Benefits of investing in the Elston Australian Large Companies Fund - Class A

• A large cap specialist with a minimum 80% of the Fund invested in companies in the S&P/ASX 50 index;

• Experienced team with long-term track record of outperforming;

• A strongly aligned Investment Manager offering a competitive fee structure;

• A concentrated, style neutral, non-index weighted portfolio with less sector concentration than the benchmark;

• A team-based portfolio management approach which increases diversity of thought and reduces key person risk.

Risk level

High

Investor suitability

The Fund is constructed for investors who are looking for exposure to listed Australian equities, and are typically comfortable taking on a higher level of capital risk with the aim of achieving higher levels of growth in the long term.

It is designed for investors who:

• are looking for long term capital growth above inflation

• are looking for a non-index weighted portfolio construction, and

• have a minimum investment timeframe of 5 years

About the Fund

The Fund is an actively managed portfolio of predominantly Australian equities. In general, the portfolio will have a long-term average exposure of around 97% in growth assets and 3% in defensive assets, however the allocations will be actively managed within the allowable asset allocation ranges depending on market conditions.

About the Investment Manager

Elston Asset Management Pty Ltd ("Elston or "Investment Manager) is an active investment manager, focused on delivering investment solutions with the aim of helping investors build and preserve their wealth. Since being established in 2011, Elston has delivered a consistent track record of strong risk-adjusted returns from investing in companies in the S&P/ASX 100 Index. The business is majority owned by its senior investment professionals. The investment approach is classified as style-neutral which means the Fund will target both 'growth' and 'value' companies in constructing a diversified portfolio across a range of sectors. Risk management is integrated throughout the process, starting with the investment philosophy and policy right through to the portfolio construction.

How we invest your money

The Elston investment process encompasses six stages:

1. Quantitative screening and ranking of the S&P/ASX 100 Index in a consistent and repeatable manner for idea generation and to focus the research effort;
2. Qualitative assessment of each company focused on understanding the complexity of operations, market share, earnings stability, balance sheet capacity and management quality;
3. Valuation and expected return calculations using Elston derived forecasts over a 3-year period;
4. Portfolio construction in accordance with strict policy guidelines to ensure true diversification is achieved across both securities and sectors;
5. Momentum screening and portfolio execution which assists with the timing of purchases and sales; and
6. Ongoing rebalancing to avoid individual position and sector exposures in excess of risk tolerances.

The Fund is considered a core 'style neutral' product that is suitable for blending with other Australian equities strategies, including absolute return and small cap products.

Asset allocation

• Australian equities (inc AREITs): 77-100%

• Cash and cash equivalents: 0-23%