Netwealth portfolio construction series: Economic Update with Roger Montgomery

2017 Investment Outlook

Presented byRoger MontgomeryFounder and Chief Investment Officer Montgomery Investment Management

22 February 2017

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This webinar and information has been prepared and issued by Netwealth Investments Limited (Netwealth), ABN 85 090 569 109, AFSL 230975. It contains factual information and general financial product advice only and has been prepared without taking into account the objectives, financial situation or needs of any individual. The information provided is not intended to be a substitute for professional financial product advice and you should determine its appropriateness having regard to you or your clients particular circumstances. The relevant disclosure document should be obtained from Netwealth and considered before deciding whether to acquire, dispose of, or to continue to hold, an investment in any Netwealth product.

While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), no person, including Netwealth, or any other member of the Netwealth group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information.

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Roger MontgomeryFounder and Chief Investment Officer

Montgomery Investment Management

Meet todays speaker

February 2017

Roger MontgomeryChief Investment Officer

Invest in Quality nowFor quality returns

Maximising Wealth & Income

What has happened? The Great Rotation

What might happen next?

Where to find Value & Income Growth

AgendaValue investing, low rates and uncertainty

Yield = 10%

Growing Income v High YieldHow to put yourself in danger

Growing incomeIn the real world

Is Value being Created?Earnings/Income growth is key

Is Value being Created?Not related to Price in the short term

Is Value being Created?Not related to Price in the short term

Sheet1

BHP$b$b

Year20072016/17ChangeROIEDelta

Equity Contributed45.41.435%

Profits Retained32.667.134.5106%

Borrowings14.648.934.3235%

Profit*16.39-7.3-20.33%-44.79%

*e2017

REA Group$m$m


Equity Contributed56974173%

Profits Retained115845735209%

Borrowings80-8-100%

Profit*1525323838.76%1586.67%

*e2017

Virgin Australia$m$m


Equity Contributed4051309904223%

Profits Retained398-251649163%

Borrowings84630002154255%

Profit*22029-191-12.30%-86.82%

*e2017

BHP versus REA12 Month Price Performance Comparison

BHP versus REA10 Year Price Performance Comparison

2016 Market Rotation a global phenomenaFrom Quality to Value

2016 Rotation Poor Quality is Best PerformerMIM Quality Decile Performance 12mo to Jan 31 2017

1%

19%

7%

21%26% 24%

13%18%

60%

76%

1 2 3 4 5 6 7 8 9 10

Notes: All companies with MIM Quality score and market capitalization >$250m as at 31 January 2016; Equal-weight basis

Poorer QualityHigher Quality

Iron Ore oversupply to resumePrice well above marginal cost of production of 90thpercentile!

Rates Lower than the Great DepressionYield on 10-Year Treasury Bond

36 years of declining rates boosting Asset Prices

1773AD, Captain Cook crosses Antarctic Circle

}

1929-39, The Great Depression

PE Ratio at record highsThe most expensive is low growth and high debt

Index returns driven by large cap, low growth stocks

Investors snap up Italian 2.85% 50-year bonds. Hunt for returns outweighs bank fears.

Austria Sells 2 Billion In 70 Year Bonds at 2.03%

These top-of-market offerings pose numerous risks that investors are ignoring.

1) interest rates return to more normal levels, bonds trade down. Lower for longer = inadequate for longer, an insufficient return locked in for a lifetime.*

2) Pick-up in inflation, or expectations render meagre yields inadequate, so sell off further.

3) Over the course of 20-50years, credit risks of priced-to-perfection obligations will emerge

Distorted SecuritiesUnprecedented risks from Magnitude and Duration

NB: 35-year bond bull market, few investors have any experience navigating a sustained increase in interest rates and inflation.

* Mark-to-market losses from merely a 50bp rise in rates would be equivalent to >3years of coupon payments for holders of 30-yr Treasury bonds.




Where to find Income Growth

Type 1. Slow and steady Type 2. Taking advantage of overreactions


Type 1. Challenger Financial GroupGrowing with Australias Superannuation system

26

Australias 2nd largest operator of 45 Private Hospitals

Interests in NZ Pathology and AU Medical Centres

Quality business because? High barriers to entry (govt

$3m/bed cost vs. $1.5m for HSO)

