The S&P/Australian Securities Exchange 200 Index, along with most major global equity indexes, continues to push out to multiyear and, in some cases, all-time highs.

The Australian benchmark is now comfortably above 5,000 for the first time since the second half of 2008, or just before the world almost came to an end on news of Lehman Brothers’ implosion.

Since hitting a Great Financial Crisis closing low of 3,145.500 on March 6, 2009, the S&P/ASX 200 has rallied 65.3 percent in local, price-only terms to 5,198.381 as of the close of trading May 9, 2013. The index remains another 1,630.319 points, 31.4 percent from here, below its Nov. 1, 2007, all-time closing high of 6828.700.

Meanwhile, the S&P 500 Index and the Dow Jones Industrial Average are posting all-time highs on a near daily basis, and the MSCI World Index is trading at levels not seen since mid-2008. Yet this remains perhaps the most hated stock-market rally ever.

This is nothing like the 1999-2000 era, when stock-market talk punctuated just about every cocktail-party conversation, with every Tom, Dick and Mary dispensing hot tech picks at the drop of an olive.

There are no pundits on financial television donning “Dow 15,000” hats, no new books predicting “Dow 36,000.” There are no remote shots of the trading floor of the New York Stock Exchange on the evening news. In fact these recent highs have merited mention only midway into network broadcasts.

This is different, even, than the 2007-08 top; now, after the Great Financial Crisis, investors are tuned in, perhaps overly so, for signs of the next potentially earth-shattering crackup.

Based on these anecdotal observations, the situation is positive, as the absence of excessive exuberance–and the prevalence of skepticism–suggests there’s room for stocks to run.

At the same time, however, valuations appear to be a little stretched, at least compared to what’s historically proven to be a pretty good bright line distinguishing equity market value.

Yale Professor of Economics Robert Shiller has suggested relating the current inflation-adjusted S&P 500 to the previous 10-year-average of inflation-adjusted earnings.

Although what happens over the next 10 years is more relevant than what happened over the last, Professor Shiller’s approach provides an objective measure of what kinds of values have been typical going all the way back to 1880.

By Professor Shiller’s measure the current backward-looking real price-to-earnings ratio is up to 23.4, well above its historical average value of 16.5.

Our focus remains on collecting high-quality businesses that can sustain and grow dividends for the long haul. We establish our value-based buy-under targets on a set of financial and operating criteria–the AE Safety Rating System–that establish the viability of current payouts and incorporate a forecast of potential near-term capital appreciation.

We raise our buy-under targets when Holdings increase their dividends or demonstrate, through organic initiatives or via accretive acquisitions, that a higher valuation is merited.

We’re continually evaluating the companies we select for inclusion in the Portfolio–whether their numbers and performance measure up, whether their business mix fits within the context of other Holdings as well as our long-term objectives.

Buys and Holds

We will let our winners run, as in the case of biopharmaceutical CSL Ltd (ASX: CSL, OTC: CMXHF, ADR: CMXHY), which is now a hold after zooming past our most recent buy-under target of USD35 per share in late 2012. The stock closed at AUD60.72 on May 9 on the ASX.

We’ve advised subscribers to book a partial profit on CSL, lest it became too big a part of your portfolio. At the same time, CSL, which announced a 35.2 percent increase in its fiscal 2013 interim dividend and remains on solid fundamental footing, is well placed to build wealth for shareholders for the long term.

CSL was one of the first two additions to the AE Portfolio following the introduction of the “Eight Income Wonders from Down Under” in our Sept. 26, 2011, debut issue. Since joining the Portfolio as of the Oct. 14, 2011, issue CSL has generated a total return in US dollar terms of more than 100 percent.

CSL is a great stock to hold at these levels.

We’ve also made fellow Conservative Holding Australand Property Group (ASX: ALZ, OTC: AUAOF) a hold due to a strong recent run driven by a potential sale of all or part of the Australian real estate investment trust’s (A-REIT) portfolio.

We have more on Australand and another A-REIT that’s joining it among our Conservative Holdings, GPT Group (ASX: GPT, OTC: GPTGF), in one of this month’s Sector Spotlights.

