Archive for category: News & Insights

Award nominees are in!

Don’t miss the premier awards night for superannuation and wealth management industries

The 16th Annual SuperRatings & Lonsec Fund of the Year Awards Dinner is a must-attend black tie, gala event for the superannuation and funds management industries – and the prestigious conclusion to the SuperRatings & Lonsec Day of Confrontation.

Join over 400 colleagues for an exclusive evening of celebration and entertainment, where we recognise the highest achieving funds that have stood out amongst their peers, demonstrating passion, innovation and a single-minded commitment to going above and beyond for members and investors.

Along with the coveted Fund of the Year Award, SuperRatings will be presenting a number of awards. The key award categories include:

Pension of the Year

  • AustralianSuper
  • BUSSQ
  • Cbus Super
  • Equip
  • HESTA
  • QSuper
  • Sunsuper
  • TelstraSuper
  • UniSuper
  • VicSuper

 

MyChoice Super of the Year

  • CareSuper
  • Cbus Super
  • Hostplus
  • Mercer Super Trust
  • QSuper
  • Statewide Super
  • Sunsuper
  • Telstra Super
  • UniSuper
  • VicSuper

 

MySuper of the Year

  • AustralianSuper
  • CareSuper
  • First State Super
  • HESTA
  • Hostplus
  • Intrust Super
  • QSuper
  • Rest
  • Sunsuper
  • UniSuper

 

Career Fund of the Year

  • Cbus Super
  • HESTA
  • Hostplus
  • Intrust Super
  • Telstra Super

 

Best New Innovation

  • BUSSQ Centrelink Asssist Program
  • QSuper Online Tax Deduction Claims Facility
  • Sunsuper BEAM
  • WA Super Scaled Advice Tool

 

 

Rising Star

  • HUB24
  • MTAA Super
  • netwealth
  • Tasplan
  • WA Super

 

Fund of the Year

  • Announced on the night

 

 

 

 

Infinity Award

  • Announced on the night

 

 

 

In addition to the SuperRatings honours, Lonsec will be presenting a number of awards recognising excellence across the broader wealth management industry. The key award categories include:

Lonsec Innovation Award

  • Challenger CarePlus
  • Magellan Global Trust
  • Partners Group Global Real Estate Fund

 

 

Lonsec Rising Star Award

  • Affirmative Investment Management Partners Ltd
  • India Avenue Investment Management
  • Lennox Capital Partners Pty Ltd

 

 

Lonsec Disruptor Award

  • BetaShares Australia 200 ETF
  • BetaShares Australian Investment Grade Corporate Bond ETF
  • CFM IS Trends Trust

 

Listed Fund Award

  • MCP Master Income Trust
  • VanEck Vectors Australian Floating Rate ETF
  • Vanguard Global Value Equity Active ETF

 

We are also proud to announce the nominees for the Pendal Retirement Innovation Award, which recognises those individuals who significantly enhance Australians’ experiences in their retirement years.

 

Pendal Retirement Innovation Award

  • Jean-Luc Ambrosi – Executive General Manager, Marketing & Digital, TelstraSuper
  • Steven Hack – Manager – Product and Advice, BUSSQ
  • Sam Harris – General Manager, Insights and Customer Experience, HESTA
  • Lyn Melcer – Head of Technical Advice, QSuper

 

The evening is proudly supported by our principal sponsor Pendal, and the Link Group.

 

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Event details

Where: Grand Hyatt, Melbourne

When: Tuesday 30 October 2018

Time: 7:00pm to 11:00pm

Dress Code: Black Tie

 

Awards dinner: $275 + GST

Combo (Day and Awards Dinner): $599 + GST

All delegates can receive special accommodation rates at the Grand Hyatt. Simply enter your dates and special offer code ‘EVENT’. For more details, click here.

 

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How does a crisis really affect markets?

Investors are constantly warned of an impending crisis in financial markets with the resultant damage to asset prices. Yet while a crisis can have a severe impact on markets, investors who avoid herd-like selling can often ride out the slumps. For active and contrarian fund managers, such periods of disruption can also present opportunities.

The below chart reveals the impact on financial markets of eight memorable political and market crises over the last twenty years. The chart shows the impact each event had on the performance of US shares, measured by the Dow Jones Industrial Average, on the day of the crisis and over the subsequent 150 trading days.

