DelphiNews July 2013

Welcome to the July edition of Delphi Financial Management's newsletter.

I’m pleased to enclose the July 2013 edition of Market Update.

Global economic growth is expected to accelerate throughout 2013, with solid growth forecast for the large emerging economies. However the data so far is telling a different story, with the ongoing recessions in Europe and uncertainty around US and Japanese monetary policy continuing to affect results.

US economic growth showed signs of slowing down in the June quarter, however improving credit conditions and a housing sector recovery will continue to support growth.

In domestic news, the Reserve Bank of Australia kept interest rates on hold at the July meeting. The lower rates over the last few months may have helped boost business confidence, but the weaknesses in the Australian economy appear to be counterbalancing this sentiment.

MLC's Investment Strategist, Brian Parker reviews events in Australian and Overseas markets in the June Editon of the Economic Update. He mentions that despite Australian share prices falling in June, that the full year returns have been over 20% providing the best results since the GFC. However he also cautions thtat it remains a highly uncertain enivronment for investors and that being well diversified and managing risk carefully are the most important things to focus on.

Client Annual Statements will be issued over the coming months, with timing depending on your provider and whether Tax Statements (for non Super/Pension Accounts) are required. Once you have had an opportunity to review your Annual Statement and if would like to review your current investment strategy please contact us.

Regards

Vince Dore

Director

Vince Dore and Delphi Financial Management Pty. Ltd are Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, trading as Garvan Financial Planning/MLC Financial Planning an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies.

This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and/or legal advice prior to acting on this information. The material contained in this newsletter is based on information received in good faith from sources within the market, and on our understanding of legislation and Government press releases at the date of publication, which are believed to be reliable and accurate. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this email.