Australand is now up 46.6 percent in US dollar terms, including distributions, since our initial recommendation in March 2012, doubling the performance of the broader S&P/ASX 200 Index and nearly tripling the S&P 500. Australand is a hold.

GPT Group, which has made an offer to buy Australand’s commercial and industrial assets, is a new buy under USD4.25.

 There are other Conservative Holdings that have run well past our posted buy-under targets, including “Income Wonders” APA Group (ASX: APA, OTC: APAJF), Envestra Ltd (ASX: ENV, OTC: EVSRF) and Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR; TLSYY).

All three have run higher–APA and Envestra to all-time highs, Telstra to its highest point since mid-March 2005–due to investor hunger for yield as well as the high quality of their underlying businesses. All three generate steady, predictable and growing cash flows that provide ample support for dividends.

Payout growth since we included them in the original AE Portfolio hasn’t matched share-price growth. At the same time, however, APA in particular has made moves to add assets that make it a more valuable business.

The Epic Energy assets added via the Hastings Diversified Utilities Fund acquisition will support the long-term growth of APA’s infrastructure segment. Epic’s assets include the South West Queensland Pipeline, a 937-kilometer pipeline connecting Wallumbilla in Queensland with Moomba in South Australia.

The pipeline has long-term gas transportation agreements for both western-haul and eastern-haul services. Plans are also underway to develop expanded compression and associated services at Wallumbilla.

All capital expenditures for these expansions are supported by long-term contracts with high-credit counterparties or relevant approvals under regulatory arrangements, consistent with APA’s long-term strategy.

And management of Australia’s largest natural gas infrastructure business announced last week the completion of the sale of the Moomba-to-Adelaide Pipeline System (MAPS) to QIC Global Infrastructure for AUD400.5 million.

The Australian Consumer and Competition Commission (ACCC) required the sale of MAPS as a condition of approving APA’s acquisition of Hastings. The ACCC has deemed QIC an approved purchaser of MAPS.

APA will use proceeds from the sale to pay down existing debt and to fund further growth.

Normalized operating cash flow for the first half of fiscal 2013 was up by 35.3 percent to AUD212.5 million, while operating cash flow per share was up by 20.9 percent to AUD0.298. APA’s board of directors had previously declared an interim distribution of AUD0.17 per share, in line with the prior corresponding period. It was paid March 13, 2013.

The distribution payout ratio for the period, based on operating cash flow, was 66.2 percent, down from 69.2 percent for the first half of fiscal 2012.

Based on its results for the six months ended Dec. 31, 2012, management expects EBITDA for the full year to June 30, 2013, of AUD755 million to AUD770 million. Management maintained distribution guidance for the full year of “at least” AUD0.35 per share.

APA will report results for fiscal 2013 on or about Aug. 21, 2013. But management will declare the company’s final dividend on or about June 19, 2013, two months ahead of the full-year earnings announcement.

Since fiscal 2009 APA has raised its distribution by an average of 4.4 percent per year, though the pace of increase slowed from 5.1 percent at the beginning of this period to 1.7 percent for fiscal 2012, with a high of 5.6 percent for fiscal 2010.

Management’s circumspect approach to “capital management” reflects its desire to preserve as much cash as possible so it can continue to invest in expansion and further development of its existing energy infrastructure portfolio around Australia.

Including Epic projects already underway, APA expects fiscal 2013 full-year growth CAPEX to be around AUD400 million. The Roma-to-Brisbane and Goldfields pipeline projects and Mondarra gas storage project accounted for most of the first-half expenditure; those efforts will generate new revenue in fiscal 2014. APA is now continuing with approximately AUD300 million of projects in and around the Epic pipelines.

Even after these investments as well as the AUD2.8 billion acquisition of HDF APA’s balance sheet remains strong. APA repaid all of HDF’s outstanding liabilities upon completion of the merger on Dec. 24, 2012, and now has just AUD113 million of debt due within the next 12 months.

APA has more than AUD700 million of cash and committed undrawn facilities with which to meet short-term debt obligations and to fund CAPEX going forward.