Dow Jones Industrial Index performance following a crisis


Source: Lonsec, Bloomberg, FE

In all but one case—the Global Financial Crisis which began in 2008—the Dow Jones had rebounded by the 150-day mark and in many instances had produced gains that exceeded the initial loss. Lonsec does not recommend a strategy that seeks to time the market but the analysis highlights that in general major crises have an only short-term impact on markets.

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Managed accounts: A perfect solution or a perfect storm?

The managed account model is at the centre of a nascent revolution in financial advice. As pressures build on traditional advice businesses, the efficiencies offered by managed accounts have led advisers to rethink how they deliver advice and manage investments on behalf of clients. But while there are clear opportunities, the drive to shift to a managed account offering can result in rushed implementation, poorly aligned business practices and, critically, sub-optimal investment outcomes.

A well marketed but misconceived view is that the accessibility of managed account technology will inevitably lead to a win-win for businesses and clients. While the headline is correct, unfortunately this outcome is not guaranteed by the technology itself. For advisers to unlock the full benefits of the managed account model, as well as meet their clients’ best interests, they need to be able to provide quality portfolios backed by the right governance and compliance structures.

The implementation dilemma — adapting to the new world of financial advice

Successful implementation of managed accounts requires a whole of business transformation, and this naturally presents a range of commercial and operating risks. A number of advice practices have opted to go it alone by offering a private label managed account solution, acting as both adviser and model manager. Putting aside ASIC’s concerns regarding vertically integrated advice, the real risk for advisers is in underestimating the resources and skills required in the development of the model portfolios, as well as ongoing analysis and reporting of a public offer document.

The development of an institutional grade solution involves proof of concept with the construction and management of the portfolios, as well as time-consuming monitoring and reporting on investment performance. Naturally, this requires an investment committee with the right mix of skills and knowledge, a clear investment philosophy and process, and the capacity to filter and analyse the investment product universe. Advisers embarking on the managed account journey with minimal research, outdated traditional models, or poorly funded governance and compliance structures may end up facing higher costs in the long run. It will also place them clearly within the regulatory eyesight of ASIC.

What this means is that managed accounts, while presenting an opportunity for advisers, also present a very real dilemma. There are significant risks involved in implementation, but it is impossible for advisers to ignore the benefits of managed accounts. For ethical advisers who care about their clients, there is a need to balance a responsive and scalable investment solution with regulatory requirements and the costs of implementation. For many advisers, ASIC’s requirement for all discretionary account providers to be licensed, which came into effect this month, will make separately managed accounts (SMAs) an even more attractive solution.

As the wealth industry confronts the revelations from the Royal Commission into Financial Services, it awaits to be seen what recommendations will flow from the hearings and how the federal government will respond. While financial advice is unlikely to be radically impacted, advisers are still adapting to ongoing regulatory change, the most significant of which is FASEA’s education and training requirements. Nearly all advisers will be required to undertake further study, and many practices will need to recruit additional qualified advisers. Add to this the supervision of ethical standards compliance and advisers are facing increasing costs at a time when the demand for qualified advice is rising. In this environment, the ability to scale financial advice and the investment process is critical.

Scale and quality — the role of professional portfolio construction

One of the first steps to success for advisers is ensuring that they have the right research capabilities in place. The second step is to leverage this research with the right investment knowledge. This is where the help of external experts can be invaluable. By partnering with an investment research provider, advisers can expand the depth and breadth of their research and keep their clients informed of events impacting their portfolio as and when they occur.

Increasingly, however, advisers are taking this a step further and drawing directly on the expertise of their portfolio manager. This can be in the form of prepackaged model portfolios designed to cater to an array of risk profiles, or through a tailored, white label solution that reflects the adviser’s investment philosophy and client needs.

When considering an in-house managed account solution, the adviser should ensure they are of sufficient size to achieve scale benefits and that their in-house investment committee is equipped to deliver reliable investment outcomes on par with a dedicated team of research and portfolio construction professionals. From a client interest perspective, they should also ensure that their suite of model portfolio solutions is broad enough to cater to a range of risk profiles, or specialized enough to cater to particular retirement goals. Naturally, a small- to medium-sized client base makes this very difficult.

The future role of managed accounts, when coupled with excellent governance and sourcing of financially secure external experts, is a positive step for the advice profession and their clients. The key to success for participants is determining where the advice skill set is best used and where the cost of governance starts and ends in the new world.

