Into 2017

Our asset valuation has stabilised since December. As the half year reporting season progresses minor adjustments have been made to the portfolio. The most significant change is the sale of all our Redflow shares. We have great admiration for the Redflow Zcell and related large scale zinc-bromide batteries, but are disappointed not to be seeing sales of these products. We reluctantly exited from this investment. We also sold out of Telstra based on the poor half year result.

We have also been buying. Further shares were bought in Genex Power (pumped hydro and solar), Aconex (project efficiency software) and Sims Metal Management (recycling). All are considered to be green to varying extents. The Genex project in north Queensland is of particular interest – the first electricity generation (from the solar part) is expected later this year. Pumped hydro (effectively a giant battery) linked with solar seems to be a particularly good combination.