Funds

	Value Fund	Income Fund
Philosophy	Companies undervalued on the basis of sustainable free-cash-flow will outperform over time, and markets are mostly inefficient.
Investable universe	ASX listed subject to liquidity, with a focus on ASX200
Number of stocks	25-35
Risk Management (Level I)	Risk managed through: i) Fundamental research; ii) portfolio risk constraints; and iii) statistical risk analysis
Risk Management (Level II)	N/A	Hedge overlay targeting 30% market exposure (risk) reduction
Outperformance target	3-5% p.a. vs ASX200	1-3% p.a. vs 70% ASX200 / 30% Bank Bills
Likely investor type*	Investors seeking capital growth	Investors seeking capital growth with stable, tax effective income
	View more Info Performance Monthly Report	View more Info Performance Monthly Report

*For further information on the target market for these funds, please read the Target Market Determination located on the fund pages.