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Emerging markets offer opportunity, if you can sustain the ride

Emerging market returns have been a cause for concern over recent weeks but by taking a broader perspective, investors may be able to take advantage of the volatility that is inherent in this sector.

Recent analysis by research house Lonsec reveals that while emerging markets experience strong bouts of volatility they have also produced significant real returns over the long term. The below chart compares the MSCI Emerging Market Index, which tracks a basket of emerging market indices, with the standard MSCI World Ex Australia Index, which tracks developed market indices.

The chart reveals that while the emerging market index has experienced more volatility it has also produced higher returns over the past 20 years.

Emerging versus developed—growth of $10,000 over 20 years

Source: Lonsec, Bloomberg

Performance to 31 August 2018

It is important to remember that the phrase ‘emerging markets’ captures a large number of diverse countries. While Turkey and Argentina have suffered from trade related uncertainty, political risks and a rising US dollar, other emerging economies are powering ahead.

For example, India is still the fastest growing major economy in the world. The relationship between GDP growth and share market performance is imperfect with rising GDP not necessarily translating to strong investment returns. However, in India’s case share market performance has been reasonably correlated with GDP growth, indicating that it is relatively sustainable.

As a result, the broader emerging market index often has countries that are outperforming, and therefore balancing, laggards. This may produce more volatility but not necessarily lower returns.

Indian equities performance versus GDP growth

Source: Lonsec, Bloomberg

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IMPORTANT NOTICE: This document is published by Lonsec Research Pty Ltd ABN 11 151 658 561, AFSL 421 445 (Lonsec).

Please read the following before making any investment decision about any financial product mentioned in this document.

Warnings: Lonsec reserves the right to withdraw this document at any time and assumes no obligation to update this document after the date of publication. Past performance is not a reliable indicator of future performance. Any express or implied recommendation, rating, or advice presented in this document is a “class service” (as defined in the Financial Advisers Act 2008 (NZ)) or limited to “general advice” (as defined in the Corporations Act (C’th)) and based solely on consideration of data or the investment merits of the financial product(s) alone, without taking into account the investment objectives, financial situation and particular needs (“financial circumstances”) of any particular person.

Warnings and Disclosure in relation to particular products: If our general advice relates to the acquisition or possible acquisition or disposal or possible disposal of particular classes of assets or financial product(s), before making any decision the reader should obtain and consider more information, including the Investment Statement or Product Disclosure Statement and, where relevant, refer to Lonsec’s full research report for each financial product, including the disclosure notice. The reader must also consider whether it is personally appropriate in light of his or her financial circumstances or should seek further advice on its appropriateness. It is not a “personalised service” (as defined in the Financial Advisers Act 2008 (NZ)) and does not constitute a recommendation to purchase, hold, redeem or sell any financial product(s), and the reader should seek independent financial advice before investing in any financial product. Lonsec may receive a fee from Fund Manager or Product Issuer (s) for reviewing and rating individual financial product(s), using comprehensive and objective criteria. Lonsec may also receive fees from the Fund Manager or Financial Product Issuer (s) for subscribing to investment research content and services provided by Lonsec.

Disclaimer: This document is for the exclusive use of the person to whom it is provided by Lonsec and must not be used or relied upon by any other person. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the information presented in this document, which is drawn from public information not verified by Lonsec. Conclusions, ratings and advice are reasonably held at the time of completion but subject to change without notice. Lonsec assumes no obligation to update this document following publication. Except for any liability which cannot be excluded, Lonsec, its directors, officers, employees and agents disclaim all liability for any error, inaccuracy, misstatement or omission, or any loss suffered through relying on the information.

Copyright © 2018 Lonsec Research Pty Ltd, ABN 11 151 658 561 AFSL 421 445. All rights reserved. Read our Privacy Policy here.

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Not all income is created equal

Exchange Traded Funds (ETFs) have become a popular way for investors to gain exposure not only to passive indices but to a range of market factors.

Smart beta ETFs, which follow rule-based strategies to provide factor exposure, are increasingly recommended by financial advisers because they provide a relatively cheap and effective way of meeting specific investment objectives or creating greater diversification.

But while the smart beta concept might seem easily commoditised, there can be significant differences in investment outcomes even among those investment products that appear to offer something very similar.

