Ann: Annual General Meeting - Chairman's address and presentation, page-6

I can't argue with anything you're stated Timbooooo. Nothing wrong with holding a bit of cash when you've feeling uncertainty.

I'm getting a bit wary of the high market valuations across a lot of asset classes and want to exit the holding I have in my personal name (no rush - I have a price in mind but will make a call in the next 6-12 months if it is not reached, based on my CGT position and my take on where the market is heading), but retain the stake I'm holding in SMSF for the long term.

I've been holding since day 1 when it was an unlisted fund and think this is a pearler for SMSF (for me I have time to ride out market corrections/fluctuations, etc. on this one).


I think there is some risk to property values in the medium term, with significant new childcare supply coming on line and where the cap rates are currently sitting. But, management seems to go about their business well, and manage shareholder expectations. I like the solid yield and historical capital growth. So I only see a significant step up in share price if there are changes to the childcare framework that make it harder for new entrants, or if a FET or international player make a play.