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Commodities Trading Ideas & Charts

Oil Market Update: Recovery progressing nicely.

Meanwhile, vaccination rates continue to rise in much of the developed world, where a nearly normal summer seems to be in the works. As such, our forecast for a full recovery in demand in 2022 looks safe.

At the same time, supply remains constrained. OPEC has reiterated its plan to bring back volumes in a measured way, which should allow for a resumption of Iranian volumes if a deal is reached to do so. In the United States, public companies have not shown a willingness to increase spending, meaning volume growth will remain tepid. The combined effect is a continued drawdown in inventories over the next 18 months. The market seems to agree, having pushed Brent prices back to $70/barrel. As supply typically lags demand, prices could be headed higher.

  • We have slightly lowered our 2021 demand forecast to account for India, but 2022 demand remains unchanged and above 2019 levels. In 2023, we expect record-high global oil demand of 101.7 million barrels a day.
  • At its June 1 meeting, OPEC+ reaffirmed planned supply additions of 350 thousand b/d in May, 350 mb/d in June, and 450 mb/d in July as it remains cautiously optimistic for a rear-end 2021 recovery.
  • The U.S. rig count increased in May to 372, twice the number in mid-August last year, but even with West Texas Intermediate crude prices approaching $70/bbl, further additions will be limited.

OPEC Wary of Pandemic Setbacks but Goes Ahead With Planned Increases

OPEC+ reaffirmed that it will proceed with the easing of production cuts that it proposed the meeting prior. The cartel will go forth with its planned additions of 350 mb/d in May, 350 mb/d in June, and 450 mb/d in July, while acknowledging pandemic-driven headwinds in many parts of the world. Members declined to adjudicate on production policy past July, but further upticks are likely (the group meets again on the first of the month). Despite vaccination shortages and mounting coronavirus cases throughout much of Asia and Latin America, OPEC remains cautiously optimistic for a rear-end 2021 recovery; its total oil estimate is unchanged from last month.

During April, the producers participating in the cuts produced 21.1 mmb/d, almost exactly in line with the combined target. These producers have held volumes flat for three straight months now, but the cartel expects to gradually ramp up output in the summer. De facto head Saudi Arabia is also expected to bump up its own production after enduring self-imposed incremental cuts. Overall, conformity with agreed production ceilings has been strong since the pandemic began, but it remains to be seen if OPEC members can be trusted to accelerate production at the agreed rate; historically, the cartel has struggled with producers willing to sacrifice group targets for their own benefit. We forecast an incremental 2.2 mmb/d and 4.2 mmb/d, respectively, in 2021 and 2022 from OPEC, Russia, and Kazakhstan combined.

Iran seem to be edging closer to a resolution as negotiations in Vienna motor onward and are optimistic that an agreement can be reached by August. If so, Iranian production, which has steadily increased in the past six months, could see the floodgates burst open. However, this sentiment was tempered by the International Atomic Energy Agency, which chastised the country in a June 1 report for failing to explain undeclared nuclear material at multiple locations. Iranian output fell over 1.5 mmb/d when the current sanctions came into effect, so an agreement could materially boost supply in the region. We’d argue, though, that the rest of OPEC would be willing to make sacrifices to accommodate these volumes (despite Iran-Saudi tensions). Otherwise, the cartel’s progress reducing inventories since the peak of the pandemic would be quickly undone, and the market would be thrown back into oversupply.

Source:Morningstar

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General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Technology Stocks

Hewlett Packard Enterprise Co

HPE posted broad-based strength and a bounce back to annual growth, aided by the year ago quarter being the worst impacted by the pandemic. While we expect HPE to benefit with its shift toward offering its portfolio as-a-service and believe it is well positioned in certain higher growing IT segments, core solutions potentially facing strong headwinds makes us cautious about sustained, long-term growth.

