depot, UnitedHealth
Group, Mastercard
27.6% - - 0.49% Link
ETL8171AU BNP Paribas
Environmental Equity Trust
Global Equities >5% revenue coming
from ATG, nuclear power or adult content
All companies must have an environmental
product or service comprise more that 20%
of revenue. Typically clean energy, water,
sustainable food, agriculture, and
waste/resource recovery
Sealed Air, TE Connectivity,
Siemens, Schneider
Electric, Suez
12.7% - - 1.10% Link
AAP0001AU
Candriam Sustainable
Global Equity Fund
Global Equities
ATG, armaments, adult content, genetic
modification, nuclear power, animal testing,
operations in oppressive regimes
"Best in class" analysis, where companies are
evaluated on their ability to manage the
sustainability issues specific to their sector.
This effectively rules out coal and other fossil fuel
manufacturers
Amazon, Home Depot,
Microsoft, Procter &
Gamble, Oracle
17.1% 10.2% 13.0% 1.07% Link
*Past performance is no guarantee of future results, returns as at September 30 2018
^ATG: Alcohol, Tobacco & gambling
16 | A Guide to Ethical Investing
APIR Product Asset Class Negative screen factors Positive screen factors Top 5 holdings 1y 3y 5y ICR Fund info
DFA0042AU
Dimensional Global
Sustainability Trust Hedged AUD
Global Equities
ATG, armaments, greenhouse emissions,
involvement in toxic spills/releases,
operational waste, factory farming
N/A
Apple, Amazon, Alphabet, Verizon,
UnitedHealth Group
12.6% - - 0.47% Link
DFA0041AU
Dimensional Global
Sustainability Trust Unhedged AUD
Global Equities
ATG, armaments, greenhouse emissions,
involvement in toxic spills/releases,
operational waste, factory farming
N/A
Apple, Amazon, Alphabet, Verizon,
UnitedHealth Group
21.3% - - 0.47% Link
SLT2171AU Nanuk New World
Fund Global Equities
Climate change, fossil fuels, environmental
degradation, armaments, ethical values and
human rights. Ethical values includes ATG, coal, oil, gas, uranium
and adult entertainment
Energy efficiency, clean energy, industrial
efficiency, waste and pollution, food and agriculture, water,
healthcare
Valeo, Lenzing, Carlisle, Siemens,
Waste Management Inc
14.1% - - 1.21% Link
*Past performance is no guarantee of future results, returns as at September 30 2018
^ATG: Alcohol, Tobacco & gambling
17 | A Guide to Ethical Investing
APIR Product Asset Class Negative screen factors Positive screen factors Top 5 holdings 1y 3y 5y ICR Fund info
HOW0002AU Pengana
International Fund - Ethical
Global Equities
Armaments, tobacco, gambling, animal
farming, animal testing, activities that give rise to human rights violations,
unremediated destruction of the
environment, uranium mining, fossil fuels
N/A
Bharti Infratel, Cigna, CME
Group, Dollar General, Heineken
11.3% 4.3% 9.4% 1.35% Link
HHA0002AU
Pengana International
Fund - Ethical Opportunity
Global Equities
Armaments, tobacco, gambling, animal
farming, animal testing, activities that give rise to human rights violations,
unremediated destruction of the
environment, uranium mining, fossil fuels
N/A
Bharti Infratel, Cigna, CME
Group, Dollar General, Heineken
16.4% - - 1.50% Link
HHA0007AU
Pengana WHEB
Sustainable Impact Fund
Global Equities N/A
Companies with at least 1/3 of profits or
revenues directly exposed to one of the following sustainability
themes: resource efficiency, water management,
sustainable transport, education, well-being, health, safety, clean
energy, environmental services
Agilent Technologies, AMS AG, CVS,
Danaher
16.9% 1.5% 4.3% 1.35% Link
*Past performance is no guarantee of future results, returns as at September 30 2018
^ATG: Alcohol, Tobacco & gambling
18 | A Guide to Ethical Investing
APIR Product Asset Class Negative screen factors Positive screen factors Top 5 holdings 1y 3y 5y ICR Fund info
FSF0047AU
Stewart Investors
W/S Worldwide Leaders
Fund
Global Equities
No screening process. Focus on sustainable development (i.e. products and services that
contribute to economic, social and environmental improvements)
Unilever,
Henkel AG & Co,
Beiersdorf, Merck, Cerner
17.5% 11.3% 12.9% 1.22% Link
FSF1675AU
Stewart Investors
Worldwide Sus Fund -
Class A
Global Equities
No screening process. Focus on sustainable development (i.e. products and services that
contribute to economic, social and environmental improvements)
Unilever,
Henkel AG & Co,
Beiersdorf, Tata
Consultancy, Merck
15.1% 11.5% - 1.01% Link
VAN1579AU
Vanguard International
Shares Select
Exclusions Index Fund
Global Equities
No screening process. The investment tracks the return of the MSCI World ex Australia, ex Tobacco, ex Controversial Weapons, ex Nuclear Weapons
Index (with net dividends reinvested).
Apple, Microsoft, Amazon, Alphabet, Facebook
21.0% - - 0.20% Link
*Past performance is no guarantee of future results, returns as at September 30 2018
^ATG: Alcohol, Tobacco & gambling
23
Disclaimer
Any advice contained in this document is general advice only and does not take into consideration the reader’s personal circumstances. This report is current when written. Any reference to the reader’s actual circumstances is coincidental. To avoid making a decision not appropriate to you, the content should not be relied upon or act as a substitute for receiving financial advice suitable to your circumstances. When considering a financial product please consider the Product Disclosure Statement. Stanford Brown is a Corporate Authorised Representative of The Lunar Group Pty Limited. The Lunar Group and its representatives receive fees and brokerage from the provision of financial advice or placement of financial products. The Lunar Group Pty Limited ABN 27 159 030 869 AFSL No. 470948 © 2018 Stanford Brown.
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