High incremental ROE

Bright prospects? Ageing population

Expanding the bed base by

15% in 2 years

Type 2. HealthscopeGrowing with Ageing Baby Boomers

Sheet1

Total12 Month Average

MonthMonthly Volumes12 Month Moving Average

Jan-94121,88374,65274,10229,52128,6776,9923,7151,731341,273

Feb-94136,88178,11883,73230,80433,7557,8874,5651,907377,649

Mar-94156,18687,82790,48735,78628,9529,4764,8681,892415,474TickerHSO

Apr-94127,16572,84970,67527,44532,8096,9414,1441,710343,738Price$2.30

May-94152,65688,20180,08231,89336,1258,6624,8531,891404,363P/E (Forward)21.1x

Jun-94130,59985,52477,55132,44629,0847,6884,3881,577368,857ROTE35.0%

Jul-94133,07780,52775,12329,00729,5477,5524,3171,560360,710Dividend Yield3.3%

Aug-94148,82883,82978,14831,87332,8218,9504,6721,824390,945Payout Ratio70.0%

Sep-94141,92183,58478,47831,75932,0338,1494,6221,764382,310

Oct-94125,60674,10372,77929,00329,4357,5344,2301,666344,356

Nov-94151,33189,90391,72833,81136,2508,8504,8611,802418,536

Dec-94139,46683,06281,40231,16829,5268,2004,8731,985379,682377,324

Jan-95142,57387,07281,85532,06934,5578,2904,4761,922392,814381,620

Feb-95143,54380,67587,36632,66535,8627,9184,6562,062394,747383,044

Mar-95158,66093,31896,59136,67833,9499,6125,1012,289436,198384,771

Apr-95124,01872,92272,94026,18727,4137,0824,0871,487336,136384,138

May-95162,17392,87090,62432,88535,2229,1135,2992,037430,223386,293

Jun-95135,43289,35182,34331,28432,5777,9484,4892,041385,465387,677

Jul-95134,36684,69175,29628,93833,3208,1654,1581,748370,682388,508

Aug-95165,31589,76691,55934,21535,0588,6704,8051,891431,279391,869

Sep-95148,92282,52782,47031,76734,3598,0454,7141,978394,782392,908

Oct-95142,14993,83888,71430,54237,2088,7054,4211,943407,520398,172

Nov-95148,04884,53287,29732,51533,4609,3904,7712,107402,120396,804

Dec-95136,55283,58988,23129,22530,5347,9844,5231,644382,282397,021

Jan-96144,64086,56589,21534,24937,1628,3014,1271,930406,189398,135

Feb-96153,55889,84594,94534,14835,3417,9964,7561,951422,540400,451

Mar-96153,95689,57089,95834,79535,2388,3865,0141,919418,836399,005

Apr-96139,03583,46688,05730,92736,2058,2784,1392,043392,150403,672

May-96183,902101,08999,03736,53141,5449,9945,9912,257480,345407,849

Jun-96135,71686,66676,45630,27330,8177,3834,5691,754373,634406,863

Jul-96150,09191,18894,29832,64236,7388,8834,9531,847420,640411,026

Aug-96154,25193,43582,42631,45734,3608,7564,9251,815411,425409,372

Sep-96149,71892,33792,32231,44631,1098,0145,0001,767411,713410,783

Oct-96152,92894,17095,85233,95538,0678,5364,9362,000430,444412,693

Nov-96161,98083,22394,21132,23336,6438,1945,1222,004423,610414,484

Dec-96133,52884,32188,74432,26833,1428,5004,5861,815386,904414,869

Jan-97152,91693,65694,29732,89035,4028,4964,8061,912424,375416,385

Feb-97142,16083,38399,83231,79334,5197,9464,7752,059406,467415,045

Mar-97149,08484,53391,43232,62433,4607,5454,4561,922405,056413,897

Apr-97165,95498,46298,52533,95038,2079,1905,7811,983452,052418,889

May-97166,14296,76689,85930,41537,4248,8245,4961,900436,826415,262

Jun-97139,64686,78784,99231,02032,9077,7344,6831,668389,437416,579

Jul-97158,67592,08092,81033,55136,0549,6695,0252,010429,874417,349

Aug-97148,15485,82984,51431,41335,0597,8044,8321,892399,497416,355

Sep-97157,63588,13490,31431,07033,5377,8514,7711,847415,159416,642

Oct-97151,94894,27394,68431,00936,9808,6205,0111,946424,471416,144

Nov-97148,94984,81286,56929,37432,4047,9134,7501,989396,760413,907

Dec-97138,20887,57395,15832,24637,4268,2795,0191,964405,873415,487

Jan-98139,26788,98585,15529,88533,2198,1564,1191,874390,660412,678

Feb-98155,97287,31797,15528,37736,9987,7134,6171,928420,077413,812

Mar-98169,40594,475106,69534,81236,2758,7155,4002,080457,857418,212

Apr-98156,20187,61291,15230,21536,2578,6574,7692,031416,894415,282

May-98160,44892,81694,86432,05836,9628,8095,0211,930432,908414,956

Jun-98147,33089,32290,49830,44836,2647,3024,7902,042407,996416,502

Jul-98168,24798,76099,92331,02036,8899,2044,9772,062451,082418,270

Aug-98143,39188,97986,53330,48633,9857,9104,4681,768397,520418,105

Sep-98159,34792,84792,10432,45636,3558,0144,9131,949427,985419,174

Oct-98150,96992,80491,75831,65936,1188,1504,5692,194418,221418,653

Nov-98158,33587,71198,17330,86637,0008,6634,7931,874427,415421,207

Dec-98145,69289,00394,72033,63138,5148,7454,9331,892417,130422,145

Jan-99130,58380,76980,77929,12730,2067,0303,9191,757364,170419,938

Feb-99156,87489,98398,37830,69237,9037,8344,8911,968428,523420,642

Mar-99177,57598,079109,90134,46440,0269,4575,1732,088476,763422,217

Apr-99156,90595,27989,76032,20435,4158,0024,6342,061424,260422,831

May-99160,30188,40695,27631,71536,8848,3444,9781,918427,822422,407

Jun-99155,24493,15391,93031,98537,7197,8464,9421,805424,624423,793

Jul-99155,27592,94092,42331,32036,0798,5504,7301,764423,081421,460

Aug-99159,29995,01588,58332,19037,3408,3484,9601,770427,505423,958

Sep-99171,30893,21394,24933,62635,6137,9455,1731,971443,098425,218

Oct-99149,72888,64789,76230,84135,2247,7674,5571,794408,320424,393

Nov-99167,58692,252106,59534,26138,6269,5335,1212,113456,087426,782

Dec-99167,65295,42799,42134,10939,2529,4895,1161,942452,408429,722

Jan-00128,68180,89382,92127,83631,1837,1273,6851,706364,032429,710

Feb-00162,21392,200101,08331,65639,3008,5974,8662,067441,982430,832

Mar-00192,684102,206119,05737,30242,2139,4065,4492,259510,576433,650

Apr-00140,47185,55092,62326,33332,5407,7034,0771,705391,002430,878

May-00179,384102,224105,22634,64741,0419,5845,5302,196479,832435,212

Jun-00161,52094,13898,77832,02136,7978,3914,9052,035438,585436,376

Jul-00151,01191,82092,88933,33735,6118,5964,6271,884419,775436,100

Aug-00185,27097,736106,28733,46139,9409,6465,4722,000479,812440,459

Sep-00156,36889,57495,17034,11836,7788,0944,6592,024426,785439,100

Oct-00152,69994,255103,10029,34936,1488,4324,6462,051430,680440,963

Nov-00173,45496,790109,92235,58240,5409,5805,1872,150473,205442,390

Dec-00152,09890,83392,26132,28035,8328,2694,9701,880418,423439,557

Jan-01157,82093,46898,87334,85836,7398,6134,5722,134437,077445,645

Feb-01168,24896,894111,84333,68140,0588,0875,0322,147465,990447,645

Mar-01188,59899,602119,35339,47942,2289,6995,5572,529507,045447,351

Apr-01156,17586,37796,68531,49234,9827,5454,7491,978419,983449,766

May-01193,958110,137114,02137,48245,05410,3345,8882,319519,193453,046

Jun-01168,07993,860102,08234,42135,8708,4715,0382,052449,873453,987

Jul-01176,48698,280107,54136,48240,4179,4625,2352,127476,030458,675

Aug-01184,674106,623107,92438,01942,7119,6935,6912,268497,603460,157

Sep-01165,46395,504100,42233,33337,6098,2704,8722,185447,658461,897

Oct-01186,663103,256116,82436,25141,92110,0115,4032,512502,841467,910

Nov-01188,87898,266119,22335,78143,2259,8525,7452,381503,351470,422