Sales expanded by 11% year-over-year as IT infrastructure spending ramped up behind digital transformation efforts. Intelligent edge grew 20% annually, led by switching and wireless strength, and Aruba as-a-service offerings rapidly expanded and have become a meaningful part of HPE’s overall annualized recurring revenue, or ARR. High performance compute and mission critical series grew by 13% year over year and ended the quarter with a book of over $2 billion in awarded contracts. Compute expanded by 12% year over year, while storage grew by 5% annually behind strong demand for all flash arrays, software storage management, and hyperconverged infrastructure demand. HPE’s as-a-service shift continues to ramp up momentum, with 41% year-over-year growth in as-a-service orders, and HPE’s $678 million in ARR grew 30% annually.

HPE guided to an adjusted EPS range of $0.38-$0.44. For fiscal 2021, the increased adjusted EPS range is $1.82-$1.94 and for free cash flow to be between $1.2 billion to $1.5 billion. We believe that HPE is well positioned for the growth in edge workloads and the need for consistent management across on-premises, clouds, and edge sites. With a growing mix of software and recurring revenue flowing into the business, we view the targets as achievable.

Profile

Hewlett Packard Enterprise is a supplier of IT infrastructure products and services. The company operates as three major segments. Its hybrid IT division primarily sells computer servers, storage arrays, and Point next technical services. The intelligent edge group sells Aruba networking products and services. HPE’s financial services division offers financing and leasing plans for customers. The Palo Alto, California-based company sells on a global scale and has approximately 66,000 employees.

Source:Morningstar

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General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Global stocks

Magellan Financial Group Ltd

While we don’t believe it will be immune from the structural trend of investors moving to passive investments, ongoing competition among fund managers and major institutions in-housing their asset management, we think it’s better placed than most active managers to address these headwinds. Magellan is moving beyond passively managing money, to implementing new initiatives such as product expansion to attract new money. There are prospects of stronger inflows, notably from Australia’s self-managed superannuation funds, the ageing demographic, and fee-conscious investors who were previously discouraged from investing with Magellan. However, continued strong performance will remain key.

  • Magellan has built a high-profile brand that it can effectively leverage to attract/retain client funds.
  • The firm is well placed to serve growing retail investor demand and win institutional mandates. In Australia, increasing superannuation balances supported by the ageing demographic and compulsory superannuation should expand demand for its products. Meanwhile, its established presence in the much larger U.S. and U. K. markets provides further growth opportunities.
  • A strong balance sheet, operating leverage, low capital demands, and strong free cash flow generation supports a high dividend payout ratio.

Magellan has unveiled FuturePay, its long awaited new fund catering to retirees seeking predictable income. Foreshadowed since fiscal 2019, we expect FuturePay to gain share from standard equity income funds and be used alongside annuities. Unlike the glut of equity funds that pay a percentage-based distribution from buying high-yield stocks, FuturePay feeds into Magellan’s Global Equities and Infrastructure strategies, and targets a fixed distribution per unit that’s indexed to inflation. Distributions are currently AUD 0.0203 per unit per month, equating to an annual yield of 4.3%.

Nonetheless, our fair value estimate retreats to AUD 56.50 per share from AUD 57.50, though shares remain undervalued. The earnings we forecast from FuturePay were offset mainly by higher expected future tax rates, and FuturePay cannibalising some flows into Magellan’s core, higher-margin funds. On the former, we note Magellan is an offshore banking unit, or OBU, enjoying low tax rates– currently 22.2%. The government’s proposed removal of the OBU regime will likely see it pay taxes closer to the corporate tax rate of 30% starting fiscal 2024.

FuturePay is the latest endeavour by Magellan to exploit underserved niches–here the retirement income market– which plays to its brand strength. We forecast FuturePay to capture 1% of the funds moving from the super to pension phase over the next five years–backed by Magellan’s established distribution reach, and reputation among investors, advisers and research houses. This is 75% less than what we project for annuity provider Challenger.

The proposition to investors is certainty in income stream. For advisers, this alleviates the hard work in ensuring a client has sufficient liquidity, especially in falling markets, which may compensate for having to go through more stringent best interest duty hurdles. For FuturePay, it does not have to pay out as much in distributions in rising markets, and can better top up its support trust. The support trust serves as a piggybank to support Future Pay’s monthly income payments in falling markets. FuturePay can also borrow funds from Magellan to meet its income payment obligations.