Following the HDF acquisition APA’s gearing ratio–or debt-to-capitalization–was 64.2 percent, well within the company’s long-term target range of 65 percent to 68 percent and sufficient to provide APA headroom to fund projected growth over the next 18 months to two years from internally generated and currently available resources. APA’s access to funding markets at competitive pricing levels is also well-proven.

Based on recent results, its proven ability to add cash-generating assets and in anticipation of a modest dividend increase in June, we’re raising our buy-under target for APA Group to USD6.50.

When Envestra announced a 3.4 percent increase in its interim dividend along with solid fiscal 2013 first-half numbers, we boosted its buy-under target to USD0.85. The stock closed at AUD1.08 on the ASX on May 9.

The natural gas distributor paid a AUD0.03 per share dividend on April 30, 2013, up from an interim dividend of AUD0.029 paid in fiscal 2012.

Management reported 45 percent growth in NPAT to AUD59.1 million on total revenue of AUD273.7 million, which was up 12 percent. Cash flow from operations increased by 5 percent to AUD135.7 million. Volume and tariff increases drove numbers higher compared to the first half of fiscal 2012. Envestra added 13,000 new customers during the period.

Management also noted a 4 percent reduction in net finance costs and forecast further borrowing cost savings in the second half of the year.

Envestra boosted capital expenditure by 24 percent to AUD102.2 million, part of a long-term effort to grow its asset base. The company is on track to spend AUD230 million for the full fiscal year. Much of the CAPEX effort during the six months of the year focused on the replacement of 175 kilometers of gas mains.

Management also highlighted capacity enhancements on the Dandenong-to-Crib Point pipeline in Victoria and the commencement of work on a seven-kilometer transmission line in Adelaide.

Cash available for distribution to shareholders was flat at AUD120.3 million. The payout ratio for the period based on distributable cash was 37.9 percent.

The success of Envestra’s continuing effort to strengthen its balance sheet was recognized by S&P in November with an upgrade to the company’s credit outlook to “positive.”

Management reaffirmed full-year profit guidance of “at least” AUD100 million.

Envestra is trading at less than 10 times cash flow per share. Its operating and financial performance has proven that our initial buy-under target underestimated and subsequent increase haven’t kept pace with the company’s value. Envestra is now a buy under USD1.

Telstra, meanwhile, hasn’t boosted its regular dividend since the first half of 2005. Management has committed, however, to getting back to a regular pace of increases beginning in fiscal 2014, which commences Jul. 1, 2013.

Telstra paid AUD0.14 per share on March 22, and management still plans to pay AUD0.28 for the full year.

The stock, as it has consistently since mid-2012, is trading well above our current recommended buy-under target of USD3.50, or USD17.50 using the American Depositary Receipt (ADR) listed on the US over-the-counter market, which is worth five ordinary shares.

It closed at AUD5.03 on the ASX on May 9.

Telstra posted an 8.8 percent increase in net profit after tax (NPAT) for the first half of fiscal 2013 to AUD1.597 billion. Total revenue for the six months ended Dec. 31, 2012, was up 1.7 percent to AUD12.711 billion.

Strong customer growth drove bottom- and top-line results, as Telstra added 607,000 new customers in Australia and 321,000 international mobile subscribers during the period. Mobile revenue grew by 4.6 percent to AUD4.56 million, as total mobile customers grew to 14.4 million, including 6.9 million postpaid subscribers and 3.3 million mobile broadband users.

Network Application and Services (NAS) revenue was up 10.6 percent to AUD636 million, with growth driven by several long-term contracts were signed during fiscal 2012. Telstra’s NAS unit houses its “cloud” computing operations and manages core telecommunications products for businesses.

CEO David Thodey noted during management’s conference call to discuss results that cloud computing posted 25 percent revenue growth for the first half of fiscal 2013. Cloud services–which offer online access to computer hardware or software from Telstra-managed infrastructure–were “no longer a gleam in our eye.”

“It is actually a very critical part of our business,” Mr. Thodey said.