Dec-01161,87290,47099,69431,36637,6168,9534,9762,039436,986471,969

Jan-02157,56690,572102,52233,55540,7638,3144,5972,172440,061472,218

Feb-02171,94888,119111,00133,49841,2408,2785,2462,196461,526471,846

Mar-02178,05798,446113,79234,06342,0919,2795,3602,033483,121469,852

Apr-02181,16598,750116,96233,77044,1989,2085,7922,124491,969475,851

May-02199,075113,387122,73238,89349,05110,6986,0502,092541,978477,750

Jun-02162,41186,43899,88131,11938,5698,4225,2471,976434,063476,432

Jul-02186,263104,294116,68037,70546,91510,7605,8262,128510,571479,311

Aug-02183,523102,989113,45036,98743,2419,5425,7242,110497,566479,308

Sep-02179,39698,257108,70035,21739,9999,3605,5911,997478,517481,879

Oct-02185,957100,667122,22733,79846,1869,8245,5962,238506,493482,184

Nov-02188,90998,439121,65835,96444,23510,0175,5692,395507,186482,503

Dec-02174,97594,927112,48036,70541,2899,6555,4932,262477,786485,903

Jan-03154,08587,831102,19831,64340,1618,6734,1661,856430,613485,116

Feb-03182,89792,277121,98834,33343,4159,3915,4162,197491,914487,648

Mar-03197,26099,990133,34837,82445,19410,1435,6622,404531,825491,707

Apr-03177,51194,011118,62132,04142,6249,8095,4752,080482,172490,890

May-03195,278105,522126,80838,37047,37810,5285,7742,565532,223490,077

Jun-03173,96799,152118,60435,56942,6479,0465,4102,071486,466494,444

Jul-03193,915104,910130,53939,41647,08010,8275,8352,313534,835496,466

Aug-03178,17195,993117,93833,89242,9919,0805,4272,110485,602495,469

Sep-03192,535101,136127,30736,48242,0899,4935,7642,082516,888498,667

Oct-03195,946104,329132,39936,34147,52510,6185,6062,425535,189501,058

Nov-03180,66791,975123,80433,21441,8969,2725,1952,091488,114499,469

Dec-03195,277103,765129,12337,23147,52510,5575,7222,339531,539503,948

Jan-04155,34887,579109,55431,29739,0018,2864,2421,969437,276504,504

Feb-04186,93194,488130,14635,86144,1258,9674,9652,192507,675505,817

Mar-04218,270111,096145,81341,43351,11210,3446,4562,665587,189510,431

Apr-04174,676103,436124,02135,88942,2649,5005,3372,165497,288511,690

May-04200,599106,313131,84134,25747,03210,6105,8572,156538,665512,227

Jun-04190,572103,485127,73036,25546,46810,0905,6022,327522,529515,232

Jul-04205,097106,901138,82838,76945,98111,0226,2002,215555,013516,914

Aug-04199,409102,080133,97537,44945,65610,4765,8092,095536,949521,193

Sep-04196,459103,407136,40239,15046,7919,9836,0522,171540,415523,153

Oct-04187,119100,186131,95235,07444,09210,1025,3512,284516,160521,568

Nov-04209,770102,199144,03837,78950,80010,5996,3782,455564,028527,894

Dec-04202,736108,525136,52440,25050,44111,3596,3162,451558,602530,149

Jan-05149,83284,742107,76131,45238,3797,9344,1462,050426,296529,234

Feb-05193,71299,914139,51236,71346,0999,7085,5712,319533,548531,390

Mar-05207,545103,630148,41838,92949,13910,0086,2532,584566,506529,667

Apr-05202,779104,497143,71538,47947,70710,1515,9592,865556,152534,572

May-05214,064113,189144,96042,69350,01512,1996,3822,936586,438538,553

Jun-05204,058109,018141,42138,35648,9319,9156,2282,669560,596541,725

Jul-05191,607106,704135,01237,71945,93010,4896,0772,359535,897540,132

Aug-05218,018119,243150,16141,74751,31411,8416,1222,878601,324545,497

Sep-05208,991106,548142,02340,11445,77410,0446,1002,621562,215547,314

Oct-05186,996101,010139,39936,11950,45010,8825,5632,613533,032548,720

Nov-05219,948112,128155,50040,83651,95811,5406,6363,224601,770551,865

Dec-05196,987112,643141,60041,57547,44511,1846,2482,678560,360552,011

Jan-06164,19193,931123,82835,66244,2629,4784,7342,462478,548556,366

Feb-06198,389103,273145,89139,04047,86610,0845,7942,462552,799557,970

Mar-06236,035119,476165,83342,69356,34612,2277,2112,854642,675564,317

Apr-06177,38297,434123,07235,76240,5228,9955,3962,566491,129558,899

May-06229,327121,259152,16744,29255,65911,9266,7622,576623,968562,026

Jun-06202,919108,632139,12439,65550,75310,5846,2972,436560,400562,010

Jul-06193,154106,458130,02138,11748,52410,7876,0192,157535,237561,955

Aug-06218,444121,365144,79542,77754,38211,6086,8022,534602,707562,070

Sep-06210,481110,482138,68339,98447,65310,6406,6262,615567,164562,482

Oct-06200,742115,819143,73940,03652,18911,3036,2292,604572,661565,785

Nov-06218,544112,968149,56241,67052,79910,1526,5622,525594,782565,203

Dec-06194,911110,700131,03539,46648,89710,9156,5702,444544,938563,917

Jan-07176,79998,803130,44236,78746,45310,0955,4612,368507,208566,306

Feb-07205,696106,320146,04738,60550,69210,3886,1222,497566,367567,436

Mar-07228,521122,963163,90943,30054,56112,1837,2292,958635,624566,849

Apr-07182,763100,173127,30935,05646,3129,3525,9222,359509,246568,359

May-07238,866134,003159,93445,52364,27013,2497,4322,932666,209571,879

Jun-07200,771112,974136,11438,86450,95310,2986,5552,313558,842571,749

Jul-07205,574113,346142,02341,96153,41311,9266,5312,590577,364575,259

Aug-07222,570125,083148,63341,21855,84812,4596,9142,515615,240576,304

Sep-07205,279119,535143,57640,71351,22311,0056,7012,555580,587577,422

Oct-07221,852126,398157,96743,14854,69412,3646,8862,940626,249581,888

Nov-07224,289114,040155,05640,34653,19012,2766,8272,685608,709583,049

Dec-07202,776113,558137,51338,31250,80011,1236,3242,428562,834584,540

Jan-08179,200109,843134,46138,39851,16610,7415,8402,438532,087586,613

Feb-08217,414118,709156,57141,60757,21011,8656,9152,830613,121590,509

Mar-08204,421111,143140,32139,09550,41510,6046,3882,590564,977584,622

Apr-08225,809127,852161,81243,42358,13312,7617,2632,610639,663595,490

May-08231,001132,635154,95344,72762,59213,3057,5682,876649,657594,111

Jun-08205,330117,813142,62140,28454,85811,6057,0992,676582,286596,065

Jul-08223,694131,473154,13845,34159,28712,9607,2802,895637,068601,040

Aug-08212,169123,141146,05341,58455,86512,9526,9882,469601,221599,872

Sep-08222,188128,742152,09445,83754,34411,9657,2812,863625,314603,599

Oct-08230,435135,474166,15144,82159,61813,5328,0802,791660,902606,487

Nov-08220,610118,352151,16942,81354,70812,1857,0542,662609,553606,557

Dec-08221,841130,617157,68145,04957,37713,7537,6793,044637,041612,741

Jan-09185,030111,067138,41238,54650,36310,6585,7492,256542,081613,574

Feb-09223,968125,606158,94042,79455,82512,2637,1382,783629,317614,923

Mar-09245,123131,275173,79344,37863,79313,1957,6943,163682,414624,710

Apr-09224,690127,892157,24643,30956,13013,2347,0672,918632,486624,112

May-09234,627132,303158,25346,32360,54414,2157,7382,859656,862624,712

Jun-09224,020122,881150,77143,68157,48012,2757,4342,726621,268627,961

Jul-09235,972140,135161,93946,30263,69914,4777,6952,822673,041630,958

Aug-09230,693130,313154,12443,14157,49712,8787,1182,697638,461634,062

Sep-09238,840139,522163,19547,11860,76913,6027,4743,143673,663638,091

Oct-09229,267136,187165,43944,49563,18013,6207,6072,931662,726638,243

