Jeremy Bendeich, CIO of Avoca says With the likelihood of Toyota exiting Australian manufacturing increasing post Holden's exit, we sold our small remaining...

Jeremy Bendeich, CIO of Avoca says With the likelihood of Toyota exiting Australian manufacturing increasing post Holden's exit, we sold our small remaining position in McMillian Shakespeare. With no manufacturing industry to protect, there is little reason to support the FBT concession for vehicles. It is likely the government will remove this concession to offset the cost of removing all remaining tariffs and artificial trade barriers to car importation. We would be wary of investing in any business that has exposure to used car prices over the next one to three years. For these reasons, we are also avoiding the IPO of SG Fleet. Read the monthly report from Bennelong Avoca Emerging Leaders fund: (VIEW LINK)