macquarie emerging leaders portfolio

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    13 August
    Emerging leaders
    Changes to Macquarie model portfolio

    This week we have added three positions to our Model portfolio.

    ANTG: The Austrim notes are trading at a 40% discount to ARL. The notes either convert into 180 ARLs in October 2004, or (if the ARL stock price is greater than $0.60) $108 worth of ARL shares.

    PBB: PBB’s growth profile looks robust, boosted by good prospects in the US and European markets driven by the Bosch arrangement and the recent AP brakes acquisition. Pacifica is trading at a discount to our $6.13 valuation.

    ALU: To maintain a selective exposure to the tech sector we are adding some ALU to the portfolio. While we acknowledge the higher level of risk relative to IFM and TNE, we believe investors are compensated by a material discount in investment multiples.
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