Nov-09226,371125,698164,30941,86857,40812,9067,5803,003639,143640,709

Dec-09210,679125,566149,96140,95251,55412,8097,3192,793601,633637,758

Jan-10160,97096,324124,32433,05444,6949,2845,1512,200476,001632,251

Feb-10211,561116,084159,50940,29755,66011,1916,8242,583603,709630,117

Mar-10249,745135,178181,09244,39160,24213,4827,9353,410695,475631,206

Apr-10205,532116,981146,94039,12752,27412,1347,0902,896582,974627,080

May-10218,875124,711152,13540,58356,05313,0527,2572,743615,409623,625

Jun-10220,813126,360157,96440,69457,24212,5177,2913,094625,975624,018

Jul-10215,386127,749152,33239,31154,16012,2757,2172,745611,175618,862

Aug-10220,291125,231152,27638,99053,99612,9997,2272,748613,758616,803

Sep-10234,018132,320168,91947,56356,98613,5127,3853,458664,161616,012

Oct-10211,429118,622161,08239,03454,37712,5546,4043,144606,646611,338

Nov-10244,304133,998181,47149,30361,89514,1937,7013,199696,064616,082

Dec-10228,312133,714160,67342,04456,59212,9937,3623,150644,840619,682

Jan-11161,638101,983119,66334,63342,9819,5715,2302,606478,305619,874

Feb-11220,218121,563161,68142,43160,38011,5427,0312,689627,535621,860

Mar-11259,591143,333190,22547,68765,91014,6998,2253,664733,334625,015

Apr-11202,634118,540149,35139,16355,40512,0586,7342,864586,749625,329

May-11236,156131,429160,11544,18960,93113,5707,5202,899656,809628,779

Jun-11227,184130,876160,00143,07056,32512,9047,8853,100641,345630,060

Jul-11219,606128,845157,24841,39658,82312,4386,7592,740627,855631,450

Aug-11250,188147,154176,36047,78861,99014,4567,9903,296709,222639,405

Sep-11236,232133,586163,43243,90260,30112,5367,6353,023660,647639,113

Oct-11220,765131,788170,43641,49755,32613,2526,7323,304643,100642,150

Nov-11255,384141,759186,66447,99764,30514,6328,1823,345722,268644,334

Dec-11226,929133,862160,40843,92556,98513,6717,3863,004646,170644,445

Jan-12188,063115,729144,13237,28952,37311,6385,9582,861558,043651,090

Feb-12248,441141,253185,21946,25362,95013,9467,7003,304709,066657,884

Mar-12264,083146,725193,03847,37965,07415,0908,3213,348743,058658,694

Apr-12208,509125,054152,72238,79554,22612,2956,8373,174601,612659,933

May-12264,121153,967186,61949,98268,90416,4518,6413,886752,571667,913

Jun-12232,228134,203167,14242,09658,60712,9957,5893,133657,993669,300

Jul-12234,133141,742170,99243,49360,46414,8857,2433,464676,416673,347

Aug-12259,029148,727181,35248,27364,13815,2668,3793,521728,685674,969

Sep-12232,404133,592164,00842,95257,99613,4687,2933,207654,920674,492

Oct-12253,891144,846181,38845,88460,73514,4307,6443,584712,402680,267

Nov-12271,800145,395195,71748,98565,05114,9638,3913,611753,913682,904

Dec-12227,620134,667161,38544,53356,00214,2847,4293,281649,201683,157

Jan-13210,488127,092159,07641,34857,31812,5486,7283,187617,785688,135

Feb-13253,157142,250186,13746,65960,58014,0337,6573,539714,012688,547

Mar-13255,342143,546189,44445,44762,35314,2797,9933,628722,032686,795

Apr-13248,432144,231178,91445,03761,73314,4468,1303,554704,477695,367

May-13290,595165,852209,10352,55971,84517,4699,3473,817820,587701,035

Jun-13235,887138,384169,07744,11259,80113,7527,8633,144672,020702,204

Jul-13263,049153,347186,37747,11866,59315,9428,1683,635744,229707,855

Aug-13272,692158,869194,67250,14168,94116,7218,8583,490774,384711,664

Sep-13253,035141,972179,18545,83362,59714,8538,1023,486709,063716,175

Oct-13275,227167,945199,11351,32770,48016,5089,0254,228793,853722,963

Nov-13275,007150,071202,95049,50069,32215,4799,0953,822775,246724,741

Dec-13248,063146,185177,87345,85362,44715,3158,0343,457707,227729,576

Jan-14218,769129,416167,20541,28761,39813,7167,0732,991641,855731,582

Feb-14264,853154,701200,17147,22369,82115,3628,0783,571763,780735,729

Mar-14288,255159,518210,04451,30071,90416,4258,6354,010810,091743,068

Apr-14253,504147,394180,43345,86665,72915,7098,0343,749720,418744,396

May-14292,678167,909211,10554,08576,88916,8418,9743,947832,428745,383

Jun-14269,299155,556196,28250,43567,49916,4478,5593,988768,065753,387

Jul-14281,599164,739200,86049,79871,78417,0688,8614,177798,886757,941

Aug-14261,095156,174189,36049,47868,31715,0938,2543,546751,317756,019

Sep-14271,625158,126196,62750,49669,12317,5458,1824,272775,996761,597

Oct-14292,034178,116213,13654,01674,92017,3128,8624,613843,009765,693

Nov-14278,580155,743206,15652,26772,32015,7148,5984,175793,553767,219

Dec-14269,859162,354193,57152,50871,66316,5818,7054,081779,322773,227

Jan-15219,731134,043167,13143,53360,78513,9707,3003,468649,961773,902

Feb-15272,164154,524202,46550,89169,32315,5668,3314,125777,389775,036

Mar-15309,177179,603231,31556,06378,48418,5519,2304,106886,529781,406

Apr-15257,444159,541192,77549,66967,10016,0868,3344,013754,962784,285

May-15286,197172,795208,63354,77975,87417,8409,1734,491829,782784,064

Jun-15275,996164,966202,10552,21872,63418,4158,6274,355799,316786,669

Jul-15285,646171,511209,15753,02674,97617,8089,6204,591826,335788,956

Aug-15272,398162,187196,72651,97571,79816,4318,7394,114784,368791,710

Sep-15277,253165,686201,35553,43773,48817,6708,6384,239801,766793,858

Oct-15279,914169,964205,87951,99576,78617,1968,0724,665814,471791,480

Nov-15292,706166,757217,70655,79177,70918,0589,1614,928842,816795,585

Dec-15271,160167,641194,58552,49473,80717,2338,7354,102789,757796,454

Jan-16205,406128,604161,21540,76061,24313,3006,4353,428620,391793,990

Feb-16290,536171,953221,96555,16578,79317,8068,7924,559849,569800,005

Mar-16300,721174,120226,42555,46179,65618,1049,3964,757868,640798,514

Apr-16277,986169,117211,40151,85176,72817,0319,1904,712818,016803,769

May-16306,495181,586220,11758,22982,79819,5239,9544,560883,262808,226

Jun-16292,226179,247219,87957,62080,60918,2009,1854,515861,481813,406

Jul-16268,690165,109200,41450,10373,86416,4688,8363,752787,236810,148

Aug-16300,859182,897221,40159,15982,85118,7579,6674,474880,065818,123

Sep-16279,189164,265203,48053,93775,21317,5468,8524,107806,589818,524

Oct-16260,454166,170200,79650,05374,48415,6618,5124,291780,421815,687

Nov-16312,242176,368231,26057,70184,96719,1729,5834,304895,597820,085

Dec-16259,975162,069188,48751,45673,92616,1708,8973,930764,910818,015

What happened in September? Healthscope announces a weaker than expected September 2016 quarter:

Various data points across the industry tell us that the average rate of hospital

volume growth generally has slowed. We have seen this impact a number of our

hospitals resulting in increased variability in volumes and case mix month to month

in the first quarter and particularly in September.

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Monthly Surgical Operations - Past 12 Months

Monthly Volumes 12 Month Moving Average

MBS data for Surgical Procedures.