For example, the below chart shows the performance of three well-known dividend-focused ETFs, each of which seeks to generate above market income. Over the past three years, these ETFs have exhibited markedly different performance despite sharing the same income objective.

Growth of $10,000 over three years

 

 

 

 

 

 

 

 

 

 

Source: Lonsec
IHD: iShares S&P/ASX Dividend Opportunities ETF
SYI: SPDR MSCI Australia Select High Dividend Yield Fund
ZYAU: ETFS S&P/ASX 300 High Yield Plus ETF

In order to understand these diverging results, investors need to get under the hood to see how individual ETFs determine their index construction rules. Differences in how fund managers determine things like the quality, liquidity, and weights of certain stocks can result in funds with very different allocations. The chart below shows the sector breakdown of each fund’s top 10 stock holdings, revealing very different compositions.

Top 10 holdings—sector breakdown

 

 

 

 

 

 

 

 

 

 

Source: Lonsec
IHD and ZYAU holdings as at 15 August 2018. SYI holding as at 31 July 2018

Both the ETFS and iShares products have similar exposure to Financials and Materials, but the ETFS fund has a greater allocation to defensive REITs and Utilities, while the iShares fund has diversified more across other sectors. Its top 10 holdings represent only 62% of its total portfolio value, compared to 75% for the ETFS fund. Meanwhile, the SPDR fund’s top 10 holdings are dominated by Financials, with smaller allocations across Consumer Staples and Materials, and no exposure to REITs or Utilities.

What this means is that financial advisers need to do more than simply ‘read the packet’ when selecting investment products. Financial advisers should have a thorough understanding of how individual smart beta products operate to ensure they deliver outcomes in line with their clients’ investment objectives.

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Thank you for attending the Lonsec Retirement Symposium

Thank you for joining in the conversation

Thank you for attending this year’s Retirement Symposium and joining in the conversation. We hope you found the insights into why “Not All Income is Created Equal” and an improved understanding of the real-life income needs of retirees will be of benefit in your practice and when building retirement portfolios for your clients. If you want to take another look at what our speakers had to say, you can download the presentation slides here.

Not All Income is Created Equal

It is easy to become complacent when volatility is low and markets continue to rise. However, in an environment of heightened geopolitical uncertainty, a return of volatility is a real risk for retirement portfolios. A cohesive investment strategy, is important. Lonsec believes retirement portfolios should be designed to focus specifically on the retirees’ primary objectives and key risks, namely, Yield, Growth and Risk Control.

To keep the conversation going, we have shared some additional insights with you to draw out some of the themes covered by our speakers.

We hope you enjoyed this year’s Retirement Symposium and we look forward to seeing you at our next event soon.

Insights from our Partners

Alliance Bernstein: The Rise of Populism: Strategic Implications
Challenger: Corporate Bonds – More Risk for Less Return
Invesco: Invesco Senior Secured Loans Strategy
Investors Mutual: Equity Income Fund Factsheet
Lazard: The dangers of drawdown
Pendal: Income & Fixed Interest 
Robeco: Guide to factor investing in equity markets

You can also access the latest retirement insights from our partners here.

Best regards,

Veronica Klaus
Head of Investment Consulting
Lonsec Research

lonsecresearch.com.au
lonsecretire.com.au

 

 

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Libby Newman appointed Executive Director of Lonsec Research

Following an extensive market search, Lonsec is pleased to announce the appointment of Libby Newman to the role of Executive Director of Lonsec Research.

Ms Newman has more than 25 years of experience in investment management and funds research, including most recently as Lonsec’s Head of Manager Research in Melbourne. Since joining Lonsec in 2007, Ms Newman has held several senior research roles covering fixed income and multi-asset funds, and has been a key member of Lonsec’s Investment Committee and Manager Selection Committee, which manage Lonsec’s model portfolios.

Prior to joining Lonsec, Ms Newman spent 10 years as part of the fixed income team managing Suncorp’s insurance mandates, and has experience in operations, investment performance systems and risk management at Suncorp, Abbey National, DST International, and boutique credit arbitrage manager Artesian.

As Executive Director, Libby will lead Lonsec Research’s investment analyst and data analytics teams, supported by the diverse knowledge and experience of Lonsec’s leadership team.