Management confirmed full-year earnings guidance, a forecast made in contemplation of the eventual AUD1.3 billion it bid this month for new wireless spectrum.

Fiscal 2013 total income and operating earnings growth will be in the low single digits, while management expects free cash flow to be between AUD4.75 billion and AUD5.25 billion. Telstra forecast total capital expenditure for the year to be around 15 percent of sales.

Telstra is looking a little more stretched than APA and Envestra at 17.6 times earnings and 5.4 times book value at current levels. We are, however, boosting our buy-under target to USD4.60.

Sells

Last month we advised readers to sell New Hope Corp Ltd (ASX: NHC, OTC: NHPEF), which announced, along with fiscal 2013 first-half (ended Jan. 31, 2013) earnings, that it would ramp up oil and gas production in the face of softening coal prices.

New Hope’s acquisition of oil and gas producer Bridgeport Energy Ltd, originally envisioned as a means of reducing fuel costs at its core thermal coal operations, has now become the focus of the company’s plan to diversify its resource output.

New Hope bought the remaining part of Bridgeport that it didn’t already own for AUD45 million in September 2012 as a means of mitigating costs related to running its coal mines, which require 40 million liters of diesel fuel per year.

But Managing Director and CEO Rob Neale noted during the company’s first-half conference call that New Hope can enjoy higher margins from its oil and gas production than it can from its coal output.

Mr. Neale tipped during his presentation at New Hope’s annual general meeting (AGM) in November 2012 that the company, in light of lower coal prices, would emphasize low-cost efficient production as price declines in Australian dollar terms “occurred sooner and to a greater magnitude than previously forecast.”

As Mr. Neale also forecast at the AGM, New Hope’s operating results for the first half of fiscal 2013 were lower than year-ago results due to lower export thermal coal prices, a stronger Australian dollar and increasing pressure on offsite transportation costs, including rail costs on a per-metric-ton basis.

Bridgeport will now play a central role as New Hope takes further steps to mitigate the ongoing impact of a prolonged coal slump. Since September 2012 Bridgeport has produced 16,833 barrels of oil attributable to New Hope.

We’re effectively replacing New Hope in the Aggressive Holdings with Australia’s largest oil and gas producer by market capitalization, Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY).

We have more on Woodside Petroleum in a May Sector Spotlight. Management recently declared a special dividend of AUD0.63 per share and boosted its target payout ratio to approximately 80 percent of underlying earnings from approximately 50 percent.

Sell New Hope if you haven’t already. New Aggressive Holding Woodside Petroleum, which is enjoying the benefits of the startup of the Pluto LNG project, is a buy under USD42.

Aggressive Update

Ausdrill Ltd’s (ASX: ASL, OTC: AUSDF) performance since we added it to the Aggressive Holdings evokes unpleasant memories of Iluka Resources Ltd (ASX: ILK, OTC: ILKAF, ADR: ILKAY) and Grange Resources Ltd (ASX: GRR, OTC: GRRLF), two companies from the Basic Materials group of How They Rate coverage that we added and removed from the Portfolio in 2012.

Mineral sands producer Iluka suffered from declining demand throughout the course of 2012, as management issued a series of downward guidance revisions that led us to question and then conclude that it wasn’t suitable as a long-term holding, even an aggressive one.

We opened the position in February 2012 but closed it in July 2012, by which time Iluka had posted a negative total return of 51 percent.

Grange, which replaced Iluka in the Aggressive Holdings in July 2012, announced within weeks of its inclusion in the Portfolio the replacement of its longtime CEO. The move was executed swiftly, suggesting the board of directors quickly lost confidence in the growth strategy in place at the time.

Shortly thereafter Grange announced disappointing fiscal 2012 results that included a dividend cut. In an Aug. 31, 2012, Flash Alert we cut the cord, selling Grange at a loss of 39 percent.

Ausdrill is distinguishable from Iluka and Grange in that it is not a resource producer. Rather, Ausdrill provides contract drill and blast services provider for big miners operating in Australia and Africa.

It’s similar to Iluka and Grange in that since we added it to the Aggressive Holdings the share price has tanked. Like Iluka too Ausdrill has issued a downward revision to earnings guidance.

