Mutual Funds & ETFs

The investment universe comprises companies listed on global stock exchanges. Selection combines an assessment ofBusinessquality with the manager’s view of valuation and company earnings. An earnings upgrade cycle describes the type of opportunity the manager seeks; it does not establish that every holding will …

The fund has a maximum single stock limit of 10% of net asset value. Its ten largest positions typically account for 25% to 35% of the portfolio, while the top thirty typically represent 60% to 80%. These are portfolio construction parameters, rather than a …

The manager’s approach focuses on finding businesses whose market prices do not, in its assessment, reflect their underlying value. A fundamental process considers company characteristics and commercial prospects when forming that view. The result is an actively selected portfolio rather than broad ownership of …

The fund describes anInvestmentapproach centred on a small portfolio of international companies. The reported portfolio contained sixteen holdings. That reported count describes the investments shown, while concentration is better understood by considering the weight assigned to each position.

The fund’s objective combines income related company characteristics with capital appreciation. Dividend growth is an aim of theInvestmentapproach rather than a promise about each company’s payments or the fund’s distributions.Businessearnings, funding needs and board decisions can influence underlying dividends.

The fund’s reference benchmark is the MSCI World IMI Net Returnindexin AUD. Its active mandate allows company allocation decisions across the developed market universe. A broad benchmark and a large holding count do not turn an active strategy into a requirement to reproduce every …

The investment process seeks companies where the manager can identify reasons for a gap betweenMarket Priceand estimated intrinsic value. It focuses on circumstances the manager believes are temporary and on an identifiable route towards fair value. These assessments form part of the selection framework.