Accelerating into 2021 recovery

The Diverse Income Trust 16 March 2021 Review
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The Diverse Income Trust

Accelerating into 2021 recovery

Investment trusts
UK multi-cap equity income

16 March 2021

Price

110.0p

Market cap

£393.9m

AUM

£391.8m

NAV*

109.5p

Premium to NAV

0.5%

NAV**

111.3p

Discount to NAV

1.1%

Excluding income. **Including income. As at 12 March 2021.

Yield

3.4%

Ordinary shares in issue

358.0m

Code

DIVI

Primary exchange

LSE

AIC sector

UK Equity Income

52-week high/low*

110.0p

54.6p

111.3p

70.3p

*A-shares. **Including income.

Gearing

Net cash at 31 January 2021

5.3%

Fund objective

The Diverse Income Trust’s objective is to provide an attractive and growing level of dividends, coupled with capital growth over the longer term. It invests in a diversified portfolio primarily of quoted or traded UK companies across the market-cap spectrum, with a bias to high-quality small- and mid-cap stocks. As a stock-specific portfolio, the team does not use a benchmark.

Bull points

Multi-cap strategy helps to diversify away from dividend concentration risk.

Consistent growth in regular dividends since the trust’s launch in April 2011.

Revenue reserves can be used to help maintain the pattern of dividend growth.

Bear points

The UK market could remain out of favour and retain the valuation gap with developed markets.

A multi-cap strategy is not a clear-cut asset class to fit into an investor’s portfolio.

A labour intensive, active multi-cap mandate results in a relatively high management fee.

Analysts

Victoria Chernykh

+44(0)20 3077 5700

Sarah Godfrey

+44(0)20 3077 5700

The Diverse Income Trust is a research client of Edison Investment Research Limited

The Diverse Income Trust (DIVI) continues to top the ranks of UK high dividend yield peers over the past 12 months by NAV total return (TR) and remains in the top quartile by NAV TR over the medium term. This multi-cap trust is little correlated with UK equity indices but reflects the UK market’s performance trend. Williams and Turner are cautiously optimistic about the global recovery from the pandemic. Given the lag of the UK market since the 2016 Brexit vote relative to global equities, the managers expect the UK to outperform global shares within the short- to medium-term horizon. The managers also believe that income shares or what they call ‘short-duration’ shares will outperform growth equities.

DIVI’s dividend record

Source: Bloomberg, Edison Investment Research

Why DIVI now?

Since FY15 DIVI’s regular dividend has grown by an annual compound rate of 9%, exceeding the annual growth target of 5–7% pa anticipated by the team during normal market conditions. The trust has continued to deliver attractive dividend income throughout the pandemic. The board intends to at least maintain the FY21 dividend payment at the FY20 level (3.70p per share), when the ordinary dividend was increased by 1.4%. The managers only buy shares that generate a substantial cash pay back. New holdings with high dividend and growth potential constantly refresh the portfolio. One of the new notable additions to the portfolio is Avacta Group (£504m market cap), the AIM-quoted developer of a lateral flow COVID-19 test. The managers expect this technology to boost testing and speed up the return to economic normality. The managers are currently full of ideas, finding opportunities and are upbeat about implementing them in 2021 and beyond.

The analyst’s view

DIVI’s multi-cap strategy and the portfolio’s diversification (c 130 holdings) mean the trust’s portfolio stance has not needed significant change during the pandemic. The trust is well positioned for either the UK recovery or for continuing to deliver attractive returns on the current high-beta dominated markets. The cyclical value sectors within the portfolio, including financials (29.1% at end-January 2021), materials (15.4%) and energy (10.7%), are set to give an additional performance boost during an economic upturn. Given that small-, mid-caps and AIM-quoted stocks, combined, comprise over 63% of DIVI’s portfolio, DIVI is likely to outperform the all-cap index and many larger-cap tilted peers in the recovery scenario.

The manager’s view and portfolio positioning

With the UK economic recovery emerging from the slump caused by the COVID-19 pandemic, DIVI’s managers Williams and Turner still expect a ‘bumpy ride’, with periods of rallies and setbacks. The UK's vaccine rollout programme is likely to have some hitches, and this might delay the re-opening and easing of lockdown. They anticipate more festivities in the UK for Christmas 2021 than during Christmas 2020.

Expecting a pick-up in inflation, the managers believe that income shares, or what they call ‘short-duration’ shares will outperform growth equities. Although some of DIVI’s holdings cut dividends in 2020 to preserve cash, the diversified nature of the portfolio, in combination with a partial use of the revenue reserve, allowed DIVI’s board to continue to increase the dividend and outperform. Williams and Turner see these short duration shares outperforming in 2021. They also believe smaller companies will be winners during the recovery.