A softer

September

quarter

Chart1

Sheet1



Jan-94121,88374,65274,10229,52128,6776,9923,7151,731341,273

Feb-94136,88178,11883,73230,80433,7557,8874,5651,907377,649

Mar-94156,18687,82790,48735,78628,9529,4764,8681,892415,474TickerHSO

Apr-94127,16572,84970,67527,44532,8096,9414,1441,710343,738Price$2.30

May-94152,65688,20180,08231,89336,1258,6624,8531,891404,363P/E (Forward)21.1x

Jun-94130,59985,52477,55132,44629,0847,6884,3881,577368,857ROE7.7%


Aug-94148,82883,82978,14831,87332,8218,9504,6721,824390,945Payout Ratio70.0%

Sep-94141,92183,58478,47831,75932,0338,1494,6221,764382,310

Oct-94125,60674,10372,77929,00329,4357,5344,2301,666344,356

Nov-94151,33189,90391,72833,81136,2508,8504,8611,802418,536

Dec-94139,46683,06281,40231,16829,5268,2004,8731,985379,682377,324

Jan-95142,57387,07281,85532,06934,5578,2904,4761,922392,814381,620

Feb-95143,54380,67587,36632,66535,8627,9184,6562,062394,747383,044

Mar-95158,66093,31896,59136,67833,9499,6125,1012,289436,198384,771

Apr-95124,01872,92272,94026,18727,4137,0824,0871,487336,136384,138

May-95162,17392,87090,62432,88535,2229,1135,2992,037430,223386,293

Jun-95135,43289,35182,34331,28432,5777,9484,4892,041385,465387,677

Jul-95134,36684,69175,29628,93833,3208,1654,1581,748370,682388,508

Aug-95165,31589,76691,55934,21535,0588,6704,8051,891431,279391,869

Sep-95148,92282,52782,47031,76734,3598,0454,7141,978394,782392,908

Oct-95142,14993,83888,71430,54237,2088,7054,4211,943407,520398,172

Nov-95148,04884,53287,29732,51533,4609,3904,7712,107402,120396,804

Dec-95136,55283,58988,23129,22530,5347,9844,5231,644382,282397,021

Jan-96144,64086,56589,21534,24937,1628,3014,1271,930406,189398,135

Feb-96153,55889,84594,94534,14835,3417,9964,7561,951422,540400,451

Mar-96153,95689,57089,95834,79535,2388,3865,0141,919418,836399,005

Apr-96139,03583,46688,05730,92736,2058,2784,1392,043392,150403,672

May-96183,902101,08999,03736,53141,5449,9945,9912,257480,345407,849

Jun-96135,71686,66676,45630,27330,8177,3834,5691,754373,634406,863

Jul-96150,09191,18894,29832,64236,7388,8834,9531,847420,640411,026

Aug-96154,25193,43582,42631,45734,3608,7564,9251,815411,425409,372

Sep-96149,71892,33792,32231,44631,1098,0145,0001,767411,713410,783

Oct-96152,92894,17095,85233,95538,0678,5364,9362,000430,444412,693

Nov-96161,98083,22394,21132,23336,6438,1945,1222,004423,610414,484

Dec-96133,52884,32188,74432,26833,1428,5004,5861,815386,904414,869

Jan-97152,91693,65694,29732,89035,4028,4964,8061,912424,375416,385

Feb-97142,16083,38399,83231,79334,5197,9464,7752,059406,467415,045

Mar-97149,08484,53391,43232,62433,4607,5454,4561,922405,056413,897

Apr-97165,95498,46298,52533,95038,2079,1905,7811,983452,052418,889

May-97166,14296,76689,85930,41537,4248,8245,4961,900436,826415,262

Jun-97139,64686,78784,99231,02032,9077,7344,6831,668389,437416,579

Jul-97158,67592,08092,81033,55136,0549,6695,0252,010429,874417,349

Aug-97148,15485,82984,51431,41335,0597,8044,8321,892399,497416,355

Sep-97157,63588,13490,31431,07033,5377,8514,7711,847415,159416,642

Oct-97151,94894,27394,68431,00936,9808,6205,0111,946424,471416,144

Nov-97148,94984,81286,56929,37432,4047,9134,7501,989396,760413,907

Dec-97138,20887,57395,15832,24637,4268,2795,0191,964405,873415,487

Jan-98139,26788,98585,15529,88533,2198,1564,1191,874390,660412,678

Feb-98155,97287,31797,15528,37736,9987,7134,6171,928420,077413,812

Mar-98169,40594,475106,69534,81236,2758,7155,4002,080457,857418,212

Apr-98156,20187,61291,15230,21536,2578,6574,7692,031416,894415,282

May-98160,44892,81694,86432,05836,9628,8095,0211,930432,908414,956

Jun-98147,33089,32290,49830,44836,2647,3024,7902,042407,996416,502

Jul-98168,24798,76099,92331,02036,8899,2044,9772,062451,082418,270

Aug-98143,39188,97986,53330,48633,9857,9104,4681,768397,520418,105

Sep-98159,34792,84792,10432,45636,3558,0144,9131,949427,985419,174

Oct-98150,96992,80491,75831,65936,1188,1504,5692,194418,221418,653

Nov-98158,33587,71198,17330,86637,0008,6634,7931,874427,415421,207

Dec-98145,69289,00394,72033,63138,5148,7454,9331,892417,130422,145

Jan-99130,58380,76980,77929,12730,2067,0303,9191,757364,170419,938

Feb-99156,87489,98398,37830,69237,9037,8344,8911,968428,523420,642

Mar-99177,57598,079109,90134,46440,0269,4575,1732,088476,763422,217

Apr-99156,90595,27989,76032,20435,4158,0024,6342,061424,260422,831

May-99160,30188,40695,27631,71536,8848,3444,9781,918427,822422,407

Jun-99155,24493,15391,93031,98537,7197,8464,9421,805424,624423,793

Jul-99155,27592,94092,42331,32036,0798,5504,7301,764423,081421,460

Aug-99159,29995,01588,58332,19037,3408,3484,9601,770427,505423,958

Sep-99171,30893,21394,24933,62635,6137,9455,1731,971443,098425,218

Oct-99149,72888,64789,76230,84135,2247,7674,5571,794408,320424,393

Nov-99167,58692,252106,59534,26138,6269,5335,1212,113456,087426,782

Dec-99167,65295,42799,42134,10939,2529,4895,1161,942452,408429,722

Jan-00128,68180,89382,92127,83631,1837,1273,6851,706364,032429,710

Feb-00162,21392,200101,08331,65639,3008,5974,8662,067441,982430,832

Mar-00192,684102,206119,05737,30242,2139,4065,4492,259510,576433,650

Apr-00140,47185,55092,62326,33332,5407,7034,0771,705391,002430,878

May-00179,384102,224105,22634,64741,0419,5845,5302,196479,832435,212

Jun-00161,52094,13898,77832,02136,7978,3914,9052,035438,585436,376

Jul-00151,01191,82092,88933,33735,6118,5964,6271,884419,775436,100

Aug-00185,27097,736106,28733,46139,9409,6465,4722,000479,812440,459

Sep-00156,36889,57495,17034,11836,7788,0944,6592,024426,785439,100

Oct-00152,69994,255103,10029,34936,1488,4324,6462,051430,680440,963

Nov-00173,45496,790109,92235,58240,5409,5805,1872,150473,205442,390

Dec-00152,09890,83392,26132,28035,8328,2694,9701,880418,423439,557

Jan-01157,82093,46898,87334,85836,7398,6134,5722,134437,077445,645

Feb-01168,24896,894111,84333,68140,0588,0875,0322,147465,990447,645

Mar-01188,59899,602119,35339,47942,2289,6995,5572,529507,045447,351

Apr-01156,17586,37796,68531,49234,9827,5454,7491,978419,983449,766

May-01193,958110,137114,02137,48245,05410,3345,8882,319519,193453,046

Jun-01168,07993,860102,08234,42135,8708,4715,0382,052449,873453,987

Jul-01176,48698,280107,54136,48240,4179,4625,2352,127476,030458,675

Aug-01184,674106,623107,92438,01942,7119,6935,6912,268497,603460,157

Sep-01165,46395,504100,42233,33337,6098,2704,8722,185447,658461,897

Oct-01186,663103,256116,82436,25141,92110,0115,4032,512502,841467,910

Nov-01188,87898,266119,22335,78143,2259,8525,7452,381503,351470,422

Dec-01161,87290,47099,69431,36637,6168,9534,9762,039436,986471,969

Jan-02157,56690,572102,52233,55540,7638,3144,5972,172440,061472,218

Feb-02171,94888,119111,00133,49841,2408,2785,2462,196461,526471,846

Mar-02178,05798,446113,79234,06342,0919,2795,3602,033483,121469,852

Apr-02181,16598,750116,96233,77044,1989,2085,7922,124491,969475,851

May-02199,075113,387122,73238,89349,05110,6986,0502,092541,978477,750

Jun-02162,41186,43899,88131,11938,5698,4225,2471,976434,063476,432

Jul-02186,263104,294116,68037,70546,91510,7605,8262,128510,571479,311

Aug-02183,523102,989113,45036,98743,2419,5425,7242,110497,566479,308

Sep-02179,39698,257108,70035,21739,9999,3605,5911,997478,517481,879

Oct-02185,957100,667122,22733,79846,1869,8245,5962,238506,493482,184

Nov-02188,90998,439121,65835,96444,23510,0175,5692,395507,186482,503

Dec-02174,97594,927112,48036,70541,2899,6555,4932,262477,786485,903

Jan-03154,08587,831102,19831,64340,1618,6734,1661,856430,613485,116

Feb-03182,89792,277121,98834,33343,4159,3915,4162,197491,914487,648

Mar-03197,26099,990133,34837,82445,19410,1435,6622,404531,825491,707

Apr-03177,51194,011118,62132,04142,6249,8095,4752,080482,172490,890

May-03195,278105,522126,80838,37047,37810,5285,7742,565532,223490,077

Jun-03173,96799,152118,60435,56942,6479,0465,4102,071486,466494,444

Jul-03193,915104,910130,53939,41647,08010,8275,8352,313534,835496,466

Aug-03178,17195,993117,93833,89242,9919,0805,4272,110485,602495,469

Sep-03192,535101,136127,30736,48242,0899,4935,7642,082516,888498,667

Oct-03195,946104,329132,39936,34147,52510,6185,6062,425535,189501,058

Nov-03180,66791,975123,80433,21441,8969,2725,1952,091488,114499,469

Dec-03195,277103,765129,12337,23147,52510,5575,7222,339531,539503,948

Jan-04155,34887,579109,55431,29739,0018,2864,2421,969437,276504,504

Feb-04186,93194,488130,14635,86144,1258,9674,9652,192507,675505,817

Mar-04218,270111,096145,81341,43351,11210,3446,4562,665587,189510,431

Apr-04174,676103,436124,02135,88942,2649,5005,3372,165497,288511,690

May-04200,599106,313131,84134,25747,03210,6105,8572,156538,665512,227

Jun-04190,572103,485127,73036,25546,46810,0905,6022,327522,529515,232

Jul-04205,097106,901138,82838,76945,98111,0226,2002,215555,013516,914

Aug-04199,409102,080133,97537,44945,65610,4765,8092,095536,949521,193

Sep-04196,459103,407136,40239,15046,7919,9836,0522,171540,415523,153

Oct-04187,119100,186131,95235,07444,09210,1025,3512,284516,160521,568

Nov-04209,770102,199144,03837,78950,80010,5996,3782,455564,028527,894

Dec-04202,736108,525136,52440,25050,44111,3596,3162,451558,602530,149

Jan-05149,83284,742107,76131,45238,3797,9344,1462,050426,296529,234

Feb-05193,71299,914139,51236,71346,0999,7085,5712,319533,548531,390

Mar-05207,545103,630148,41838,92949,13910,0086,2532,584566,506529,667

Apr-05202,779104,497143,71538,47947,70710,1515,9592,865556,152534,572

May-05214,064113,189144,96042,69350,01512,1996,3822,936586,438538,553

Jun-05204,058109,018141,42138,35648,9319,9156,2282,669560,596541,725

Jul-05191,607106,704135,01237,71945,93010,4896,0772,359535,897540,132

Aug-05218,018119,243150,16141,74751,31411,8416,1222,878601,324545,497

Sep-05208,991106,548142,02340,11445,77410,0446,1002,621562,215547,314

Oct-05186,996101,010139,39936,11950,45010,8825,5632,613533,032548,720

Nov-05219,948112,128155,50040,83651,95811,5406,6363,224601,770551,865

Dec-05196,987112,643141,60041,57547,44511,1846,2482,678560,360552,011

