Quest added Boral to our portfolios during December. Boral supplies building and construction materials in Australia ,United States and Asia. Until now it has attracted little interest from our team having under performed the market for more than 8 years. This is a tough business; low margin, high fixed costs, competitive and subject to the volatility of housing demand.
The Quest Sophisticated Investor portfolio delivered 21.4% pre fees and around 20% post fees in calendar 2012.