Australian companies with earnings offshore have become one of the strongest set of performers on the ASX.
The ASX-listed offshore earners have gained about 19% over the last year compared to the 5% for the ASX 200, says UBS, in a note to clients.
This chart shows the trajectory:
And every time the Australia dollar falls, the earnings magnify.
UBS likes these companies for their offshore earnings: Incitec, Bluescope, QBE Insurance, Orica, SAI Global and Computershare.