Jeremy Bendeich, CIO of Avoca says Our valuation signals are pointing us in the direction of companies that have exposure to a cyclical rebound in the...

Jeremy Bendeich, CIO of Avoca says Our valuation signals are pointing us in the direction of companies that have exposure to a cyclical rebound in the Australian non-resource sector. When reporting on the last six months, we do not expect to see companies noting signs of this rebound. Rather, this reporting season should be the bottom in earnings for many companies. We expect real evidence of the cycle turning in the second half of calendar 2014. We are investing ahead of that, as stock prices will move in anticipation of the good news. Read the monthly report from Bennelong Avoca Emerging Leaders fund: (VIEW LINK)