We purchased one new stock during the quarter: AMP (ASX:AMP, Financial), the leading independent wealth management company in Australia and New Zealand. Australian law requires employers to contribute 9% of salary to employees’ retirement, and this number is expected to increase to 12% by 2019. This is in addition to member contributions, which have averaged 2-3% over the past few years. We believe AMP will benefit from the required contribution increase as well as expected wage growth in Australia.
From David Herro's International Fund Q1 2013 commentary.
From David Herro's International Fund Q1 2013 commentary.