FuturePay will dampen Challenger’s annuity sales, or qualify as a retirement income product though. There will always be a need for assets with defensive asset allocation, such as annuities, that mitigate longevity risks. FuturePay does not guarantee income or capital, nor does it maximise social security benefits. Entry and exit fees, forgone contributions into the support trust, and the lack of ratings / platform presence are likely to limit its adoption in the near-term. Though, this will likely unravel in time as Magellan ramps up its distribution and advisers get more accustomed to the product.

Magellan’s recent growth initiatives–including FuturePay, which will see it deploy AUD 50 million into Future Pay’s support trust–suggest it is becoming more capitalintensive, with returns on capital forecast to average 57% over the next five years, versus 71% historically. Regardless, this is sensible capital allocation to defend and reinforce its competitive position.

Bulls Say

  • Magellan has built a strong intangible brand, supported by strong performance, which it can leverage to hold on to client funds, attract new money and charge premium fees.
  • Due to structural market trends and product expansion initiatives, the prospects for organic FUM growth is strong, notably from investors seeking to diversify exposure to international equities or gain a steady retirement income stream.
  • Aside domestic tailwinds from superannuation, Magellan’s distribution relationships in the much larger offshore markets of the U.K. and the U.S. should support growth.

Bears Say

  • The majority of Magellan’s earnings come from a few large funds, meaning it has a high reliance on key investment personnel and the performance of its main funds. Should key people leave, or its main funds underperform for a sustained period, outflows could be material.
  • There is increasing competition from other active international equity managers and new international equity funds from incumbents.
  • The firm faces fee pressure from the increasing popularity of lower-cost alternatives, such as index type products and ETFs.

Source:Morningstar

Disclaimer

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Property

Lendlease Group Ltd – Has Valuable Assets

The strategy is to be vertically integrated, enabling Lendlease to generate income from each stage of the process: deal structuring and financing, value-add via planning approvals, developer fees, construction fees, and fund management fees if the assets are ultimately purchased by its property management platform.This strategy appears to be working well, with Lendlease able to leverage its successful track record in Australian projects into secure similar large-scale urban renewal projects globally. While Lendlease has managed development risk to date by securing presales and utilising third-party capital, shareholders could be exposed to capital losses if interest rates spike, or a sustained economic downturn triggers falls in the value of property assets.

Key Investment Considerations

  • Disclosure is opaque, making it difficult to see financial performance at a divisional level. High business complexity and long-dated earnings potential makes it difficult to estimate fair value precisely.
  • Construction is inherently cyclical and competition is fierce. Consequently, margin on large projects are thin, which means a firm can suffer large losses if it doesn’t understand or correctly price construction and design risks.
  • Earnings growth in residential development has been robust in recent years, but high Australian dwelling prices and rising supply will make this very difficult to sustain.
  • Lendlease Group is a diversified property and development empire. Operations have condensed from 40 countries in 2009 to less than 20 today, with key operational regions being Australia, North America, United Kingdom Like other diversified property owners and developers, Lendlease is increasingly using third-party capital on developments. This reduces pressure on its balance sheet, facilitates higher return on equity and reduces development risk, but the trade-off is lower potential development profits.
  • The Lendlease pipeline of major projects has expanded, but most are in an early phase of delivery, meaning the group has yet to reap full benefits from its vertically integrated businesses.
  • A solid balance sheet post raising equity in April 2020, and good access to third-party capital from its fundsmanagement platform mean that Lendlease likely benefits from a development-funding cost that is lower than those of most competitors.
  • With government balance sheets increasingly strained, and there being a desire to promote economic activity via construction, the public sector will return to private-public partnership models to fund long-term infrastructure, and other stimulus measures. Lendlease is well positioned to participate in this growth because of its expanding footprint and capable management.
  • With about a fifth of EBITDA derived from the construction division, a substantial portion of group operating earnings is nonrecurring. As such, a steady stream of work needs to be secured to maintain earnings. This is looking challenging, given constraints on the government budget, corporate constraints, and falling commodity prices.
  • Earnings in recent years were propped up by rising asset values and central bank cutting interest rates. Sustained and large falls in asset values could ensue if coronavirus shutdowns last longer than expected or recur, and this would hurt earnings, as asset values will decline and borrowing costs will increase materially.
  • Lendlease maintains a significant amount of capital in development projects. With property prices elevated across the globe, Lendlease has high exposure to a slump in residential and commercial property prices.

