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Investment Philosophy

The Fund’s investment team believe it is possible to consistently generate superior risk adjusted returns by investing in highly cash flow generative companies with favourable outlooks that are trading at attractive valuations. While these opportunities are scarce, they are available in a variety of businesses, which can be identified and invested in with rigorous research in an environment of intellectual freedom and strong risk management.

The team believes there is not one investment style suitable for all market environments, they therefore adopt a style agnostic investment approach they believe has the ability to perform in all market conditions and which should produce a more consistent investment outcome. The team are focused on absolute risk at the stock level, not risk relative to an equity benchmark.

Investment Strategy

The Fund’s investment mandate has the ability to invest in companies across the market capitalisation spectrum, it is benchmark agnostic and the portfolio of stocks will be concentrated, typically 30-50 stocks. The Fund will be long only and the investment objective is to outperform the MSCI All Country World Total Return Index (net, AUD) with lower volatility over the medium to long term.

The investment team reviews investment opportunities and develops an understanding of the opportunities and outlook for companies using detailed research covering financial statements, company meetings and external research. Opportunities that meet the investment criteria are divided into 3 segments, namely Core, Cyclical or Opportunistic. At all times, the majority of the fund is invested in the Core segment. Core consists of companies exhibiting strong business models with low cyclicality, consistent historical and expected growth, good cash-flow generation and low balance sheet risk.

The portfolio is created from the ideas that work best together, within the portfolio’s risk management guidelines, which include maximum country, industry and portfolio segment exposures.

Performance History & Investor Reports

International Equities Fund Vs. MSCI All Country World Index in AUD

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Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Past performance is not a reliable indicator of future performance, the value of investments can go up and down. Inception date 1 July 2015.

Investment Team

  • Jordan Cvetanovski

    CIO and Portfolio Manager

  • Steven Glass

    Head of Research and Portfolio Manager

  • James McDonald

    Portfolio Manager

  • Ronald Yu

    Equity Analyst

  • Tim Blake

    Equity Analyst

  • Ryan Fisher

    Equity Analyst

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