Jan-06164,19193,931123,82835,66244,2629,4784,7342,462478,548556,366

Feb-06198,389103,273145,89139,04047,86610,0845,7942,462552,799557,970

Mar-06236,035119,476165,83342,69356,34612,2277,2112,854642,675564,317

Apr-06177,38297,434123,07235,76240,5228,9955,3962,566491,129558,899

May-06229,327121,259152,16744,29255,65911,9266,7622,576623,968562,026

Jun-06202,919108,632139,12439,65550,75310,5846,2972,436560,400562,010

Jul-06193,154106,458130,02138,11748,52410,7876,0192,157535,237561,955

Aug-06218,444121,365144,79542,77754,38211,6086,8022,534602,707562,070

Sep-06210,481110,482138,68339,98447,65310,6406,6262,615567,164562,482

Oct-06200,742115,819143,73940,03652,18911,3036,2292,604572,661565,785

Nov-06218,544112,968149,56241,67052,79910,1526,5622,525594,782565,203

Dec-06194,911110,700131,03539,46648,89710,9156,5702,444544,938563,917

Jan-07176,79998,803130,44236,78746,45310,0955,4612,368507,208566,306

Feb-07205,696106,320146,04738,60550,69210,3886,1222,497566,367567,436

Mar-07228,521122,963163,90943,30054,56112,1837,2292,958635,624566,849

Apr-07182,763100,173127,30935,05646,3129,3525,9222,359509,246568,359

May-07238,866134,003159,93445,52364,27013,2497,4322,932666,209571,879

Jun-07200,771112,974136,11438,86450,95310,2986,5552,313558,842571,749

Jul-07205,574113,346142,02341,96153,41311,9266,5312,590577,364575,259

Aug-07222,570125,083148,63341,21855,84812,4596,9142,515615,240576,304

Sep-07205,279119,535143,57640,71351,22311,0056,7012,555580,587577,422

Oct-07221,852126,398157,96743,14854,69412,3646,8862,940626,249581,888

Nov-07224,289114,040155,05640,34653,19012,2766,8272,685608,709583,049

Dec-07202,776113,558137,51338,31250,80011,1236,3242,428562,834584,540

Jan-08179,200109,843134,46138,39851,16610,7415,8402,438532,087586,613

Feb-08217,414118,709156,57141,60757,21011,8656,9152,830613,121590,509

Mar-08204,421111,143140,32139,09550,41510,6046,3882,590564,977584,622

Apr-08225,809127,852161,81243,42358,13312,7617,2632,610639,663595,490

May-08231,001132,635154,95344,72762,59213,3057,5682,876649,657594,111

Jun-08205,330117,813142,62140,28454,85811,6057,0992,676582,286596,065

Jul-08223,694131,473154,13845,34159,28712,9607,2802,895637,068601,040

Aug-08212,169123,141146,05341,58455,86512,9526,9882,469601,221599,872

Sep-08222,188128,742152,09445,83754,34411,9657,2812,863625,314603,599

Oct-08230,435135,474166,15144,82159,61813,5328,0802,791660,902606,487

Nov-08220,610118,352151,16942,81354,70812,1857,0542,662609,553606,557

Dec-08221,841130,617157,68145,04957,37713,7537,6793,044637,041612,741

Jan-09185,030111,067138,41238,54650,36310,6585,7492,256542,081613,574

Feb-09223,968125,606158,94042,79455,82512,2637,1382,783629,317614,923

Mar-09245,123131,275173,79344,37863,79313,1957,6943,163682,414624,710

Apr-09224,690127,892157,24643,30956,13013,2347,0672,918632,486624,112

May-09234,627132,303158,25346,32360,54414,2157,7382,859656,862624,712

Jun-09224,020122,881150,77143,68157,48012,2757,4342,726621,268627,961

Jul-09235,972140,135161,93946,30263,69914,4777,6952,822673,041630,958

Aug-09230,693130,313154,12443,14157,49712,8787,1182,697638,461634,062

Sep-09238,840139,522163,19547,11860,76913,6027,4743,143673,663638,091

Oct-09229,267136,187165,43944,49563,18013,6207,6072,931662,726638,243

Nov-09226,371125,698164,30941,86857,40812,9067,5803,003639,143640,709

Dec-09210,679125,566149,96140,95251,55412,8097,3192,793601,633637,758

Jan-10160,97096,324124,32433,05444,6949,2845,1512,200476,001632,251

Feb-10211,561116,084159,50940,29755,66011,1916,8242,583603,709630,117

Mar-10249,745135,178181,09244,39160,24213,4827,9353,410695,475631,206

Apr-10205,532116,981146,94039,12752,27412,1347,0902,896582,974627,080

May-10218,875124,711152,13540,58356,05313,0527,2572,743615,409623,625

Jun-10220,813126,360157,96440,69457,24212,5177,2913,094625,975624,018

Jul-10215,386127,749152,33239,31154,16012,2757,2172,745611,175618,862

Aug-10220,291125,231152,27638,99053,99612,9997,2272,748613,758616,803

Sep-10234,018132,320168,91947,56356,98613,5127,3853,458664,161616,012

Oct-10211,429118,622161,08239,03454,37712,5546,4043,144606,646611,338

Nov-10244,304133,998181,47149,30361,89514,1937,7013,199696,064616,082

Dec-10228,312133,714160,67342,04456,59212,9937,3623,150644,840619,682

Jan-11161,638101,983119,66334,63342,9819,5715,2302,606478,305619,874

Feb-11220,218121,563161,68142,43160,38011,5427,0312,689627,535621,860

Mar-11259,591143,333190,22547,68765,91014,6998,2253,664733,334625,015

Apr-11202,634118,540149,35139,16355,40512,0586,7342,864586,749625,329

May-11236,156131,429160,11544,18960,93113,5707,5202,899656,809628,779

Jun-11227,184130,876160,00143,07056,32512,9047,8853,100641,345630,060

Jul-11219,606128,845157,24841,39658,82312,4386,7592,740627,855631,450

Aug-11250,188147,154176,36047,78861,99014,4567,9903,296709,222639,405

Sep-11236,232133,586163,43243,90260,30112,5367,6353,023660,647639,113

Oct-11220,765131,788170,43641,49755,32613,2526,7323,304643,100642,150

Nov-11255,384141,759186,66447,99764,30514,6328,1823,345722,268644,334

Dec-11226,929133,862160,40843,92556,98513,6717,3863,004646,170644,445

Jan-12188,063115,729144,13237,28952,37311,6385,9582,861558,043651,090

Feb-12248,441141,253185,21946,25362,95013,9467,7003,304709,066657,884

Mar-12264,083146,725193,03847,37965,07415,0908,3213,348743,058658,694

Apr-12208,509125,054152,72238,79554,22612,2956,8373,174601,612659,933

May-12264,121153,967186,61949,98268,90416,4518,6413,886752,571667,913

Jun-12232,228134,203167,14242,09658,60712,9957,5893,133657,993669,300

Jul-12234,133141,742170,99243,49360,46414,8857,2433,464676,416673,347

Aug-12259,029148,727181,35248,27364,13815,2668,3793,521728,685674,969

Sep-12232,404133,592164,00842,95257,99613,4687,2933,207654,920674,492

Oct-12253,891144,846181,38845,88460,73514,4307,6443,584712,402680,267

Nov-12271,800145,395195,71748,98565,05114,9638,3913,611753,913682,904

Dec-12227,620134,667161,38544,53356,00214,2847,4293,281649,201683,157

Jan-13210,488127,092159,07641,34857,31812,5486,7283,187617,785688,135

Feb-13253,157142,250186,13746,65960,58014,0337,6573,539714,012688,547

Mar-13255,342143,546189,44445,44762,35314,2797,9933,628722,032686,795

Apr-13248,432144,231178,91445,03761,73314,4468,1303,554704,477695,367

May-13290,595165,852209,10352,55971,84517,4699,3473,817820,587701,035

Jun-13235,887138,384169,07744,11259,80113,7527,8633,144672,020702,204

Jul-13263,049153,347186,37747,11866,59315,9428,1683,635744,229707,855

Aug-13272,692158,869194,67250,14168,94116,7218,8583,490774,384711,664

Sep-13253,035141,972179,18545,83362,59714,8538,1023,486709,063716,175

Oct-13275,227167,945199,11351,32770,48016,5089,0254,228793,853722,963

Nov-13275,007150,071202,95049,50069,32215,4799,0953,822775,246724,741

Dec-13248,063146,185177,87345,85362,44715,3158,0343,457707,227729,576

Jan-14218,769129,416167,20541,28761,39813,7167,0732,991641,855731,582

Feb-14264,853154,701200,17147,22369,82115,3628,0783,571763,780735,729

Mar-14288,255159,518210,04451,30071,90416,4258,6354,010810,091743,068

Apr-14253,504147,394180,43345,86665,72915,7098,0343,749720,418744,396

May-14292,678167,909211,10554,08576,88916,8418,9743,947832,428745,383

Jun-14269,299155,556196,28250,43567,49916,4478,5593,988768,065753,387

Jul-14281,599164,739200,86049,79871,78417,0688,8614,177798,886757,941

Aug-14261,095156,174189,36049,47868,31715,0938,2543,546751,317756,019

Sep-14271,625158,126196,62750,49669,12317,5458,1824,272775,996761,597

Oct-14292,034178,116213,13654,01674,92017,3128,8624,613843,009765,693

Nov-14278,580155,743206,15652,26772,32015,7148,5984,175793,553767,219

Dec-14269,859162,354193,57152,50871,66316,5818,7054,081779,322773,227

Jan-15219,731134,043167,13143,53360,78513,9707,3003,468649,961773,902

Feb-15272,164154,524202,46550,89169,32315,5668,3314,125777,389775,036

Mar-15309,177179,603231,31556,06378,48418,5519,2304,106886,529781,406

Apr-15257,444159,541192,77549,66967,10016,0868,3344,013754,962784,285

May-15286,197172,795208,63354,77975,87417,8409,1734,491829,782784,064

Jun-15275,996164,966202,10552,21872,63418,4158,6274,355799,316786,669

Jul-15285,646171,511209,15753,02674,97617,8089,6204,591826,335788,956

Aug-15272,398162,187196,72651,97571,79816,4318,7394,114784,368791,710

Sep-15277,253165,686201,35553,43773,48817,6708,6384,239801,766793,858

Oct-15279,914169,964205,87951,99576,78617,1968,0724,665814,471791,480

Nov-15292,706166,757217,70655,79177,70918,0589,1614,928842,816795,585

Dec-15271,160167,641194,58552,49473,80717,2338,7354,102789,757796,454

Jan-16205,406128,604161,21540,76061,24313,3006,4353,428620,391793,990

Feb-16290,536171,953221,96555,16578,79317,8068,7924,559849,569800,005

Mar-16300,721174,120226,42555,46179,65618,1049,3964,757868,640798,514

Apr-16277,986169,117211,40151,85176,72817,0319,1904,712818,016803,769

May-16306,495181,586220,11758,22982,79819,5239,9544,560883,262808,226

Jun-16292,226179,247219,87957,62080,60918,2009,1854,515861,481813,406

Jul-16268,690165,109200,41450,10373,86416,4688,8363,752787,236810,148

Aug-16300,859182,897221,40159,15982,85118,7579,6674,474880,065818,123

Sep-16279,189164,265203,48053,93775,21317,5468,8524,107806,589818,524

Oct-16260,454166,170200,79650,05374,48415,6618,5124,291780,421815,687

Nov-16312,242176,368231,26057,70184,96719,1729,5834,304895,597820,085

Dec-16259,975162,069188,48751,45673,92616,1708,8973,930764,910818,015

Twenty year data..

And yet this growth is set to accelerate.

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1,000,000

Dec-

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95

Dec-

96

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97

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98

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99

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03

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Monthly Surgical Operations since 1994