 (Source: Morningstar)

Disclaimer

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Shares

Macquarie Group Ltd- Difficult to Flip Assets

Graphic of investment stock market data analysis business

Growth in funds management is delivering lower-risk income, and as the largest manager of infrastructure assets globally, we believe Macquarie is well placed to take advantage of a long pipeline of infrastructure projects across transport and renewable energy expected over the medium-term. While Macquarie is in a sound capital position, impairments in asset financing and lending businesses, as well as on its own equity investments are a potential risk in weaker economic conditions. Timing of asset realisation and market conditions can create lumpiness in earnings, we forecast midcycle returns well above Macquarie’s cost of capital.

Key Investment Consideration

  • The strong earnings outlook is reliant on riding the continued investment in infrastructure and energy assets globally.
  • The global business model, management experience, and strong balance sheet provide flexibility for organic growth and acquisitions, but market fluctuations do cause volatility and can result in loss of capital.
  • Macquarie has avoided large regulatory penalties. While we believe the firm should be given credit for its focus on risk management, the risk of hefty penalties due to error or failure to adequately manage potential risks in the future can be ruled out entirely.
  • Macquarie’s position as the largest infrastructure asset manager globally leaves the firm well placed to benefit from underlying demand for assets and investors searching for sustainable income streams.
  • The expansion into funds management has produced more sustainable, less capital intensive, annuity-style income, which will prevent a GFC-like shock to earnings and return on equity.
  • A focus on niche segments of investment banking allows Macquarie to continue to increase earnings globally.
  • Without the support of falling cash rates it is unlikely Macquarie can continue to achieve double-digit returns in infrastructure, resulting in lower performance fee income.
  • Macquarie invests directly in unlisted assets and businesses, and despite being diversified, a large bankruptcy or asset write-down would still have an impact on group profits.
  • A large investment portfolio makes it more difficult for investors to track and identify issues early.

 (Source: Morningstar)

Disclaimer

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Global stocks Shares

Magellan Financial Group – rand to Attract More Funds

While we don’t believe it will be immune from the structural trends of investors moving to passive investments, continuing fierce competition in the active manager industry and major institutions in-housing some of their asset management, we believe it’s better placed than most active managers to address these headwinds. We also think it’s well position to take advantage from Australia’s growing pool of self-managed superannuation funds that still have a relatively low allocation to global equities. However, continued strong Performance will remain key.

Key Considerations

  • Magellan Financial Group has a high-profile brand. Increasing superannuation balances supported by Australia’s ageing demographic and compulsory superannuation should expand demand for global exposure, and we believe Magellan is well placed to serve growing retail investor demand.
  • Its established presence in the much larger U.S. and U. K. markets gives Magellan further growth opportunities.
  • A strong balance sheet, operating leverage, low capital demands, and strong free cash flow generation supports a high dividend payout ratio and offers investors the best of both growth and income return.
  • A strong long-term track record in international equities allows Magellan to charge investors a premium management fee and has established the firm as a leader in Australia’s wealth-management industry. Continued strong investment performance of flagship funds should support funds flow.
  • Magellan is well managed and benefits from strong long-term growth prospects resulting from increasing numbers of investors seeking to diversify exposure to international equities with a long-term, high-quality stock focus.
  • Magellan’s distribution relationships in the much larger offshore markets of the U.K. and the U.S. give it a stronger growth profile than most domestic peers.
  • The majority of Magellan’s earnings come from a few large funds, meaning it has a high reliance on key investment personnel and the performance of its main funds. Should these personnel leave, or should its main funds underperform for a sustained period, fund outflow could increase to material levels.
  • There is increasing competition from other active international equity managers and new international equity funds from incumbents.
  • The firm faces fee pressure from the increasing popularity of lower-cost alternatives, such as index type products and ETFs.