Since March 15, 2013, Ausdrill is down 42 percent, the sharp decline largely the result of an updated forecast on April 17 that indicated full-year profit would decline by approximately 17 percent due to a worse-than-expected slowdown in mining activity.

Management expects net profit after tax of AUD90 million to AUD96 million for the year ending June 30, 2013, down from AUD112 million a year ago and well out of step with the “flat” year previously forecast.

Audrill had cut 13 percent of its staff over the first eight months of the fiscal year to help reduce costs. But “profits are expected to be impacted by the general slowdown in activity in the Australian mining sector that has occurred from September 2012 onwards, and which has not recovered as previously expected.”

Ausdrill has been hurt as miners cut exploration drilling and pulling back on hiring equipment as they deferred projects and, critically, slowed production. Management expects prevailing conditions for the equipment rental market to “persist in the near term.”

“We expect these trading conditions to persist in the near term,” Ausdrill said, referring to a surplus in the equipment rental market.

As we noted in the March 2013 Sector Spotlight wherein we introduced the stock to the Portfolio, “The key risk for Ausdrill is an earnings disappointment. Amid a particularly volatile period for the mining industry, what with seemingly endemic cost overruns, the potential for project delays as well as possible loss of contracts and/or slower-than-anticipated new project wins, the market appears to be pricing in a downside surprise.”

We appear to have overestimated to degree to which the market had priced in a downside surprise, but we’re not ready to pull the plug on Ausdrill, which has never cut its payout during more than a decade as a dividend-paying company. We are cutting our buy-under target to better reflect the current market.

Ausdrill remains a buy under USD2 for aggressive investors only.

The corollary to the principle of letting our winners run is being quick but hurrying to admit mistakes and move on. With a current yield of 8.4 percent at current levels Ausdrill is paying well while we wait for a recovery in its share price.

On a more positive note, GrainCorp Ltd (ASX: GNC, OTC: GRCLF) has accepted a new, higher offer from US-based global agribusiness giant Archer-Daniels-Midland Co (NYSE: ADM).  

ADM will pay AUD12.20 per share in cash as well as a one-time AUD1 per share special dividend before the deal closes. The deal has an enterprise value of AUD3.4 billion, including debt.

Upon completion of the takeover GrainCorp will become the second of our original eight Holdings to depart the Portfolio, following New Hope. GrainCorp, through May 9, has generated a total return in US dollar terms since Sept. 26, 2011, of 118.6 percent. Hold GrainCorp through payment of the AUD1 per share special dividend.

Conservative Update

Management of AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY), one of the “Eight Income Wonders from Down Under” that formed the original Australian Edge Portfolio, recently added a little more color to its fiscal 2013 earnings guidance. Unfortunately, that color is decidedly gray.

Numbers for AGL are likely to come in at the bottom half of the forecast underlying net profit after tax range of AUD590 million to AUD640 million when it reports results for the 12 months to June 30, 2013.

Management noted “unprecedented” churn–or customer turnover–volumes in a recent presentation to the Macquarie Australia Conference, such that second-half acquisitions will be impacted due to intensifying competition. The company has boosted its retention efforts in response to aggressive competitor discounting.

Electricity demand is also weakening across Australia’s National Energy Market, reflecting large network/distribution price increases, the continuing impact of the Great Financial Crisis and the strong Australian dollar on manufacturing activity Down Under and significant solar penetration.

AGL’s pipeline of projects–including significant additions of wind and solar capacity as well as numerous gas-focused projects–will continue to drive long-term growth. And there is no threat to the current dividend rate.

The stock hit a five-year closing high of AUD16.60 on the Australian Securities Exchange in mid-March but has softened significantly in the weeks since. It’s now below AUD15 on its home exchange.

But this selloff represents an opportunity to buy Australia’s biggest power provider, a company with a diversified portfolio of assets that’s well positioned to profit from the new carbon tax Down Under–at a compelling valuation. At current levels the stock is priced at just 1.12 times book value.