Monthly Volumes 12 Month Moving Average

A softer

September

quarter

Chart3

Sheet1



Jan-94121,88374,65274,10229,52128,6776,9923,7151,731341,273

Feb-94136,88178,11883,73230,80433,7557,8874,5651,907377,649

Mar-94156,18687,82790,48735,78628,9529,4764,8681,892415,474TickerHSO

Apr-94127,16572,84970,67527,44532,8096,9414,1441,710343,738Price$2.30

May-94152,65688,20180,08231,89336,1258,6624,8531,891404,363P/E (Forward)21.1x

Jun-94130,59985,52477,55132,44629,0847,6884,3881,577368,857ROE7.7%


Aug-94148,82883,82978,14831,87332,8218,9504,6721,824390,945Payout Ratio70.0%

Sep-94141,92183,58478,47831,75932,0338,1494,6221,764382,310

Oct-94125,60674,10372,77929,00329,4357,5344,2301,666344,356

Nov-94151,33189,90391,72833,81136,2508,8504,8611,802418,536

Dec-94139,46683,06281,40231,16829,5268,2004,8731,985379,682377,324

Jan-95142,57387,07281,85532,06934,5578,2904,4761,922392,814381,620

Feb-95143,54380,67587,36632,66535,8627,9184,6562,062394,747383,044

Mar-95158,66093,31896,59136,67833,9499,6125,1012,289436,198384,771

Apr-95124,01872,92272,94026,18727,4137,0824,0871,487336,136384,138

May-95162,17392,87090,62432,88535,2229,1135,2992,037430,223386,293

Jun-95135,43289,35182,34331,28432,5777,9484,4892,041385,465387,677

Jul-95134,36684,69175,29628,93833,3208,1654,1581,748370,682388,508

Aug-95165,31589,76691,55934,21535,0588,6704,8051,891431,279391,869

Sep-95148,92282,52782,47031,76734,3598,0454,7141,978394,782392,908

Oct-95142,14993,83888,71430,54237,2088,7054,4211,943407,520398,172

Nov-95148,04884,53287,29732,51533,4609,3904,7712,107402,120396,804

Dec-95136,55283,58988,23129,22530,5347,9844,5231,644382,282397,021

Jan-96144,64086,56589,21534,24937,1628,3014,1271,930406,189398,135

Feb-96153,55889,84594,94534,14835,3417,9964,7561,951422,540400,451

Mar-96153,95689,57089,95834,79535,2388,3865,0141,919418,836399,005

Apr-96139,03583,46688,05730,92736,2058,2784,1392,043392,150403,672

May-96183,902101,08999,03736,53141,5449,9945,9912,257480,345407,849

Jun-96135,71686,66676,45630,27330,8177,3834,5691,754373,634406,863

Jul-96150,09191,18894,29832,64236,7388,8834,9531,847420,640411,026

Aug-96154,25193,43582,42631,45734,3608,7564,9251,815411,425409,372

Sep-96149,71892,33792,32231,44631,1098,0145,0001,767411,713410,783

Oct-96152,92894,17095,85233,95538,0678,5364,9362,000430,444412,693

Nov-96161,98083,22394,21132,23336,6438,1945,1222,004423,610414,484

Dec-96133,52884,32188,74432,26833,1428,5004,5861,815386,904414,869

Jan-97152,91693,65694,29732,89035,4028,4964,8061,912424,375416,385

Feb-97142,16083,38399,83231,79334,5197,9464,7752,059406,467415,045

Mar-97149,08484,53391,43232,62433,4607,5454,4561,922405,056413,897

Apr-97165,95498,46298,52533,95038,2079,1905,7811,983452,052418,889

May-97166,14296,76689,85930,41537,4248,8245,4961,900436,826415,262

Jun-97139,64686,78784,99231,02032,9077,7344,6831,668389,437416,579

Jul-97158,67592,08092,81033,55136,0549,6695,0252,010429,874417,349

Aug-97148,15485,82984,51431,41335,0597,8044,8321,892399,497416,355

Sep-97157,63588,13490,31431,07033,5377,8514,7711,847415,159416,642

Oct-97151,94894,27394,68431,00936,9808,6205,0111,946424,471416,144

Nov-97148,94984,81286,56929,37432,4047,9134,7501,989396,760413,907

Dec-97138,20887,57395,15832,24637,4268,2795,0191,964405,873415,487

Jan-98139,26788,98585,15529,88533,2198,1564,1191,874390,660412,678

Feb-98155,97287,31797,15528,37736,9987,7134,6171,928420,077413,812

Mar-98169,40594,475106,69534,81236,2758,7155,4002,080457,857418,212

Apr-98156,20187,61291,15230,21536,2578,6574,7692,031416,894415,282

May-98160,44892,81694,86432,05836,9628,8095,0211,930432,908414,956

Jun-98147,33089,32290,49830,44836,2647,3024,7902,042407,996416,502

Jul-98168,24798,76099,92331,02036,8899,2044,9772,062451,082418,270

Aug-98143,39188,97986,53330,48633,9857,9104,4681,768397,520418,105

Sep-98159,34792,84792,10432,45636,3558,0144,9131,949427,985419,174

Oct-98150,96992,80491,75831,65936,1188,1504,5692,194418,221418,653

Nov-98158,33587,71198,17330,86637,0008,6634,7931,874427,415421,207

Dec-98145,69289,00394,72033,63138,5148,7454,9331,892417,130422,145

Jan-99130,58380,76980,77929,12730,2067,0303,9191,757364,170419,938

Feb-99156,87489,98398,37830,69237,9037,8344,8911,968428,523420,642

Mar-99177,57598,079109,90134,46440,0269,4575,1732,088476,763422,217

Apr-99156,90595,27989,76032,20435,4158,0024,6342,061424,260422,831

May-99160,30188,40695,27631,71536,8848,3444,9781,918427,822422,407

Jun-99155,24493,15391,93031,98537,7197,8464,9421,805424,624423,793

Jul-99155,27592,94092,42331,32036,0798,5504,7301,764423,081421,460

Aug-99159,29995,01588,58332,19037,3408,3484,9601,770427,505423,958

Sep-99171,30893,21394,24933,62635,6137,9455,1731,971443,098425,218

Oct-99149,72888,64789,76230,84135,2247,7674,5571,794408,320424,393

Nov-99167,58692,252106,59534,26138,6269,5335,1212,113456,087426,782

Dec-99167,65295,42799,42134,10939,2529,4895,1161,942452,408429,722

Jan-00128,68180,89382,92127,83631,1837,1273,6851,706364,032429,710

Feb-00162,21392,200101,08331,65639,3008,5974,8662,067441,982430,832

Mar-00192,684102,206119,05737,30242,2139,4065,4492,259510,576433,650

Apr-00140,47185,55092,62326,33332,5407,7034,0771,705391,002430,878

May-00179,384102,224105,22634,64741,0419,5845,5302,196479,832435,212

Jun-00161,52094,13898,77832,02136,7978,3914,9052,035438,585436,376

Jul-00151,01191,82092,88933,33735,6118,5964,6271,884419,775436,100

Aug-00185,27097,736106,28733,46139,9409,6465,4722,000479,812440,459

Sep-00156,36889,57495,17034,11836,7788,0944,6592,024426,785439,100

Oct-00152,69994,255103,10029,34936,1488,4324,6462,051430,680440,963

Nov-00173,45496,790109,92235,58240,5409,5805,1872,150473,205442,390

Dec-00152,09890,83392,26132,28035,8328,2694,9701,880418,423439,557

Jan-01157,82093,46898,87334,85836,7398,6134,5722,134437,077445,645

Feb-01168,24896,894111,84333,68140,0588,0875,0322,147465,990447,645

Mar-01188,59899,602119,35339,47942,2289,6995,5572,529507,045447,351

Apr-01156,17586,37796,68531,49234,9827,5454,7491,978419,983449,766

May-01193,958110,137114,02137,48245,05410,3345,8882,319519,193453,046

Jun-01168,07993,860102,08234,42135,8708,4715,0382,052449,873453,987

Jul-01176,48698,280107,54136,48240,4179,4625,2352,127476,030458,675

Aug-01184,674106,623107,92438,01942,7119,6935,6912,268497,603460,157

Sep-01165,46395,504100,42233,33337,6098,2704,8722,185447,658461,897

Oct-01186,663103,256116,82436,25141,92110,0115,4032,512502,841467,910

Nov-01188,87898,266119,22335,78143,2259,8525,7452,381503,351470,422

Dec-01161,87290,47099,69431,36637,6168,9534,9762,039436,986471,969

Jan-02157,56690,572102,52233,55540,7638,3144,5972,172440,061472,218

Feb-02171,94888,119111,00133,49841,2408,2785,2462,196461,526471,846

Mar-02178,05798,446113,79234,06342,0919,2795,3602,033483,121469,852

Apr-02181,16598,750116,96233,77044,1989,2085,7922,124491,969475,851

May-02199,075113,387122,73238,89349,05110,6986,0502,092541,978477,750

Jun-02162,41186,43899,88131,11938,5698,4225,2471,976434,063476,432

Jul-02186,263104,294116,68037,70546,91510,7605,8262,128510,571479,311

Aug-02183,523102,989113,45036,98743,2419,5425,7242,110497,566479,308

Sep-02179,39698,257108,70035,21739,9999,3605,5911,997478,517481,879

Oct-02185,957100,667122,22733,79846,1869,8245,5962,238506,493482,184

Nov-02188,90998,439121,65835,96444,23510,0175,5692,395507,186482,503

Dec-02174,97594,927112,48036,70541,2899,6555,4932,262477,786485,903

Jan-03154,08587,831102,19831,64340,1618,6734,1661,856430,613485,116

Feb-03182,89792,277121,98834,33343,4159,3915,4162,197491,914487,648

Mar-03197,26099,990133,34837,82445,19410,1435,6622,404531,825491,707

Apr-03177,51194,011118,62132,04142,6249,8095,4752,080482,172490,890

May-03195,278105,522126,80838,37047,37810,5285,7742,565532,223490,077

Jun-03173,96799,152118,60435,56942,6479,0465,4102,071486,466494,444

Jul-03193,915104,910130,53939,41647,08010,8275,8352,313534,835496,466

Aug-03178,17195,993117,93833,89242,9919,0805,4272,110485,602495,469

Sep-03192,535101,136127,30736,48242,0899,4935,7642,082516,888498,667

Oct-03195,946104,329132,39936,34147,52510,6185,6062,425535,189501,058

Nov-03180,66791,975123,80433,21441,8969,2725,1952,091488,114499,469

Dec-03195,277103,765129,12337,23147,52510,5575,7222,339531,539503,948

Jan-04155,34887,579109,55431,29739,0018,2864,2421,969437,276504,504

Feb-04186,93194,488130,14635,86144,1258,9674,9652,192507,675505,817

Mar-04218,270111,096145,81341,43351,11210,3446,4562,665587,189510,431

Apr-04174,676103,436124,02135,88942,2649,5005,3372,165497,288511,690

May-04200,599106,313131,84134,25747,03210,6105,8572,156538,665512,227

Jun-04190,572103,485127,73036,25546,46810,0905,6022,327522,529515,232

Jul-04205,097106,901138,82838,76945,98111,0226,2002,215555,013516,914

Aug-04199,409102,080133,97537,44945,65610,4765,8092,095536,949521,193

Sep-04196,459103,407136,40239,15046,7919,9836,0522,171540,415523,153

Oct-04187,119100,186131,95235,07444,09210,1025,3512,284516,160521,568

Nov-04209,770102,199144,03837,78950,80010,5996,3782,455564,028527,894

Dec-04202,736108,525136,52440,25050,44111,3596,3162,451558,602530,149

Jan-05149,83284,742107,76131,45238,3797,9344,1462,050426,296529,234

Feb-05193,71299,914139,51236,71346,0999,7085,5712,319533,548531,390

Mar-05207,545103,630148,41838,92949,13910,0086,2532,584566,506529,667

Apr-05202,779104,497143,71538,47947,70710,1515,9592,865556,152534,572

May-05214,064113,189144,96042,69350,01512,1996,3822,936586,438538,553

Jun-05204,058109,018141,42138,35648,9319,9156,2282,669560,596541,725

Jul-05191,607106,704135,01237,71945,93010,4896,0772,359535,897540,132

Aug-05218,018119,243150,16141,74751,31411,8416,1222,878601,324545,497

Sep-05208,991106,548142,02340,11445,77410,0446,1002,621562,215547,314

Oct-05186,996101,010139,39936,11950,45010,8825,5632,613533,032548,720

Nov-05219,948112,128155,50040,83651,95811,5406,6363,224601,770551,865