The managers positioned the portfolio (exhibit 1, at end-January 2021) for the rising market: DIVI has a lot of cyclicals, such as financial, materials and energy, in the portfolio. AIM stocks continue to represent the largest share of DIVI’s portfolio (31.7% at end-January 2021, Exhibit 2).

Exhibit 1: Portfolio breakdown by sector

Exhibit 2: Portfolio breakdown by market cap

Source: The Diverse Income Trust, Edison Investment Research. Note: Data at end-January 2021.

Exhibit 1: Portfolio breakdown by sector

Exhibit 2: Portfolio breakdown by market cap

Source: The Diverse Income Trust, Edison Investment Research. Note: Data at end-January 2021.

Financials remains the biggest sector (29.1% at end-January 2021). The team took some profits from CMC Markets, which remains the largest holding (3.8% of the portfolio at end-January 2021). Within the sector, the managers have very limited exposure to high street banks, preferring to buy into specialist financial services companies. A 2020 acquisition, XPS Pensions Group, is a pensions advice company that came to the market at very high valuations, then suffered when insurance markets were hit in 2020 – and the managers used the favourable entry point to buy. K3Capital (top 10 holding, 2.0%), an AIM listed corporate finance business for SMEs, targets growing dividends to June 2021, 2022 and 2023 at 9.1p, 12.1p and 15.5p respectively.

Basic materials is the second largest weighting (15.4%) and Kenmare Resources (top 10 holding, 2.3% of the portfolio at end-January 2021) is the largest holding in that sector. A recent addition, Ferrexpo (c £2bn market cap), is one of the top iron ore producers in the world. Another new purchase, Tharisa (£354m market cap), a global platinum miner and manufacturer, was trading at a ‘completely wrong’ price, according to the managers. Over the last three months the share price has increased from 75p to 138p, and even with such a rise the stock trades at barely 4.4x the forward 12-month P/E. Four gold miners in the portfolio (Polymetal, Petropavlosk, Centamin and Pan African Resources) serve as a hedge against a possible sharp drop in the market.

Energy is the fourth largest sector in the portfolio (10.7%). As the world decarbonises, investing in energy companies remains one of the trust’s key themes. The managers expect a shortage of energy within the next decade, as large oil companies have been cutting their oil exploration budgets since 2015, firstly due to the sharp fall in the oil price, then because of ESG moves during 2018–9. The oil price has almost reached US$70 per barrel and we have not yet seen the recovery from the COVID-19 crisis. The managers believe that the recovery will benefit cyclical stocks, including energy, and that onshore gas is a good area to invest in. Within the energy sector, the managers hold Touchstone Exploration (top 10 holding, 1.7%), an onshore gas exploration company in Trinidad. It is a quality company, according to managers, that pays a dividend, generates cash and hence has the ability to grow dividends.

Williams and Turner hold a number of technology stocks. These include Stirix Group (top 10 holding, 1.7%) and Amino Technologies. The latter suspended dividend payments for 12 months in 2020, but has now resumed payments, the managers expect the stock price to triple within the next few years. CML Microsystems and iEnergizer (top 20 holding, 1.4%), both pay generous dividends.

Within the consumer staples sector (the fifth largest sector), the team is happy with its supermarket holdings. These include three UK stalwarts: WM Morrison (top 20 holding, 1.5%), Sainsbury’s (top 20 holding, 1.4%) and Tesco (top 20 holding, 1.3%). All three supermarkets have posted a positive TR or 8–25% over the past 12 months. Considering ‘the toilet paper’ crisis in 2020, another consumer staples holding, Accrol Group (£192m market cap), a household and sanitary products manufacturer and seller of kitchen and toilet tissue and other paper products in the United Kingdom, is unlikely to go out of business any time soon.

Recent complete sales included ING Group, as the shares revalued materially and the managers took profits on Hilton Food Group.

Performance

As Exhibits 3 and 4 illustrate, even during 2020 when long-duration (or growth) assets were generally outperforming, DIVI has outperformed.

Exhibit 3: Investment company performance to 28 February 2021

Price, NAV and index total return performance, one-year rebased

Price, NAV and index total return performance (%)

Source: Refinitiv, Edison Investment Research. Note: Three, five and Sl (since launch on 28 April 2011) perf. figures annualised.

Exhibit 4: Five-year discrete performance data

12 months ending

Total share price return (%)

Total NAV return (%)

CBOE UK All Companies (%)

MSCI UK High Dividend Yield (%)

CBOE UK Small Companies (%)

Major AIM All-Share Index (%)

28/02/17

4.0

7.1

23.7

24.4

19.1

33.1

28/02/18

12.7

11.9

4.4

6.5

13.8

16.0

28/02/19

(4.8)

(3.7)

1.6

4.0

(6.6)

(11.3)

29/02/20

(5.8)

(0.7)

(2.1)

(3.1)

5.9

(4.4)

28/02/21

32.4

24.7

2.8

(3.6)

17.8

39.3

Source: Refinitiv. Note: All % on a total return basis in pounds sterling.