Like most Australia-based companies AGL reports operating and financial results and declares dividends on a semi-annual basis. Buy under USD17.25 on the ASX using the symbol AGK or on the US over-the-counter market using the symbol AGLNF.

AGL also trades as an American Depositary Receipt (ADR) on the US OTC market AGLNY, which is worth one ordinary, ASX-listed share. AGL’s ADR is also a buy under USD17.25. 

AGL has a market capitalization of more than AUD8 billion. It trades more than 1.5 million shares a day on the ASX, so liquidity shouldn’t be an issue. This is a globally recognized, high-quality company.

Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY), also an original member of the AE Portfolio, beat analysts’ expectations with its fiscal 2013 first-half (ended March 31, 2013) numbers on cost savings at home and the continuing success of its endeavors in Asia.

The latter factor–ANZ’s push beyond Australia and New Zealand–is the major factor that separated it from the other three major Australian banks when we made our initial Portfolio selections in September 2011.

ANZ also announced a 10.6 percent interim dividend increase, to AUD0.73 per share from AUD0.66 a year ago. The magnitude of the increase suggests ANZ is responding to the market’s hunger for yield.

Management is also working on closing the payout ratio gap between it and its “Four Pillar” peers, as its historic 65 percent trailed Commonwealth Bank of Australia (ASX: CBA, OTC: CBAUF, ADR: CMWAY) at 76 percent, National Australia Bank Ltd (ASX: NAB, OTC: NAUBF, ADR: NAZBY) at 75 percent and Westpac Banking Corp (ASX: WBC, NYSE: WBK) at 79 percent.

ANZ now appears to be targeting a payout ratio in upper part of a 65 percent to 70 percent range, with the former 45 percent/55 percent first-half/second-half skew replaced by a policy that more closely aligns dividend growth with earnings growth each period.

ANZ hit an all-time closing high of AUD31.84 on the ASX the day of its earnings announcement but has since backed off to AUD30.59 as of May 9. The stock has actually underperformed its peer group since ANZ announced fiscal 2012 numbers last October, as the bank’s relatively high institutional exposure as well as its New Zealand business exerted a drag on margins.

The institutional exposure and New Zealand still dragged on margins in the first half of 2013, but management noted that negative trend for both divisions stabilized during the second quarter. Management now forecasts a decline of one or two basis points for net interest margin for the second half of fiscal 2013, but this will result from lower average rates rather than competitive pressures or because of revenue/market mix.

Net interest margin overall was down 3 basis points half over half and 10 basis points year over year to 2.25 percent but was steady at 2.67 percent, as lower wholesale funding costs were offset by competition for deposits and lower earnings due to the Reserve Bank of Australia’s recent stretch of cuts to its benchmark overnight cash rate.

ANZ’s margin trajectory–which had set it apart, negatively, from its top three competitors in recent halves due to institutional and New Zealand exposure–should be less of a headwind for the rest of fiscal 2013 and into 2014. Volume and non-net interest income growth should drive stronger revenue growth going forward.

Statutory net profit after tax for the first half of ANZ’s fiscal 2013 was up 7 percent compared to the second half of fiscal 2012 to AUD2.94 billion. Cash profit, which doesn’t include the impact of one-time items, was up 8 percent quarter over quarter and 10 percent year over year to AUD3.18 billion. Statutory net profit after tax of

ANZ’s share of retail banking in Australia grew to 14.3 percent as of March 31, 2013, up from 14 percent at the end of the second half of fiscal 2012. And domestic profit margin grew by 3 basis points from a year earlier.

Loan growth across the portfolio was robust at an annualized rate of 6.3 percent, though Australia was relatively subdued with annualized growth of 4 percent. Growth in ANZ’s overseas markets was strong, at 12.3 percent.

After reporting a 15 percent reduction in new impaired assets management now expects full-year provisions for bad loans to be in line with fiscal 2012 levels of AUD1.258 billion.

ANZ, the leader among Australia’s “Four Pillars” in terms of expansion of operations into greater Asia, now earns approximately 20 percent of its revenue from operations outside Australia and New Zealand. The long-term target is 25 percent to 30 percent.