Dec-05196,987112,643141,60041,57547,44511,1846,2482,678560,360552,011

Jan-06164,19193,931123,82835,66244,2629,4784,7342,462478,548556,366

Feb-06198,389103,273145,89139,04047,86610,0845,7942,462552,799557,970

Mar-06236,035119,476165,83342,69356,34612,2277,2112,854642,675564,317

Apr-06177,38297,434123,07235,76240,5228,9955,3962,566491,129558,899

May-06229,327121,259152,16744,29255,65911,9266,7622,576623,968562,026

Jun-06202,919108,632139,12439,65550,75310,5846,2972,436560,400562,010

Jul-06193,154106,458130,02138,11748,52410,7876,0192,157535,237561,955

Aug-06218,444121,365144,79542,77754,38211,6086,8022,534602,707562,070

Sep-06210,481110,482138,68339,98447,65310,6406,6262,615567,164562,482

Oct-06200,742115,819143,73940,03652,18911,3036,2292,604572,661565,785

Nov-06218,544112,968149,56241,67052,79910,1526,5622,525594,782565,203

Dec-06194,911110,700131,03539,46648,89710,9156,5702,444544,938563,917

Jan-07176,79998,803130,44236,78746,45310,0955,4612,368507,208566,306

Feb-07205,696106,320146,04738,60550,69210,3886,1222,497566,367567,436

Mar-07228,521122,963163,90943,30054,56112,1837,2292,958635,624566,849

Apr-07182,763100,173127,30935,05646,3129,3525,9222,359509,246568,359

May-07238,866134,003159,93445,52364,27013,2497,4322,932666,209571,879

Jun-07200,771112,974136,11438,86450,95310,2986,5552,313558,842571,749

Jul-07205,574113,346142,02341,96153,41311,9266,5312,590577,364575,259

Aug-07222,570125,083148,63341,21855,84812,4596,9142,515615,240576,304

Sep-07205,279119,535143,57640,71351,22311,0056,7012,555580,587577,422

Oct-07221,852126,398157,96743,14854,69412,3646,8862,940626,249581,888

Nov-07224,289114,040155,05640,34653,19012,2766,8272,685608,709583,049

Dec-07202,776113,558137,51338,31250,80011,1236,3242,428562,834584,540

Jan-08179,200109,843134,46138,39851,16610,7415,8402,438532,087586,613

Feb-08217,414118,709156,57141,60757,21011,8656,9152,830613,121590,509

Mar-08204,421111,143140,32139,09550,41510,6046,3882,590564,977584,622

Apr-08225,809127,852161,81243,42358,13312,7617,2632,610639,663595,490

May-08231,001132,635154,95344,72762,59213,3057,5682,876649,657594,111

Jun-08205,330117,813142,62140,28454,85811,6057,0992,676582,286596,065

Jul-08223,694131,473154,13845,34159,28712,9607,2802,895637,068601,040

Aug-08212,169123,141146,05341,58455,86512,9526,9882,469601,221599,872

Sep-08222,188128,742152,09445,83754,34411,9657,2812,863625,314603,599

Oct-08230,435135,474166,15144,82159,61813,5328,0802,791660,902606,487

Nov-08220,610118,352151,16942,81354,70812,1857,0542,662609,553606,557

Dec-08221,841130,617157,68145,04957,37713,7537,6793,044637,041612,741

Jan-09185,030111,067138,41238,54650,36310,6585,7492,256542,081613,574

Feb-09223,968125,606158,94042,79455,82512,2637,1382,783629,317614,923

Mar-09245,123131,275173,79344,37863,79313,1957,6943,163682,414624,710

Apr-09224,690127,892157,24643,30956,13013,2347,0672,918632,486624,112

May-09234,627132,303158,25346,32360,54414,2157,7382,859656,862624,712

Jun-09224,020122,881150,77143,68157,48012,2757,4342,726621,268627,961

Jul-09235,972140,135161,93946,30263,69914,4777,6952,822673,041630,958

Aug-09230,693130,313154,12443,14157,49712,8787,1182,697638,461634,062

Sep-09238,840139,522163,19547,11860,76913,6027,4743,143673,663638,091

Oct-09229,267136,187165,43944,49563,18013,6207,6072,931662,726638,243

Nov-09226,371125,698164,30941,86857,40812,9067,5803,003639,143640,709

Dec-09210,679125,566149,96140,95251,55412,8097,3192,793601,633637,758

Jan-10160,97096,324124,32433,05444,6949,2845,1512,200476,001632,251

Feb-10211,561116,084159,50940,29755,66011,1916,8242,583603,709630,117

Mar-10249,745135,178181,09244,39160,24213,4827,9353,410695,475631,206

Apr-10205,532116,981146,94039,12752,27412,1347,0902,896582,974627,080

May-10218,875124,711152,13540,58356,05313,0527,2572,743615,409623,625

Jun-10220,813126,360157,96440,69457,24212,5177,2913,094625,975624,018

Jul-10215,386127,749152,33239,31154,16012,2757,2172,745611,175618,862

Aug-10220,291125,231152,27638,99053,99612,9997,2272,748613,758616,803

Sep-10234,018132,320168,91947,56356,98613,5127,3853,458664,161616,012

Oct-10211,429118,622161,08239,03454,37712,5546,4043,144606,646611,338

Nov-10244,304133,998181,47149,30361,89514,1937,7013,199696,064616,082

Dec-10228,312133,714160,67342,04456,59212,9937,3623,150644,840619,682

Jan-11161,638101,983119,66334,63342,9819,5715,2302,606478,305619,874

Feb-11220,218121,563161,68142,43160,38011,5427,0312,689627,535621,860

Mar-11259,591143,333190,22547,68765,91014,6998,2253,664733,334625,015

Apr-11202,634118,540149,35139,16355,40512,0586,7342,864586,749625,329

May-11236,156131,429160,11544,18960,93113,5707,5202,899656,809628,779

Jun-11227,184130,876160,00143,07056,32512,9047,8853,100641,345630,060

Jul-11219,606128,845157,24841,39658,82312,4386,7592,740627,855631,450

Aug-11250,188147,154176,36047,78861,99014,4567,9903,296709,222639,405

Sep-11236,232133,586163,43243,90260,30112,5367,6353,023660,647639,113

Oct-11220,765131,788170,43641,49755,32613,2526,7323,304643,100642,150

Nov-11255,384141,759186,66447,99764,30514,6328,1823,345722,268644,334

Dec-11226,929133,862160,40843,92556,98513,6717,3863,004646,170644,445

Jan-12188,063115,729144,13237,28952,37311,6385,9582,861558,043651,090

Feb-12248,441141,253185,21946,25362,95013,9467,7003,304709,066657,884

Mar-12264,083146,725193,03847,37965,07415,0908,3213,348743,058658,694

Apr-12208,509125,054152,72238,79554,22612,2956,8373,174601,612659,933

May-12264,121153,967186,61949,98268,90416,4518,6413,886752,571667,913

Jun-12232,228134,203167,14242,09658,60712,9957,5893,133657,993669,300

Jul-12234,133141,742170,99243,49360,46414,8857,2433,464676,416673,347

Aug-12259,029148,727181,35248,27364,13815,2668,3793,521728,685674,969

Sep-12232,404133,592164,00842,95257,99613,4687,2933,207654,920674,492

Oct-12253,891144,846181,38845,88460,73514,4307,6443,584712,402680,267

Nov-12271,800145,395195,71748,98565,05114,9638,3913,611753,913682,904

Dec-12227,620134,667161,38544,53356,00214,2847,4293,281649,201683,157

Jan-13210,488127,092159,07641,34857,31812,5486,7283,187617,785688,135

Feb-13253,157142,250186,13746,65960,58014,0337,6573,539714,012688,547

Mar-13255,342143,546189,44445,44762,35314,2797,9933,628722,032686,795

Apr-13248,432144,231178,91445,03761,73314,4468,1303,554704,477695,367

May-13290,595165,852209,10352,55971,84517,4699,3473,817820,587701,035

Jun-13235,887138,384169,07744,11259,80113,7527,8633,144672,020702,204

Jul-13263,049153,347186,37747,11866,59315,9428,1683,635744,229707,855

Aug-13272,692158,869194,67250,14168,94116,7218,8583,490774,384711,664

Sep-13253,035141,972179,18545,83362,59714,8538,1023,486709,063716,175

Oct-13275,227167,945199,11351,32770,48016,5089,0254,228793,853722,963

Nov-13275,007150,071202,95049,50069,32215,4799,0953,822775,246724,741

Dec-13248,063146,185177,87345,85362,44715,3158,0343,457707,227729,576

Jan-14218,769129,416167,20541,28761,39813,7167,0732,991641,855731,582

Feb-14264,853154,701200,17147,22369,82115,3628,0783,571763,780735,729

Mar-14288,255159,518210,04451,30071,90416,4258,6354,010810,091743,068

Apr-14253,504147,394180,43345,86665,72915,7098,0343,749720,418744,396

May-14292,678167,909211,10554,08576,88916,8418,9743,947832,428745,383

Jun-14269,299155,556196,28250,43567,49916,4478,5593,988768,065753,387

Jul-14281,599164,739200,86049,79871,78417,0688,8614,177798,886757,941

Aug-14261,095156,174189,36049,47868,31715,0938,2543,546751,317756,019

Sep-14271,625158,126196,62750,49669,12317,5458,1824,272775,996761,597

Oct-14292,034178,116213,13654,01674,92017,3128,8624,613843,009765,693

Nov-14278,580155,743206,15652,26772,32015,7148,5984,175793,553767,219

Dec-14269,859162,354193,57152,50871,66316,5818,7054,081779,322773,227

Jan-15219,731134,043167,13143,53360,78513,9707,3003,468649,961773,902

Feb-15272,164154,524202,46550,89169,32315,5668,3314,125777,389775,036

Mar-15309,177179,603231,31556,06378,48418,5519,2304,106886,529781,406

Apr-15257,444159,541192,77549,66967,10016,0868,3344,013754,962784,285

May-15286,197172,795208,63354,77975,87417,8409,1734,491829,782784,064

Jun-15275,996164,966202,10552,21872,63418,4158,6274,355799,316786,669

Jul-15285,646171,511209,15753,02674,97617,8089,6204,591826,335788,956

Aug-15272,398162,187196,72651,97571,79816,4318,7394,114784,368791,710

Sep-15277,253165,686201,35553,43773,48817,6708,6384,239801,766793,858

Oct-15279,914169,964205,87951,99576,78617,1968,0724,665814,471791,480

Nov-15292,706166,757217,70655,79177,70918,0589,1614,928842,816795,585

Dec-15271,160167,641194,58552,49473,80717,2338,7354,102789,757796,454

Jan-16205,406128,604161,21540,76061,24313,3006,4353,428620,391793,990

Feb-16290,536171,953221,96555,16578,79317,8068,7924,559849,569800,005

Mar-16300,721174,120226,42555,46179,65618,1049,3964,757868,640798,514

Apr-16277,986169,117211,40151,85176,72817,0319,1904,712818,016803,769

May-16306,495181,586220,11758,22982,79819,5239,9544,560883,262808,226

Jun-16292,226179,247219,87957,62080,60918,2009,1854,515861,481813,406

Jul-16268,690165,109200,41450,10373,86416,4688,8363,752787,236810,148

Aug-16300,859182,897221,40159,15982,85118,7579,6674,474880,065818,123

Sep-16279,189164,265203,48053,93775,21317,5468,8524,107806,589818,524

Oct-16260,454166,170200,79650,05374,48415,6618,5124,291780,421815,687

Nov-16312,242176,368231,26057,70184,96719,1729,5834,304895,597820,085

Dec-16259,975162,069188,48751,45673,92616,1708,8973,930764,910818,015

The market response = opportunity:

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The Montgomery[Private] Fund

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Montaka Global Access Fund

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Webinar Series

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Netwealth portfolio construction series: Economic Update with Roger Montgomery

Economy & Finance