DIVI’s discrete performance is little correlated with UK indexes, as exhibit 4 shows. DIVI’s multi-cap approach allows the managers to demonstrate a less volatile performance compared to the CBOE UK Small Companies and Major AIM All-Share indices and outperform larger-cap indices during their periods of lacklustre performance.

Exhibit 5 compares DIVI’s performance with 12 peers in the UK income sector. DIVI ranks in the top quartile for all the periods shown: one, three and five years and since launch on 28 April 2011, on the NAV TR basis. The short-term one-year performance to end-February 2021 places DIVI at the top of the 13-peers group ranking. Posting a 24.4% NAV TR, the trust outperformed the peer group average (3.5% NAV TR) by 20.9pp. Over the same period DIVI outperformed the next best-performing peer, Dunedin Income Growth (10.7%) by 13.7pp.

Exhibit 5: Selected peer group at 28 February 2021*

% unless stated

Market cap £m

NAV TR
1 year

NAV TR
3 year

NAV TR
5 year

NAV TR sl***

Discount (cum-fair)

Ongoing
charge

Performance fee

Net gearing

Dividend yield (%)**

Diverse Income Trust

381.3

24.4

19.0

41.5

204.8

(1.6)

1.1

No

100

3.4

Aberdeen Standard Eq Inc Trust

160.0

(3.0)

(14.4)

0.5

59.1

(6.9)

0.9

No

112

6.3

BMO Capital & Income

315.1

(1.3)

5.4

40.8

88.2

(2.3)

0.6

No

105

4.0

City of London

1,554.8

(2.9)

(0.7)

18.6

81.9

2.7

0.4

No

109

5.2

Dunedin Income Growth

437.1

10.7

22.4

56.6

91.9

(2.4)

0.6

No

109

4.3

Edinburgh Investment Trust

976.3

5.7

(1.8)

6.2

98.4

(7.9)

0.6

No

107

4.2

Finsbury Growth & Income

1,896.5

6.3

20.6

60.2

210.8

(1.2)

0.6

No

101

2.0

JPMorgan Claverhouse

382.2

2.8

3.1

35.1

86.3

(2.8)

0.7

No

112

4.5

Lowland

324.2

2.6

(9.1)

21.7

89.9

(7.1)

0.6

No

115

5.0

Merchants Trust

566.2

5.1

8.2

37.3

85.4

0.4

0.6

No

113

5.8

Murray Income Trust

966.8

4.3

17.4

48.2

92.9

(3.8)

0.6

No

110

4.2

Perpetual Income & Growth

159.3

(3.8)

3.2

16.4

86.0

(4.5)

0.7

No

106

4.3

Temple Bar

690.1

(6.0)

(7.5)

19.9

67.4

(7.0)

0.5

No

113

3.7

Simple average (12 funds)

677.7

3.5

5.1

31.0

103.3

(3.4)

0.7

109

4.4

Rank in peer group

9

1

3

4

2

4

1

13

12

Source: Morningstar, Edison Investment Research. Note: *Performance to 28 February 2021 based on cum-fair NAV. TR = total return. Net gearing is total assets less cash and equivalents as a percentage of net assets. 100=ungeared. **Based on historic dividends. ***si – since DIVI’s launch on 28 April 2011.

Dividend policy, record and guidance

DIVI’s primary objective is to provide shareholders with an attractive and growing level of income, as well as deliver capital growth over the long run. The board has a policy to build revenue reserves during the years of generous dividend payments from portfolio companies and uses them as necessary when dividend payments from portfolio companies subside, as happened during the COVID-19 pandemic.

Revenue reserves stood at £14.8m at the end of H121 (to end November 2020). This is equal to c 1.0x the ordinary annual dividend payment. The trust used some of its revenue reserves in FY20 (to end-May 2020) to smooth dividend payments to shareholders. During FY20 DIVI’s net revenue return per share declined by 17% from 3.95p to 3.27p, as a number of investees reduced or cancelled dividends during the pandemic. Subsequently, during H121 the board maintained the dividend of 1.75p at the H120 level over the six-month period to November 2020. During H121 the trust’s revenue per share fell again, this time by 11.1% over the corresponding period, as lockdowns bit, but the board expects it to recover in coming years so did not tap into revenue reserves for H121 dividends. Revenue earnings of 1.77p per share for this interim period fully covered the two dividends in respect of the period (1.75p per share).

The board expects to at least maintain the full year ordinary dividend for the year to May 2021 of 3.70p per share. The board does not envisage paying a special dividend in FY21.

General disclaimer and copyright

This report has been commissioned by The Diverse Income Trust and prepared and issued by Edison, in consideration of a fee payable by The Diverse Income Trust. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

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Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by The Diverse Income Trust and prepared and issued by Edison, in consideration of a fee payable by The Diverse Income Trust. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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