CEO Mike Smith noted ANZ’s “ability to invest over $400 million in growth initiatives during the period while also producing strong productivity outcomes across the business.” Overall expenses declined 8 percent, while the bank’s cost-to-income ratio was down to 44.7 percent, a “step change,” according to Mr. Smith.

The move to a single brand and platform in New Zealand, reaching critical mass in Asian support hubs to increase efficiency in the Australian franchise and  building Asian businesses to a point where incremental revenue exceeds incremental costs have helped ANZ cut its underlying cost-to-income ratio by 160 basis points since the end of fiscal 2012. Management is targeting 200 basis points by fiscal 2014.

Australia & New Zealand Banking Group, on the strength of its recent dividend increase, the prospect of efficiency improvements and its head start in Asia, is now a buy under USD30.

Numbers to Come

Here’s when AE Portfolio Holdings will report their next sets of financial and operating numbers. Some have “confirmed” dates, while for others we’ve provided an “estimate.”

For most this will cover the full fiscal year ending June 30, 2013. We’ve noted for others that report on a different schedule the period to which the announcement pertains.

Conservative Holdings

• Aberdeen Asia-Pacific Income Fund (NYSE: FAX)–N/A (fund, reports holdings on a quarterly basis)
• AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY)–Aug. 21, 2013 (estimate)
• APA Group (ASX: APA, OTC: APAJF)–Aug. 21, 2013
• Australand Property Group Ltd (ASX: ALZ, OTC: AUAOF)–July 24, 2013 (2013 H1, confirmed)
• Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY)–April 30, 2013 (FY 2013 H1, confirmed)
• Cardno Ltd (ASX: CDD, OTC: COLDF)–Aug. 13, 2013 (estimate)
• CSL Ltd (ASX: CSL, OTC: CMXHF, ADR: CMXHY)–Aug. 21, 2013 (estimate)
• Envestra Ltd (ASX: ENV, OTC: EVSRF)–Aug. 22, 2013 (estimate)
• GPT Group (ASX: GPT, OTC: GPTGF)–Aug. 12, 2013 (2013 H1, estimate)
• M2 Telecommunications Group Ltd (ASX: MTU, OTC: MTCZF)–Aug. 26, 2013 (estimate)
• Ramsay Health Care Ltd (ASX: RHC, OTC: RMSUF)–Aug. 22, 2013 (estimate)
• SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF)–Aug. 14, 2013 (estimate)
• Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY)–Aug. 8, 2013 (confirmed)
• Transurban Group (ASX: TCL, OTC: TRAUF)–Aug. 6, 2013 (estimate)
• Wesfarmers Ltd (ASX: WES, OTC: WFAFF, ADR: WFAFY)–Aug. 15, 2013 (estimate)

Aggressive Holdings

• Amalgamated Holdings Ltd (ASX: AHD, OTC: None)–Aug. 22, 2013 (estimate)
• Ausdrill Ltd (ASX: ASL, OTC: AUSDF)–Aug. 28, 2013 (estimate)
• BHP Billiton Ltd (ASX: BHP, NYSE: BHP)–Aug. 21, 2013 (estimate)
• GrainCorp Ltd (ASX: GNC, OTC: GRCLF)–May 16, 2013 (FY 2013 H1, confirmed)
• Mineral Resources Ltd (ASX: MIN, OTC: MALRF)–Aug. 15, 2013 (estimate)
• Newcrest Mining Ltd (ASX: NCM, OTC: NCMGF, ADR: NCMGY)–Aug. 12, 2013 (estimate)
• Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY)–Aug. 12, 2013 (2013 H1, estimate)
• Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY)–Aug. 22, 2013 (estimate)
• Rio Tinto Ltd (ASX: RIO, NYSE: RIO)–Aug. 8, 2013 (2013 H1, confirmed)
• Spark Infrastructure Group (ASX: SKI, OTC: SFDPF)–Aug. 26, 2013 (2013 H1, estimate)
• Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY)–Aug. 21, 2013 (2013 H1, estimate)
• WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY)–Aug. 28, 2013 (estimate)