Post on 11-Apr-2017
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.
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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
Year20072016/17ChangeROIEDelta
Equity Contributed56974173%
Profits Retained115845735209%
Borrowings80-8-100%
Profit*1525323838.76%1586.67%
*e2017
Virgin Australia$m$m
Year20072016/17ChangeROIEDelta
Equity Contributed4051309904223%
Profits Retained398-251649163%
Borrowings84630002154255%
Profit*22029-191-12.30%-86.82%
*e2017
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
Year20072016/17ChangeROIEDelta
Equity Contributed56974173%
Profits Retained115845735209%
Borrowings80-8-100%
Profit*1525323838.76%1586.67%
*e2017
Virgin Australia$m$m
Year20072016/17ChangeROIEDelta
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
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
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
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
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.
Maximising Wealth & Income
What has happened? The Great Rotation
What might happen next?
Where to find Income Growth
Type 1. Slow and steady Type 2. Taking advantage of overreactions
AgendaValue investing, low rates and uncertainty
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
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Monthly Surgical Operations - Past 12 Months
Monthly Volumes 12 Month Moving Average
MBS data for Surgical Procedures.
A softer
September
quarter
Chart1
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-94130,59985,52477,55132,44629,0847,6884,3881,577368,857ROE7.7%
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
Twenty year data..
And yet this growth is set to accelerate.
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Monthly Surgical Operations since 1994
Monthly Volumes 12 Month Moving Average
A softer
September
quarter
Chart3
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-94130,59985,52477,55132,44629,0847,6884,3881,577368,857ROE7.7%
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
The market response = opportunity:
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The Montgomery[Private] Fund
TheMontgomeryFund
Montaka Global Access Fund
The MontgomeryGlobal Fund
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