 (Source: Morningstar)

Disclaimer

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Commodities Trading Ideas & Charts

Mineral Resources – Meets Expectations

Management has significantly improved disclosure, earnings streams have been materially diversified and the investment strategy has consistently generated high returns on invested capital. We expect a well-supplied lithium market in the longer term, coupled with weaker demand growth for steel, particularly from China, to drive lower prices and reduce the pool of available contracting work. Despite this, we think Mineral Resources can drive EPS growth on volume.

Key Considerations

  • Management has significantly improved disclosure, earnings streams have been materially diversified and the investment strategy has consistently generated high returns on invested capital.
  • We think the business model is demonstrably sustainable, centring on Mining Services around Australian bulk commodities.
  • Mineral Resources will selectively own and develop its own mining operations, though with the aim of subsequent sell down while retaining core processing and screening rights.
  • Mineral Resources grew strongly since listing in 2006. The chairman and managing director have been with the business for over a decade and have meaningful shareholdings.
  • Australian iron ore is mainly purchased by Chinese steel producers, meaning Mineral Resources offers leveraged exposure to Chinese economic growth.
  • Mineral Resources has a recurring base of revenue and earnings from processing infrastructure.
  • Mineral Resources’ balance sheet is very strong with net cash. This has opened up the opportunity for lithium investments selling into highly receptive markets.
  • Mineral Resources’ profits are exposed to volatile iron ore price. We expect future iron ore prices to be much less favourable than the decade-long boom to 2014.
  • Investments developing lithium bear fruit now in a booming market, but a strong third-party supply response into a small market risks hollowing out returns.
  • Mineral Resources has poor geographic diversification, with a high dependence on capital activity in Western Australia. Mineral Resources is highly dependent on likely Chinese demand for iron ore.

 (Source: Morningstar)

Disclaimer

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Property

Mirvac Group – Downside Risks Are Abating

Further out, though, we expect earnings to moderate due to affordability constraints, weak wage growth, and a smaller pipeline. We expect Mirvac to gain market share amid tough conditions, due to its scale and land bank. The group’s commercial property portfolio faces uncertainty from COVID 19. The scorching pace of rental increases seen in office markets in 2019 looks like it will unwind. Meanwhile, we expect existing pressures on retail to continue and likely accelerate.

Key Investment Considerations

  • Because of near-full occupancy and long leases with rental uplifts, medium-term earnings from commercial property are relatively secure. But further out, we expect pedestrian rental growth.
  • Though employees will eventually return to offices, supply and caution from businesses portend a fall in office rents and lacklustre growth thereafter.
  • Very low government bond yields increase the relative attractiveness of Mirvac’s income stream, but the share price could retrace sharply to any unexpected jump in bond yields, a prolonged economic downturn, or further negative earnings surprises.
  • A resumption of inbound immigration should support the value of Mirvac’s assets and underpin the viability of major development projects that the group has in its pipeline.
  • Mirvac has been shifting toward industrial exposure, a sector that was less affected by the coronavirus, and could benefit as businesses seek to invest in local supply chains and e-commerce capabilities.
  • Demand could continue for quality real estate from the likes of pension funds, sovereign wealth funds, and other offshore investors, especially as the Australian economy has dealt with the coronavirus health crisis better than some, which could allow a faster resumption of business activity.
  • Mirvac has heavy exposure to retail department stores, one of the hardest-hit segments in the entire property space.
  • Capitalisation rates on property are unsustainably low. While government bond yields are likely to remain low compared with history, property is not a risk-free asset and should be priced with appropriate risk premiums.
  • Office and industrial rents increased dramatically but are expected to unwind due to coronavirus lockdowns and economic weakness, particularly for office.

 (Source: Morningstar)

Disclaimer

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Property

Monadelphous Group– Things Slowly Improving

Reputation, experience, and capability are paramount when tendering for work, and Monadelphous developed a strong track record for successful project management, execution, and delivery. Its core skills, knowledge, and ability are in recurring maintenance contract work. The company’s work-in-hand was in steady decline after the 2015 peak in Australia’s LNG construction boom but we think fiscal 2020 is an earnings nadir and new and/or expansion projects from the iron ore, coal, and liquefied natural gas, or LNG, sectors will now drive earnings growth.