“We are very excited to announce Libby as our new Executive Director of Lonsec Research,” said Lonsec CEO Charlie Haynes. “Libby has developed an intimate understanding of the research needs of financial advisers and is widely respected throughout the industry for her sheer depth of investment product knowledge.”

Ms Newman will step into the new role at a time of growth for the Lonsec Group, which includes superannuation research house SuperRatings. Lonsec’s iRate platform remains number one among financial advisers and dealer groups, while Lonsec’s investment consulting team continues to expand, with a focus on providing bespoke investment solutions.

“The quality of our investment research forms the basis of everything we do at Lonsec,” said Ms Newman. “We are continually evolving our tools to meet the new challenges and opportunities within the financial services industry, and I am excited to be playing a part in that.”

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IMPORTANT NOTICE: This document is published by Lonsec Research Pty Ltd ABN 11 151 658 561, AFSL 421 445 (Lonsec).

Please read the following before making any investment decision about any financial product mentioned in this document.

Warnings: Lonsec reserves the right to withdraw this document at any time and assumes no obligation to update this document after the date of publication. Past performance is not a reliable indicator of future performance. Any express or implied recommendation, rating, or advice presented in this document is a “class service” (as defined in the Financial Advisers Act 2008 (NZ)) or limited to “general advice” (as defined in the Corporations Act (C’th)) and based solely on consideration of data or the investment merits of the financial product(s) alone, without taking into account the investment objectives, financial situation and particular needs (“financial circumstances”) of any particular person.

Warnings and Disclosure in relation to particular products: If our general advice relates to the acquisition or possible acquisition or disposal or possible disposal of particular classes of assets or financial product(s), before making any decision the reader should obtain and consider more information, including the Investment Statement or Product Disclosure Statement and, where relevant, refer to Lonsec’s full research report for each financial product, including the disclosure notice. The reader must also consider whether it is personally appropriate in light of his or her financial circumstances or should seek further advice on its appropriateness. It is not a “personalised service” (as defined in the Financial Advisers Act 2008 (NZ)) and does not constitute a recommendation to purchase, hold, redeem or sell any financial product(s), and the reader should seek independent financial advice before investing in any financial product. Lonsec may receive a fee from Fund Manager or Product Issuer (s) for reviewing and rating individual financial product(s), using comprehensive and objective criteria. Lonsec may also receive fees from the Fund Manager or Financial Product Issuer (s) for subscribing to investment research content and services provided by Lonsec.

Disclaimer: This document is for the exclusive use of the person to whom it is provided by Lonsec and must not be used or relied upon by any other person. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the information presented in this document, which is drawn from public information not verified by Lonsec. Conclusions, ratings and advice are reasonably held at the time of completion but subject to change without notice. Lonsec assumes no obligation to update this document following publication. Except for any liability which cannot be excluded, Lonsec, its directors, officers, employees and agents disclaim all liability for any error, inaccuracy, misstatement or omission, or any loss suffered through relying on the information.

Copyright © 2018 Lonsec Research Pty Ltd, ABN 11 151 658 561 AFSL 421 445. All rights reserved. Read our Privacy Policy here.

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Australian markets are becoming complacent

Volatility has died down since the dramatic spike witnessed in February 2018, but a return to near-historic lows should raise eyebrows among investors. The S&P/ASX 200 VIX Index, a measure of implied volatility in the Australian share market, closed last week at 9.79 points, falling back below double-digits and a far cry from February’s high of 22.16.

S&P/ASX 200 VIX Index


Source: Lonsec, Bloomberg

While fundamentals still provide some support for a low volatility environment, with interest rates at ultra-low levels and earnings growth generally living up to expectations, investors should be prepared for more heightened volatility in the second half of 2018.

As the chart below shows, over the past 10 years the August and September period has seen the biggest average moves in the volatility index, and this is true of both the Australian and US markets.

Average daily change in volatility index, 2008-2018


Source: Lonsec, Bloomberg

While volatility is not always a bad thing, shares are particularly vulnerable when a low-volatility environment comes to a grinding halt.

With the US Fed due to hike rates again in September, and the UK grasping for a Brexit deal ahead of the October European Summit, there are reasons to be nervous. And the fears are not only confined to developed economies: Turkey’s currency has plunged to record lows and is having knock-on effects in other emerging markets.

On the trade front, while the US-China tariff war is yet to hit developed markets hard, the negative impact is starting to creep into measures of manufacturing activity and export volumes in the US and Asia.

