From Unisuper March 2016 - After 15 years of steadily growing...

From Unisuper March 2016 -

After 15 years of steadily growing profits and dividends, Woolworths announced a 33% reduction in profits to $926 million and cut their dividends 34% to 44 cents, demonstrating the extent to which the company has been mismanaged. Our investment in Woolworths represents 0.6% of the Balanced Option. The highest weighting any single investment option has in Woolworths is the Australian Equity Income option with 4.5%. While these weightings are fortunately quite low, and both options have recorded very strong overall performance, it does not detract from the fact that investing in Woolworths at around $32 per share was a mistake. Woolworths now has a new Board and CEO, and so far they are saying the right things. However, we are holding on to our Woolworths shares not because we expect a quick turnaround in the company’s fortunes; it’s simply a case that at $22 we think the shares have more upside than downside. Caution: we had the same view when the shares were trading at $27.

http://www.unisuper.com.au/about-us/super-informed-enews/march-2016