Key Investment Considerations

  • Monadelphous must continuously deliver high-quality financial and operational performance on major engineering and maintenance projects to maintain margins and reputation.
  • Monadelphous will only achieve earnings growth if global economic conditions support buoyant investment in domestic mining and energy projects.
  • Monadelphous has a healthy balance sheet, solid cash flow, and experienced senior management.
  • Monadelphous has established an excellent reputation for execution and delivery of structural, mechanical, and electrical work on completed projects, positioning the firm well for future business from large mining and energy companies.
  • The company can leverage the skills, knowledge, and experience gained working on smaller projects into contract wins on larger projects, particularly in the energy, power, and water sectors.
  • Monadelphous has reduced risk relative to peers by partially diversifying into water, power, and marine infrastructure construction and maintenance, which may eventually limit the negative impact on earnings of the downturn in mining and energy work.
  • Monadelphous is ultimately dependent on the commodities and energy investment cycle and global demand. Any major slowdown in economic conditions in China will significantly affect the company’s earnings profile.
  • Monadelphous has steadily decreased staff numbers. Inefficiencies and a fall in productivity are possible as fewer employees are utilised on major projects.
  • Monadelphous’ growth is strongly dependent on key customers, resulting in concentration risk, which is mitigated through multiple contracts across various projects and commodities in numerous locations. However, project deferments by a major client or problems with project execution could significantly affect future profitability.

 (Source: Morningstar)

Disclaimer

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Small Cap

O’Reilly Starts 2021 Strong as Sales and Profitability Move Sharply Higher, but Shares Seem Rich

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We suspect near-term volatility will remain high (stemming from the pandemic and lapping increasingly difficult comparable growth through 2021), but our long-term targets are still mid-single-digit top-line growth and roughly 20% adjusted operating margins on average over the next 10 years. In our view, O’Reilly remains the strongest of the auto-parts retailers we cover, but we suggest investors await an entry point that affords more of a margin of safety.

Management updated its 2021 guidance, now calling for $24.75-$24.95 in diluted EPS based on a 19.9%-20.4% operating margin (previously $22.70-$22.90 and 19.0%-19.5%, respectively). The exceptional start to 2021 will lead our prior targets higher (from 19.4% and $23.67, respectively), likely toward the top end of each range. Weather and stimulus effects contributed to the brisk sales, as a cold winter spurred vehicle repair needs and customers found themselves with more funds that could be directed toward keeping their cars and trucks on the road and maintained. With vehicle miles driven recovering but still around 10% lower than year-ago marks (as of February, the latest data available from the Federal Highway Administration), we suspect demand will remain robust. We are encouraged that O’Reilly saw strength in its do-ityourself and professional segments; although the former sector drove growth for much of 2020, we expect the latter to maintain momentum as rising vaccination rates lead more Americans who had the option of working from home back to the office. Although this creates some margin pressure (the DIY segment is more lucrative), cost leverage should be a powerful offset, and the professional sector should remain the industry’s long-term growth engine.

Capital Allocation

O’Reilly’s balance sheet remains hearty despite its footprint growth, with modest near-term debt maturities and an appropriate level of indebtedness. Management targets adjusted debt to be 2.5 times adjusted EBITDAR, with the company’s strong performance leading O’Reilly to undershoot that level for the past several years (most recently 2020, when it posted a 1.9 mark). Under CEO Greg Johnson (and his predecessor, Gregory Henslee, who retired in 2018), leadership has prudently prioritized maintaining investment-grade credit ratings, helping to ensure flexibility and continued attractive inventory financing terms.

The firm’s investment approach is noteworthy, as O’Reilly has done well to invest in expanding its store network (and associated cost leverage) while maintaining a top notch distribution infrastructure that is essential to providing industry-leading service levels. This high standard of part availability draws professional and DIY customers and is difficult for rivals to replicate. The company’s recent acquisition of Mayasa Auto Parts in Mexico should mark the start of increasing investments in the new market, but O’Reilly’s successful approach to domestic store network expansion gives us confidence that the firm will act prudently.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.