Aims to outperform the benchmark by more than 2.5% pa over rolling five-year periods before fees, expenses and tax

The Underlying Fund invests predominantly in a selection of listed Australian shares.

Key benefits
Some of the benefits that may arise from an investment in the Fund include the following.
– Exposure to a diversified portfolio of shares.
– The potential for long-term returns (capital growth, income and franking credits).
– The Managers active high conviction value investment style and process that is used to identify companies whose share may represent good value.
– Access to investment opportunities, markets and diversification that individual investors may not achieve on their own.

The Underlying Fund is designed for investors looking for long-term returns (capital growth and income) from a portfolio of shares which is actively managed by an investment team that seeks to identify shares that represent good value. 

Key features
The Fund invests into the Underlying Fund, which invests predominantly in a selection of listed Australian shares chosen by the Manager. The Underlying Fund aims to deliver the potential for long-term capital growth.

The Manager:

• offers investors the benefits of extensive global resources combined with the local expertise and long-standing experience of its Sydney based investment teams, with a history dating back to 1989.  
• prides itself on its many years of accumulated market intelligence.
• believes in active management and high conviction investing backed by intensive research conducted by experienced, cohesive investment teams. 
• believes that best results in the future come from identifying value in the market today.

This belief is based on:

• Stocks: All stocks have an intrinsic value that with diligent research can be assessed and compared.
• Value: Whatever the direction of the share market there are always stocks that represent better value than others and better value than the market as a whole.
• Opportunities: Inefficiencies in the share market, mainly due to human behaviour, create buying opportunities where the prices of some stocks fail to reflect their true value.
• Research: To identify those opportunities requires fundamental analysis, involving hard work, skill, experience and judgement.  

Fund is designed for investors looking for long-term returns (capital growth and income) from a portfolio of shares which is actively managed by an investment team that seeks to identify shares that represent good value.

Investment strategy
The Manager applies its Comparative Value Analysis process and risk management tools to select intrinsic value investments that offer the best balance between risk and expected return. The Underlying Fund may invest in shares that are expected to be listed within six months. The Underlying Fund may also retain exposure to a company that ceases to be listed on the ASX by holding shares in the same company listed on any international exchange. Derivatives may be used to gain or reduce market exposures, however the Underlying Fund’s investment strategy does not permit derivatives to be used for speculative or gearing purposes.

The asset allocation of the Underlying Fund is:
Australian shares 80% – 100%
International shares (unhedged) 0% - 10%
Cash and short-term securities 0% – 10%