In other words, this is no time to be ignoring history.

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It’s time to drop the FAANG label

In the wake of Facebook’s plummeting share price, there has been much talk of the so-called FAANG shares and their earnings performance. But investors should not be misled by the market’s bucket mentality, which has a tendency to group together certain stocks, often for superficial reasons.

The recent round of earnings announcements shows that the five FAANG shares—Facebook, Apple, Amazon, Netflix and Google (which trades as Alphabet)—are hitting or exceeding their earnings per share (EPS) estimates, but have experienced wildly divergent share price reactions.

FAANG earnings per share (EPS) and share price reactions

 
Source: Lonsec, Bloomberg, company reports

While the FAANG shares have largely risen together in recent months, Facebook’s violent decoupling from the FAANG growth trajectory shows it is a mistake to think of these shares as behaving as a group. While Facebook met the market’s EPS target, it undershot the consensus revenue estimate and suffered the consequences.

In contrast, Amazon reported strong EPS growth and slightly down-beat revenue versus consensus, leading to only a moderate fall in price. Netflix reported lower than expected revenue and subscriber growth and saw a small bump in its price.

While the FAANG shares may have much in common—they are all technology-related shares—they are fundamentally different businesses. What they have most in common is that they are, with the exception of Netflix, among the highest value shares in the index. When they move in the same direction they can move the market with them, but when they diverge it can leave investors wondering how meaningful the FAANG label is.

FAANG market cap (US $trillion)

FAANG market cap (US $trillion)
Source: Lonsec, Bloomberg

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Investors risk exposure to ‘glittering junk’

Investors sticking to the traditionally high quality, conservative part of global bond markets may be surprised to learn that they are more exposed to riskier credit now than prior to the GFC.

Unlike high quality AAA-rated bonds, a BBB bond is only one or two downgrades away from ‘high-yield’ or ‘junk’ status. When the economy turns sour, these companies can quickly find themselves relegated.

At the start of 2000, the BBB-rated market was worth around US$400 billion, or one third of the total investment grade market. By the end of June 2018, this had grown to $2.3 trillion, compared to a total market value of $5 trillion (see chart below).

The value of the US BBB-rated corporate bond market is growing

Chart - US corporate bond market value vs US BBB-rated Corporate Bond market value

Source: Lonsec, Bloomberg

Bloomberg Barclays US Corporate Bond Index

Globally, companies are increasingly prepared to push their debt ratios higher to fund expansion, and they have found an audience of investors keen to squeeze extra yield from their portfolios. This demand is reflected in US spreads on BBB bonds, which have moved lower and converged with AAA spreads over the past two years (see chart below).

AAA and BBB spreads have converged

Graph - Spread of AAA-rated bonds vs Spread of BBB-rated bonds

Source: Lonsec, FRED

ICE BofAML US Corporate Option-Adjusted Spread

Firms have also sought to lock in access to cheap finance for as long as they can, meaning investors are not only exposed to lower quality credit, but may also be exposed to bonds that are more sensitive to moves in both underlying yields and a widening in credit spreads. In contrast to the global landscape, Australia’s investment grade bond market is dominated by financials, meaning exposure to BBB bonds is comparatively lower.

Investment managers at the conservative end of the risk spectrum, such as pension funds and insurers, rely on the investment grade market for stable and predictable returns. But the ‘risking-in’ trend means that even the safest parts of an investor’s portfolio might not be as safe as they think, and could be exposed to ‘glittering junk’ – companies that appear to offer safe yields but are at risk of being crushed by debt when their equity value falls.

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Contact us

Our team is available to discuss how we can partner with you to empower your investment decisions.

Lonsec Sydney
Level 39, 25 Martin Place, Sydney NSW 2000

Lonsec Melbourne
Level 33, 120 Collins Street, Melbourne VIC 3000

Lonsec Adelaide
Suite 3, Level 2, 12 Pirie Street, Adelaide SA 5000

Phone: 1300 826 395 | Email: info@lonsec.com.au

Important Documents

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Important information: Any express or implied rating or advice is limited to general advice, it doesn’t consider any personal needs, goals or objectives.  Before making any decision about financial products, consider whether it is personally appropriate for you in light of your personal circumstances. Obtain and consider the Product Disclosure Statement for each financial product and seek professional personal advice before making any decisions regarding a financial product.